Portugal approves State Budget for 2024
On 29 November 2023, the Portuguese parliament approved the State Budget for 2024 (Draft Law 109/XV/2), including some modifications proposed after the primary proposal on 10 October 2023. This budget includes the following tax measures:
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Denmark: Parliament passes pillar two global minimum tax law
On 7 December 2023, the Danish Parliament passed legislation to implement the Pillar 2 global minimum tax (GloBE) rules. This legislation closely adheres to the framework established by the Council Directive (EU) 2022/2523 of 14 December 2022. On 23
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Ecuador releases updated technical sheet for standardizing the analysis of transfer pricing
On 22 November 2023, the Ecuadorian Tax Authority released a new edition of the technical sheet for the standardization of transfer pricing analysis, effective for fiscal year 2023. This updated document introduces significant changes to filing
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Ecuador introduces tax reform bill aimed at boosting foreign investment
On 28 November 2023, newly elected President of Ecuador, Mr. Daniel Noboa proposed a tax reform bill designed to attract foreign investment and boost the economy. The key proposals of the bill are as follows: The special economic development
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Germany: MOF issues draft guidance on anti-tax avoidance measures
On 30 November 2023, the German Ministry of Finance (MoF) issued draft guidance on anti-tax avoidance measures targeting non-cooperative jurisdictions. This follows the 2021 Tax Haven Defense Act, responding to EU guidelines against harmful tax
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Singapore: IRAS releases updated guidance on tax residency and certificates of residence
On 29 November 2023, the Inland Revenue Authority of Singapore (IRAS) released updated guidance on the tax residency of a company/ certificate of residence and applying for a certificate of residence/ tax reclaim form for companies. The most
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Germany: Bundesrat refused to approve draft business tax reform bill
On 24 November 2023, the upper house of the German parliament (Bundesrat) declined approval of the "Growth Opportunity Act," a business tax reform bill previously sanctioned by the lower house on 17 November 2023. Instead, the upper house referred
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Slovenia accepts draft bill implementing Pillar 2 global minimum tax
On 22 November 2023, the Slovenian government presented a draft bill to the National Assembly for the implementation of the Pillar 2 global minimum tax rule in accordance with Council Directive (EU) 2022/2523. The draft bill aims to establish a
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Vietnam: NA passes resolution to implement Pillar 2 global minimum tax
On 29 November 2023, the National Assembly (NA) passed a resolution to implement the Pillar 2 global minimum tax rules. According to this resolution, multinational enterprises with a total consolidated revenue exceeding €750 million (around $800
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Slovenia proposes temporary additional bank tax and corporate income tax rate increase
Slovenia has announced plans to introduce a new 0.2% tax on banks' balance sheets and raise the corporate income tax (CIT) from 19% to 22% to fund measures to support areas affected by the floods of August 2023. The temporary bank tax will be in
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Pakistan: FBR issues notification imposing 40% windfall tax on banks
On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and
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Austria: Nationalrat considers bill to implement Pillar 2 global minimum tax
On 24 November 2023, the Austrian lower house of parliament (Nationalrat) approved Bill No. 2322 dB for consideration to ensure Pillar 2 global minimum global taxation for multinational enterprise (MNE) groups and large domestic groups in the
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France: Tax authority updates transfer pricing guidelines for SMEs
On 22 November 2023, the French tax authority published an updated transfer pricing guide for small and medium-sized enterprises (SMEs). The guide covers a wide range of topics, including the concept of transfer pricing, the arm's length principle,
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Germany: Bundestag approves draft business tax reform bill
On 17 November 2023, the German lower house parliament (Bundestag) passed a bill that seeks to promote economic expansion, stimulate investment, and make the tax system more user-friendly and equitable. Some of the key provisions of the bill
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Russia: FTS introduce a list of jurisdictions not exchanging CbC reports
The Russian Federal Tax Service (FTS) released a list of jurisdictions that have repeatedly failed to exchange Country-by-Country (CbC) reports electronically with Russia. In cases of systemic exchange failure, a constituent entity within Russia
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Sweden: Government presented a bill for incorporating the OECD’s global minimum tax
On 26 October 2023, the Swedish government presented a bill for incorporating the OECD's global minimum tax rules (Pillar Two) and the EU's minimum tax directive into Swedish law. The Swedish parliament is now tasked with debating and voting on the
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Russia: FTS updates non cooperative Jurisdictions list for CFC purpose
On 14 November 2023, the Federal Tax Service (FTS) is in the process of updating its list of jurisdictions that do not meet Russia's standards for tax information exchange. The list of countries that do not cooperate with Russia on tax matters
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Vietnam takes step towards global minimum tax adoption
On 10 November 2023, the Vietnam Government declared that the National Assembly is currently deliberating a proposed resolution aimed at enacting the regulations related to Global Minimum Tax. The Global Minimum Tax, also known as Pillar Two, is an
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