Italy introduces tax credit for investments in southern economic zone
Italy issued Ministerial Decree on 18 September 2024, which was published in the Official Gazette on 11 November 2024, outlining the regulations for a tax credit for specific investments in the "Special Economic Zone for Southern Italy—Single
See MoreItaly updates tax credit form for special economic zone investments
Italy’s tax authorities issued Protocol No. 406943/2024 on 6 November 2024, updating the model form for the supplementary communication required by qualifying taxpayers to receive tax credit benefits for investments made in single special economic
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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Malaysia implements new rules for higher capital allowance for ICT equipment, softwareÂ
Malaysia Ministry of Finance published two regulations in the Official Gazette on 30 October 2024 – the Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2024 and the Income Tax (Capital
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Argentina sets tax and customs benefits for new large investment incentive regime
Argentina’s tax authority, ARCA (formerly AFIP), announced General Resolution 5590/2024 on 23 October 2024, which outlines the application of tax and customs benefits under the new Special Incentive Scheme for Large Investments (Régimen de
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Netherlands clarifies minimum tax to have little effect on incentives, cautions on new tax credits
The Netherlands State Secretary for Finance, in a letter to the parliament, stated that the global minimum tax would have limited effects on current tax incentives but highlighted that the newly introduced tax credits under Pillar Two could pose
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US: Treasury publishes final rules on clean energy production tax credits
The US Treasury Department and the IRS published the final rules for the advanced manufacturing production tax credit under Internal Revenue Code (IRC) section 45X in the federal register on 28 October 2024. The final regulations ( RIN
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US: IRS and Treasury release final rules for advanced manufacturing investment credit
The US Department of the Treasury and the Internal Revenue Service (IRS) announced in the IR-2024-275, on 22 October 2024, the final regulations that provide guidance regarding the implementation of the Advanced Manufacturing Investment Credit,
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Austria enacts Inflation Relief Bill 2025
Austria published the Bill on Inflation Relief for Taxpayers in 2025, known as the Progressionsabgeltungsgesetz 2025 in the Official Gazette (BGBl. I Nr. 144/2024), on 9 October 2024. This Act adjusts the main tariff components and deductible
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Poland to introduce cash grants amid potential impact of Pillar Two on investment zone incentives
Poland's Ministry of Development and Technology (MRiT) announced plans to reform the country's incentives system by introducing cash grants linked to investment profitability. The cash grant incentive regime aims to maintain Poland's
See MoreUS: Treasury announces over USD 2 billion in credit transfers for Inflation Reduction Act Phase Four
The US Treasury released a speech outlining the implementation of phase four, along with a press release announcing a significant milestone for clean vehicles on 1 October 2024. Phase Four of Implementation of the Inflation Reduction Act’s
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Brazil extends tax incentives for semiconductor industry
Brazil has extended the tax incentives for the semiconductor and information and communication technology sectors until 31 December 2029, published in Law No. 14.968, dated 11 September 2024 in the Official Gazette. The incentives include the
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Panama introduced procedure to allow transfer of tax credits
Panama’s tax administration (Dirección General de Ingresos, DGI) introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another
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UN publishes draft guidance on carbon offsets, carbon credits in transfer pricing
The UN Subcommittee on Transfer Pricing published an advanced unedited version of the guidance Interstitial Guidance on Transfer Pricing of Carbon Offsets and Carbon Credits on 28 August 2024. The draft is an updated version of a document
See MoreUS proposes new regulations for electric vehicle charging stations
The Department of Treasury and Internal Revenue Service released IR-2024-240 on 18 September 2024, announcing proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended
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Taiwan issues guidance on foreign tax credit evidence requirements
The National Taxation Bureau of Taipei, Ministry of Finance, stated that for any profit-seeking enterprise having its head office within the territory of the China, profit-seeking enterprise income tax shall be levied on its total profit-seeking
See MoreUS: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
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Finland consults tax credits for major industrial investments in net-zero transition
Finland's Ministry of Finance has initiated a public consultation regarding a tax credit aimed at large industrial investments that facilitate the transition to a net-zero (climate-neutral) economy. The government decided on the preparation of the
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