India: CBDT issues guidelines for withholding tax on e-commerce transactions
On 28 December 2023, the Central Board of Direct Taxes (CBDT) issued guidelines clarifying the deduction of withholding tax in e-commerce transactions under Section 194-O of the Income-tax Act, 1961. The details of the guidelines are outlined as
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Ecuador: SRI announce updated personal income tax brackets and rates for 2024
On 26 December 2023, Ecuador’s Internal Revenue Service (SRI) announced updated personal income tax brackets and rates for 2024, with minor adjustments for most earners and a slight increase for the highest income bracket. The changes, outlined in
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France enacts 2024 finance law with global minimum tax rules
On 30 December 2023, France released its Finance Law for 2024 (Law no. 2023-1322) in the Official Gazette, along with the Constitutional Court's review, affirming the constitutionality of key tax measures. A major highlight is the implementation of
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Vietnam proposes investment support fund to counter global minimum tax impact on foreign firms
Vietnam's Ministry of Planning and Investment has responded to the OECD's Global Minimum Tax initiative by proposing a draft decree to establish an Investment Support Fund. This initiative comes after the passage of top-up tax legislation in late
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Greece: AADE issues preferential tax regime jurisdictions list for tax year 2022
On 27 December 2023, the Greek tax authority (AADE) released Circular No. A.1205, outlining which jurisdictions qualify as preferential tax regimes for the 2022 tax period. The list comprises nations where the corporate income tax and capital gains
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Denmark: Government propose amendments to the list of jurisdictions subject to defensive tax measures
On 19 December 2023, the Danish government introduced draft bill L 92 with the goal of synchronizing the roster of jurisdictions affected by Danish defensive tax measures with the EU list of non-cooperative jurisdictions, updated on 17 October 2023.
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India: CBDT updates safe harbor rules for intragroup financing
On 19 December 2023, the Central Board of Direct Taxes (CBDT) in India announced significant changes to the safe harbor rules for intragroup financing arrangements. These updates, outlined in Notification No. 104/2023, will take effect on 1 April
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Slovenia gazettes law applying Pillar 2 global minimum tax rules
On 21 December 2023, Slovenia released the Minimum Tax Act No.131 of 22 December 2023 through the Official Gazette, outlining the adoption of the Pillar 2 global minimum tax as per the guidelines of Council Directive (EU) 2022/2523. The law
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Lithuania updates its blacklist in various tax aspects
On 30 November 2023, Lithuania issued an order revising its list of selected territories (blacklist), incorporating Russia as a new addition. The blacklist plays a crucial role in various tax aspects, including Lithuania's CFC rules. List of
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Germany gazettes law applying Pillar 2 global minimum tax rules
On 27 December 2023, the German Official Gazette released a law enacting EU Council Directive 2022/2523, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large domestic groups within the
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Germany updates tax haven defense ordinance: Adds and removes jurisdictions in response to EU decision
On 20 December 2023, Germany issued the Ordinance, amending the Tax Haven Defense Ordinance, as published in the Official Gazette. The Tax Haven Defense Ordinance plays a critical role in identifying jurisdictions considered non-cooperative under
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Germany: Bundesrat approves secondary credit market promotion Act
On 14 December 2023, upper house of parliament (Bundesrat) granted approval to the Secondary Credit Market Promotion Act. The Act had already received approval from the German Bundestag (lower house of parliament) on 13 December 2023 and is
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Sweden: Parliament approves bill to implement Pillar 2 global minimum tax rules
On 13 December 2023, the Swedish parliament (Riksdag) declared the approval of a bill to implement the Minimum Taxation Directive (2022/2523) into Swedish law ensuring a global minimum tax level for large multinational and domestic groups in the
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Denmark gazettes law implementing Pillar 2 global minimum tax
On 13 December 2023, the Denmark Official Gazette published Law No.1535 enacting EU Council Directive 2022/2523 into domestic law, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large
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Russia: CBR increases the interest rates to 16%
On 15 December 2023, the Russian Central Bank (CBR) announced the decision to increase the key rate from 15% to 16% in an effort to combat rapidly rising inflation. The Central Bank of Russia utilizes its key interest rate to determine interest
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Austria: Nationalrat approves bill to implement Pillar 2 global minimum tax
On 14 December 2023, the Austrian lower house of parliament (Nationalrat) approved Bill No. 2322 dB on the execution of the Minimum Taxation Directive (2022/2523) to ensuring a global minimum level of taxation for multinational enterprise groups and
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Bulgaria: National Assembly approves Pillar 2 global minimum tax rules
On 12 December 2023, Bulgaria's National Assembly declared the approval of amendments to key tax laws, namely the Local Taxes and Fees Act, the Value Added Tax Act and the Corporate Income Tax Act. Notably, significant changes were made to the
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Russia announces transfer pricing changes from 2024
On 27 November 2023, Russia issued Law No. 539-FZ in the Official Gazette, which outlines several amendments to the country’s transfer pricing regime. A summary of several key changes is outlined below: Secondary adjustments treated as
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