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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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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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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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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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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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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Pillar Two: Global minimum tax implementation status globally

March 08, 2024

In October 2021, over 135 jurisdictions joined OECD’s two-pillar solution to reform the international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate and generate profits. The global

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Australia: ATO announces GIC and SIC rates for Q3 2023-24

March 08, 2024

On 4 March 2024, the Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2023-24 income year. For the quarter commencing on 1 March 2024, the GIC

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Malta: Deadline extended for e-filing of corporate tax returns in 2024

March 07, 2024

On 28 February 2024, Malta’s Commissioner for Tax and Customs announced that it extended the deadlines for the electronic filing of income tax returns for companies in 2024. The updated deadlines for manual and electronic filing return deadlines

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Malaysia grants temporary capital gain tax exemption on foreign capital asset disposals 

March 06, 2024

On 4 March 2024, Malaysia issued the Income Tax (Exemption) (No. 3) Order 2024, which was published in the Official Gazette. This order grants a capital gains tax exemption to companies, limited liability partnerships, trust bodies, and cooperative

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Namibia announces 2024/25 budget with new tax measures

March 05, 2024

On 28 February 2024, Namibia delivered the 2024/25 Budget. The key tax provisions in the budget statement include: Individual income tax  The 2024/25 Budget increases the threshold for the individual income tax from NAD 50,000 to NAD 100,000,

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Ecuador updates withholding tax rate for various entities

March 05, 2024

On 29 February 2024, the Ecuadorian Official Gazette released Resolution No. NAC-DGERCGC24-00000008, which sets forth withholding percentages for taxpayers to apply at the source. The resolution outlines the introduction of the following withholding

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Poland introduces draft legislation to enact pillar two global minimum tax

March 03, 2024

The Polish government announced that it has introduced a draft legislation for implementing the pillar two global minimum tax in Poland in accordance with the EU Minimum Tax Directive (Council Directive (EU) 2022/2523) of 14 December 2022. The

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Thailand launches public consultation on pillar 2 global minimum tax 

March 03, 2024

On March 1, 2024, the Thai Revenue Department initiated a public consultation on draft legislation for enforcing the Pillar 2 global minimum tax rules in Thailand. The legislation includes the Pillar 2 income inclusion rule (IRR) and undertaxed

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New Zealand updates two-pillar solution including Amount B transfer pricing approach

March 02, 2024

On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified

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Kenya: KRA notifies taxpayers of tax amnesty program

March 02, 2024

On 27 February 2024, the Kenya Revenue Authority (KRA) published a release notifying taxpayers of its tax amnesty program offering over Kshs 200 billion in waiver of penalties and interest. Additionally, the KRA released new Tax Amnesty FAQs. The

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