UAE: FTA issues tax bulletin for natural persons
The UAE Federal Tax Authority has published a Basic Tax Information Bulletin, in which it provided clarifications about the scenarios where natural persons may be subject to corporate tax. According to the FTA’s bulletin, natural persons are
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Venezuela implements 0% tax on select large financial transactions
Venezuela published Decree 4972 in the Official Gazette on 12 July, 2024, which reduces the tax rate to 0% from 2% for large financial transactions. The 0% tax rate applies to specific transactions which are mentioned in paragraphs one to four
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India to expand transfer pricing safe harbour rules
India’s finance minister, Nirmala Sitharaman, said India plans to broaden its safe harbour regulations for transfer pricing. The minister said this while presenting the 2024-24 federal budget on 23 July, 2024. The planned expansion of the
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Austria enacts Tax Amendment Act 2024
Austria has enacted the Tax Amendment Act 2024, the law was published as Law No. 113 in the Austrian Official Gazette on 19 July 2024. The Tax Amendment Act 2024 came into effect on 20 July, 2024. Key highlights Country-by-Country
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G20: Future of Pillar One hangs in the balance at Rio de Janeiro
Negotiations regarding the future of OECD Pillar One Amount A are taking place at this week's G20 finance leaders meeting in Rio de Janeiro, discussions have now extended beyond the 30 June, 2024, deadline. This latest round of talks are aimed to
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India: Finance Bill 2024 proposes corporate tax reform, new personal income tax regime
India’s Finance Minister Nirmala Sitharaman presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July, 2024. The Bill includes several proposals aimed at reforming the corporate tax framework. Corporate income tax New
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Greece imposes 33% solidarity contribution on energy and mining sectors
Greece has introduced a new temporary solidarity contribution targeting companies in the energy and mining sectors, set at a rate of 33%, in line with European Council Regulation (EU) 2022/1854. This measure is outlined in Bill 5123/2024, enacted
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Turkey unveils tax reform bill with major changes to pensions, fees, corporate tax
Turkey’s AKP Group Presidency presented "Draft Law on Amendments to Tax Laws and Certain Laws" to the Parliament on 16 July, 2024. This proposal, consisting of 53 articles, aims to make changes to the existing tax framework. The draft aims to
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Korea (Rep.), Turkey income tax treaty enters into force
The new income tax treaty between Korea (Rep.) and Turkey entered into force on 21 July 2024, replacing the 1983 treaty between the two countries. It aims to enhance tax cooperation and prevent double taxation between the two nations in line with
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Kuwait publishes decree on tax information exchange
The Kuwaiti government implemented Decree-Law No. 6 of 2024 to enhance tax transparency and compliance with international tax agreements on 14 July, 2024. This legislation introduces measures to ensure rigorous information exchange and adherence to
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Luxembourg proposes corporate tax cuts, incentives to boost economy
Luxembourg's Finance Minister Gilles Roth presented a Bill n° 8414 to the parliament on 17 July 2024, aiming to reduce corporate income tax (CIT) rate and implement various tax relief measures. The proposed changes are designed to enhance the
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Belgium updates transfer pricing documentation forms, filing requirements
Belgium has published three new Royal Decrees of 16 June 2024 on 15 July, 2024, announcing revisions to the Local File Form (275. LF), the Master File Form (275. MF), and Country-by-Country Reporting (“CbCR”) Notification Form (275 CBC
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Turkey to implement Pillar Two rules in 2024
Turkey’s government has submitted a draft bill to the parliament in which it proposed to implement the global (Pillar Two) and domestic minimum taxes alongside amendments to various tax laws on 16 July, 2024. The bill proposes the
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Hungary raises financial transaction tax
Hungary has raised the financial transaction tax (FTT) from 0.3% to 0.45% with the maximum tax per payment transaction increasing from HUF 10,000 to HUF 20,000. The FTT rate on cash withdrawals has increased from 0.6% to 0.9%. The new FTT at a
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Turkey: Parliament receives tax reform legislation, includes global minimum tax provisions
The Turkish parliament received tax reform legislation on 16 July, 2024. This proposal includes provisions for implementing the Pillar Two global minimum tax, in line with the GloBE rules approved by the BEPS Inclusive Framework. The global
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Belgium releases e-invoicing FAQs, compiles approved software list
Belgium’s Federal Public Service of Finance (FPS Finance) released details about the forthcoming mandatory e-invoicing requirement on 11 July 2024. This e-invoicing obligation will apply for business-to-business (B2B) transactions, starting 1
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Uganda enacts new tax law amendments in 2024 budget
The government of Uganda has enacted a series of amendments to various laws related to taxation, including the Income Tax (Amendment) Act 2024, the Value Added Tax (Amendment) Act 2024, the Tax Procedures Code (Amendment) Act 2024, and the Stamp
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Belgium issues decree on new Pillar Two global minimum tax advance payments
Belgium’s Ministry of Finance published the Royal Decree of 7 July 2024 in the Official Gazette on 16 July, 2024. This Decree establishes the guidelines for companies to make advance payments towards the minimum tax under Belgium's Pillar Two
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