Greece proposes new law to implement EU minimum tax rules
On 23 February, 2024, the Greek Ministry of Finance initiated a public consultation on a proposed bill aiming to incorporate the OECD’s Pillar Two Model Rules, as outlined in the EU Minimum Tax Directive. This draft bill is currently open for
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Portugal: Central administrative Court upholds deductions for payments to low-tax jurisdictions
On 11 January 2024, the Central Administrative Court of the Southern Region in Portugal made a decision regarding the deductibility of payments made to jurisdictions with low tax rates. The case involved a major company providing aircraft
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Singapore: Finance Minister presents the Budget for 2024
On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For
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France extends DAC7 reporting deadline
The execution of EU Directive 2021/514 (DAC7), which mandates the automatic exchange of income information from digital platforms, is facing hurdles and technical issues in various member states. DAC7 establishes 31 January 2024 as the deadline for
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Slovenia enacts adjustments to permanent establishment and interest limitation regulations
On 9 February 2024, Slovenia officially released the Act amending the Corporate Income Tax Act (ZDDPO-2T) in the Official Gazette. The provisions outlined in the legislation encompass: Preventing PE status misuse: New rules limit on strategies
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India releases income tax return forms for assessment year 2024-25
India's Central Board of Direct Taxes (CBDT) has introduced new income tax return (ITR) forms, ITR-1 to ITR-6, for diverse taxpayers in the fiscal year 2023-24 (1 April 2023 to 31 March 2024), aligned with the assessment year 2024-25. Notifications
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Botswana: Finance Minister presents tax reforms and digitalization measures in budget speech 2024
On 5 February 2024, Mr. Peggy O. Serame, Botswana's Minister of Finance and Economic Development presented the 2024 Budget Speech to the National Assembly. The budget contains a number of important tax measures. The key proposed tax measures are as
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Bulgaria: Official Gazette publishes law on public CbC reporting
Bulgaria's Official Gazette published the Law on Amendments and Supplements to the Accountancy Act on 19 December 2023, implementing public Country-by-Country (CbC) reporting as per Directive (EU) 2021/2101. The key points of the law include:
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Japan submits tax reform bill 2024 to parliament
On 2 February 2024, the Japanese Cabinet submitted the tax reform bill 2024 to parliament. The bill covers various tax measures. Key measures of the bill include: Driving Domestic Growth: The introduction of new tax credit incentives is
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Singapore gazettes order announcing MCAA-CbC as international tax agreement with Kenya and Montserrat
On 1 February 2024, the Singaporean Official Gazette issued Order No. S 69, officially recognizing the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) reports as an international tax compliance
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Greece: AADE extends deadline DAC7 reporting
On 26 January 2024, the Greek Public Revenue Authority (AADE) released Circular No. A.1016, outlining the processes for digital platform operators to submit and automatically exchange information in alignment with DAC7. DAC 7, formally known as
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Denmark implements defensive tax measures targeting EU’s non-cooperative jurisdictions
On 31 January 2024, the Danish Official Gazette published Law No. 107/2024, implementing defensive tax measures targeting non-cooperative tax jurisdictions on the EU list. The law targets tax evasion and avoidance by disallowing deductions for
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Russia: MoF issues guidance on expanded tax regimes for transfer pricing
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-12-11/1/126454 on 27 December 2023, providing clarification on the application of Order No. 86n from 5 June 2023. This order expanded the list of states with preferential tax
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Singapore: IRAS updates list of jurisdictions under AEOI-CRS
On 1 February 2024, the Inland Revenue Authority of Singapore (IRAS) revised lists of the jurisdictions involved in reportable and participating jurisdictions in the automatic exchange of information (AEOI) regarding financial accounts under the
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India: Finance Minister presents interim union budget for 2024-2025
On 1 February 2024, Ms. Nirmala Sitharaman, the Finance Minister of India, presented the interim union Budget for 2024-25 to Parliament. The key tax-related highlights of the Union budget include: Corporate tax: Domestic companies currently
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India: CBDT issues circular explaining tax provisions under Finance Act 2023
On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, "This circular elucidates the essence of
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Germany: Tax authority extends time limit for DAC7 reporting
On 5 January 2024, the German Federal Tax Office declared temporary regulations regarding the reporting requirements outlined in DAC7 for the 2023 reporting cycle, extending the initial deadline until 31 March 2024. DAC7 is designed to tackle
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Ecuador: SRI imposes monthly self-withholding for large taxpayers
On 12 January 2024, Ecuador's Internal Revenue Service (SRI) released Resolution No. NAC-DGERCGC24-00000003. This resolution outlines the withholding tax rates for various economic activities under the newly introduced monthly self-withholding
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