Italy gazettes corporate income tax reform measures
Italy has published the Legislative Decree No. 192 of 13 December 2024 in Official Gazette No. 294 of 16 December 2024, introducing further advancements in the reform of corporate income tax regulations. The decree introduces several tax
See More
Russia clarifies loss carry forward rules for IT companies
The Russian Ministry of Finance has released Guidance Letter No. 03-03-06/1/108990 on 25 November 2024, providing clarity on amendments to the loss restriction rules introduced by Federal Law No. 259-FZ. These changes affect IT companies that
See More
Slovenia gazettes amendments to Corporate Income Tax Law
Slovenia published amendments to the Corporate Income Tax Act (ZDDPO-2U) in the Official Gazette on 26 November 2024. The changes, applicable to tax periods starting 1 January 2025, introduce new rules for corporate taxation. Tax loss
See More
Switzerland: Federal Council recommends rejecting loss carryforward time limit extension
The Swiss Federal Council announced the adoption of a dispatch proposing legislation to extend the loss carry forward period from seven years to 10 years on 27 November 2024. The draft law responded to a motion submitted by Parliament, motivated by
See More
Slovenia proposes changes corporate income tax law
Slovenia's government has presented a draft bill (EVA: 2024-1611-0039) to the parliament on 25 October 2024, proposing several amendments to the corporate income tax law. Tax loss carry-forward limitation The bill suggests limiting the
See More
South Africa proposes foreign exchange loss rule for non-trading companies
The 2024 Taxation Laws Amendment Bill, introduced in South Africa's Parliament, on 30 October 2024, by allowing them to carry forward foreign exchange losses. This change addresses an existing imbalance in the taxation of foreign exchange gains and
See More
New Zealand issues draft guidance on loss carry forward rules
The New Zealand Inland Revenue has issued draft guidance interpreting the loss carry forward rules established in 2020, known as the business continuity test (BCT). This new draft aims to clarify anti-avoidance provisions not addressed in the
See More
Slovak Republic proposes new tax rules for bad debt deductions
The Slovak parliament approved a draft bill on 23 August 2024 for consideration that proposes amendments to the Income Tax Act. The amendments address the rules for tax-deductible provisions concerning bad debts. As per the proposed amendments,
See More
US: Pennsylvania passes tax bill to double net loss limit
The US State of Pennsylvania’s Governor Josh Shapiro signed a tax bill - Senate Bill 654 - into law on 11 July, 2024. This bill follows the state’s federal tax code that proposes to gradually increase the net operating loss carryover limit
See More
Lithuania proposes law to enhance tax benefits for investors in foreign companies
The Lithuanian parliament is reviewing Draft Law No. XIVP-2226(2), which aims to broaden the definition of eligible shares for capital gains tax exemptions and loss carryforward from the sale of shares in foreign companies. Currently, these tax
See More
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
See More
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
See More
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
See MoreRussia extends deadline for carrying forward tax Losses, makes other changes to corporate tax code
The Russian government has extended the deadline for carrying forward tax losses until 31 December 2026. The previous deadline was 31 December 2024. This change will allow businesses that have incurred losses in recent years to offset those losses
See MoreGermany: MoF releases draft bill on corporate tax reform
On 14 July 2023, the German Ministry of Finance (MoF) has released a draft bill known as the "Growth Opportunities Act." If passed, this act would mark Germany's most significant corporate tax reform since 2008. Key elements of the draft bill
See More
Uganda: Parliament approves digital service tax on non-resident digital service providers
On 11 July 2023, the Ugandan Parliament approved Income Tax (Amendment) Bill 2023, which introduces a 5% digital service tax (DST) on every non-resident deriving income from providing digital services in Uganda. After President's approval, the law
See MoreSwitzerland plans to extend loss carryforward time limit
The Switzerland Federal Council has recently made an announcement indicating that there is an ongoing parliamentary consideration of a proposal to extend the period for carrying forward losses from 7 years to 10 years. The primary objective of this
See More
Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws
On 2 May 2023, Law No. 29/2023 "On income tax" was published in Albania's official gazette, introducing significant changes to corporate income tax, individual income tax, and withholding tax. The new law will come into effect on 1 January 2024,
See More