EU Council approves levy on frozen Russian assets to fund Ukraine’s military
The Council of the EU approved a measure that effectively imposes a levy on the proceeds from frozen Russian assets on 21 May, 2024. The generated funds will largely be used to support Ukraine's military efforts in its conflict with Russia. The
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Bangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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Iceland proposes capital gains exemption for non-residents
The Icelandic parliament is considering a draft bill that aims to introduce change in its taxation policy. If passed, this legislation will grant an exemption on capital gains derived from the sale of shares in Icelandic companies to
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Vietnam’s Ministry of Finance proposes tax reforms for 2024
The Ministry of Finance in Vietnam is taking steps to improve the economy and support taxpayers. A draft resolution has been accomplished, outlining key changes that will come into effect in the second half of 2024. VAT rate reduction The
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Germany and South Africa sign updated income and capital tax treaty protocol
Germany and South Africa signed a new protocol to amend their 2008 income and capital tax treaty on 6 March, 2024. This protocol, which has yet to come into force, marks the first amendment to the original treaty and introduces several changes to
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Bosnia and Herzegovina adopts new tax ruling regulations
The Ministry of Finance of the Federation of Bosnia and Herzegovina (FBiH) has adopted new regulations and procedures for advance tax rulings, effective from 1 June, 2024. These changes allow the Federal Tax Administration to issue various
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Singapore: IRAS provides direction on GloBE rules and domestic top-up tax implementation
The Inland Revenue Authority of Singapore (IRAS) has released directives regarding the Global Anti-Base Erosion (GloBE) Rules and Domestic Top-up Tax (DTT). As outlined in Budget 2024, Singapore will adopt the GloBE Income Inclusion Rule (IIR)
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Lithuania and San Marino sign tax treaty agreement
Officials from Lithuania and San Marino have finalised an income tax treaty on 17 May, 2024. This agreement, a first between the two nations, will come into force after the exchange of ratification instruments. This agreement will apply to
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Austria releases synthesised text of tax agreement with Mexico
The Austrian Ministry of Finance has released a synthesised text of its tax treaty with Mexico, incorporating provisions from the Multilateral Convention (MLI) to tackle Base Erosion and Profit Shifting (BEPS) practices. This revised agreement
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Bulgaria and Malta approve revised income tax treaty
The caretaker government of Bulgaria approved an amendment to the draft income tax treaty with Malta, authorising the Minister of Finance to sign the agreement, on Wednesday, 15 May, 2024. The initial draft, approved on 8 July, 2020, and
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Albania and Croatia’s social security agreement comes into effect
In a step towards enhancing bilateral relations, Albania and Croatia have officially enacted their first social security agreement Notice No. 7233. Published in the Albanian Official Gazette on 14 May, 2024, the agreement was signed on 2 October,
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Montenegro-Romania social security agreement to be enforced from 1 June 2024
The bilateral social security agreement between Montenegro and Romania is slated to come into force on 1 June, 2024. Signed on 22 July, 2022, the agreement indicates a positive step towards enhancing social security cooperation between
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Saudi Arabia approves tax treaty with Slovak Republic
The Saudi Cabinet gave its stamp of approval for the ratification of the income tax treaty with the Slovak Republic on 14 May, 2024. The treaty was initially signed on 13 November, 2023, marking the first of its kind between the two
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Malta implements new tax measures in 2024 budget
Malta’s Budget Measures Implementation Act, 2024, is ushering in a series of amendments to various fiscal laws, including the Income Tax Act, Income Tax Management Act, Duty on Documents and Transfers Act, and Value Added Tax (VAT) Act; signalling
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Papua New Guinea pursues treaty with UAE
In a recent update from Papua New Guinea's Ministry of International Trade and Investment, it was revealed that delegates from Papua New Guinea and the United Arab Emirates met during the Annual Investment Meeting (AIM) Congress from 7 - 9 May,
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Hungary updates tax treaty with Switzerland
Hungarian Prime Minister Viktor Orbán approved the signing of a protocol to amend the 2013 income and capital tax treaty with Switzerland on 9 May, 2024. This marks the first modification to the agreement and will require formal signing and
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France: Tax Authority updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 31 December, 2023, and 29 June,
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Estonia aligns tax laws with EU directives
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union
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