UN: ECOSOC Special Meeting on International Cooperation in Tax Matters

March 18, 2024

On 18 March 2024 the ECOSOC Special Meeting on International Cooperation in Tax Matters took place against the urgent background of the collective action required to put the Sustainable Development Goals (SDGs) back on track, strengthen institutions

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Estonia: Preliminary bill for public CbC reporting submitted to parliament

March 18, 2024

On 12 February 2024, a draft bill was introduced to the Estonian Parliament to incorporate the EU Public Country-by-Country (CbC) Reporting Directive into Estonian legislation. The parliament acknowledged there are a limited number of companies that

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UAE launches public consultation on pillar 2 GloBe rules

March 18, 2024

The UAE Ministry of Finance (MoF) announced that it had launched a public consultation regarding the enforcement of the Pillar 2 Global Minimum Tax (GloBE) Rules. The objective of this consultation is to gather the views of stakeholders with respect

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UK Treasury publishes 2024 spring finance bill

March 16, 2024

On 14 March 2024, the UK HM Treasury declared that it had published the Spring Finance Bill (Finance No. 2 Bill). This bill includes various provisions concerning the Spring Budget 2024 and other related measures. The 2024 Spring Finance Bill aims

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Jamaica announces 2024-2025 budget

March 15, 2024

On 12 March 2024, the Jamaican government presented the 2024-2025 budget without new tax measures. However, the 2024-2025 budget did have a proposal for the implementation of the Qualified Domestic Minimum Top-Up Tax (QDMTT) under the global minimum

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UN: Conference of African Ministers Discusses Domestic Resource Mobilisation

March 15, 2024

The fifty-sixth session of the UN Economic Commission for Africa (UNECA) Conference of African Ministers of Finance, Planning and Economic Development was held from 28 February to 5 March 2024 in Zimbabwe. The theme of the conference was on

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Cyprus issues draft legislation to enact pillar two global minimum tax rules

March 15, 2024

The Ministry of Finance of Cyprus has released the draft legislation, “The Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023". This draft legislation is

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Germany: MOF issues updated draft guidance on virtual currency transactions

March 15, 2024

On 6 March 2024, the German Ministry of Finance (MOF) released revised draft guidance concerning the compliance and documentation criteria for transactions involving virtual currency and tokens. This comes after the issuance of a final decree in May

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El Salvador offers tax exemption for foreign investments and money transfers

March 15, 2024

On 13 March 2024, the Legislative Assembly of El Salvador announced that it passed reforms to the Income Tax Law. The reforms offer an income tax exemption on foreign investments in the country. In an X (formerly Twitter) post, President Nayib

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US announces FY 2025 revenue proposals with corporate tax rate hikes and reforms

March 14, 2024

On 11 March 2024, the U.S. Department of the Treasury declared that it published the General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals  or the "Greenbook," in which it detailed the revenue proposals included in

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Germany: Tax authority publishes list of jurisdictions for automatic exchange of financial account information

March 14, 2024

On 1 March 2023, the German Federal Central Tax Office released the preliminary list of jurisdictions participating in the exchange of financial account information according to the Common Reporting Standard (CRS) for the year 2024, pertaining to

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Italy announces new corporate tax return deadline

March 14, 2024

Italy has announced new guidelines and procedures for corporate tax return filings for 2024 regarding the tax year 2023. The main change relates to the revised deadline for filing returns as per the corporate tax (IRES) returns. The new

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Nigeria: FIRS launches self-registration feature on its e-platform

March 13, 2024

On 11 March 2024, the Federal Inland Revenue Service (FIRS) of Nigeria released a public notice on X (formerly Twitter) about the launch of a self-registration feature on TaxPro-Max, its tax administration solution electronic platform. With the

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New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025

March 13, 2024

On 11 March 2024, the Finance and Expenditure Committee of the New Zealand Parliament released its final report on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. This bill includes the provisions for the

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Namibia announces new tax measures in budget 2024/25

March 11, 2024

On 28 February 2024, Namibia presented the 2024-2025 budget, which includes several significant tax measures. These are as follows: The tax rate for non-mining companies will be lowered to 31%, effective 1 January 2024. The rate will be reduced

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UAE: Dubai announces 20% corporate tax on foreign banks

March 10, 2024

On 7 March 2024, Dubai, one of the seven states of the UAE, announced that it approved Law No. (1) of 2024, in which foreign banks will have to pay an annual corporate tax of 20%. The provisions of this new law, issued by the government of Dubai,

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Cyprus announces 2024 reference rates for notional interest deduction

March 10, 2024

On 7 March 2024, the Cyprus Tax Department announced the release of reference rates for 2024 that will be used to calculate the notional interest deduction (NID) on new equity investments. According to regulations, the NID rate is equivalent to the

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Canada: CRA releases new circular on advance pricing arrangements (APAs)

March 09, 2024

On 22 February 2024, the Canada Revenue Agency (CRA) released the Information Circular 94-4R2 on International Transfer Pricing: Advance Pricing Arrangements (APAs). This circular offers detailed guidance on APAs, focusing on the prerequisites for

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