UN: Tax Committee Discusses Extractive Industry Tax and Other Issues
The 28th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 19 to 22 March 2024. The meeting is taking place in a global situation of inequality, as countries deal with challenges from increased
See MoreNew Zealand: Amendments proposed for taxation (annual rates for 2023–24, multinational tax, and remedial matters) bill
On March 14, 2024, the New Zealand Inland Revenue released Amendment Paper No. 20 outlining proposed amendments to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill. The proposed changes are as follows:
See MoreKazakhstan launches public consultation on corporate tax rate changes
On 7 March 2024, the Kazakhstan Ministry of the National Economy initiated a public consultation regarding the preliminary changes to the tax code. The main tax measures are as follows: The draft amendments include varying corporate income
See MoreUS: Taxpayers Given Greater Access to Energy Tax Credits
Under the provisions of the Inflation Reduction Act of 2022 (IRA) taxpayers have been given greater access to the benefit of the energy tax credits even if they have no federal tax liability. The Act aims to support the expansion of the renewable
See MoreIndia: Finance Minister presents interim union budget for 2024-2025
On 1 February 2024, Ms. Nirmala Sitharaman, the Finance Minister of India, presented the interim union Budget for 2024-25 to Parliament. The key tax-related highlights of the Union budget include: Corporate tax: Domestic companies currently
See MoreLuxembourg implements tax measures to revive construction and housing sector
On 31 January 2024, the Luxembourg government announced a series of tax measures to revive the construction and housing sector and facilitate access to housing while addressing the cyclical and structural housing problems. The measures also provide
See MoreMalaysia releases guidance on investment tax allowance in manufacturing sectors
On 24 January 2024, the Inland Revenue Board of Malaysia published Public Ruling No. 1/2024, Investment Tax Allowance – Promoted Product Under The Manufacturing Sector. This public ruling outlines specific guidance related to the manufacturing
See MoreBolivia widens VAT incentives for various sectors
On 31 December 2023, Bolivia published Law No. 1546 on the General State Budget for 2024 in the Official Gazette. This law introduces a range of incentives for industrialization and expands the existing VAT incentives. The incentives were enacted on
See MoreTurkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
See MoreSaudi Arabia: Government offers 30-year tax relief package to attract regional corporate headquarters
On 5 December 2023, the Ministry of Investment of Saudi Arabia (MISA), in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority (ZATCA) announced 30-year tax incentive package for the Regional Headquarters (RHQ) Program,
See MoreUK Autumn statement details
The UK’s autumn statement was delivered on 22 November 2023. The significant tax changes are summarised below. National insurance contributions The main rate of Class 1 employee national insurance contributions (NICs) is to be reduced from
See MoreArgentina announces tax Incentives to boost organic food production
On 12 October 2023, Argentina published Law 27734 in the Official Gazette, which outlined the establishment of a tax incentive regime to enhance organic food production. The incentives will be distributed to eligible producers and/or processors of
See MoreIreland: Government publishes Finance Bill 2023
On 19 October 2023, the Minister for Finance of Ireland, Mr. Michael McGrath presented the Finance (No. 2) Bill 2023 as part of the Irish budget. The Finance Bill implements the taxation changes announced on Budget Day as well as introducing some
See MoreMexico unveils tax incentives for key export sectors
On 11 October 2023, the Mexican government published a Decree in the Official Gazette offering tax incentives to vital sectors of the export industry. The Decree came into force on 12 October 2023. Eligible taxpayers Companies that manufacture
See MorePortugal: Government presents 2024 draft budget bill to the Parliament
On 10 October 2023, the government of Portugal presented the draft Budget Bill for 2024 to the parliament. The budget includes changes in corporate income tax, personal income tax, and indirect taxation. The key tax measures of the budget are as
See MoreMalaysia announces tax proposals for 2024 Budget
On 13 October, Malaysian Prime Minister and Finance Minister Anwar Ibrahim tabled the government’s 2024 budget. The budget includes tax proposals related to corporations such as: Capital gains tax on disposal of unlisted shares: In line
See MoreZambia proposes the Budget for 2024
On 29 September 2023, the Minister of Finance and National Planning, the Honorable Situmbeko Musokotwane , presented the 2024 Budget Speech to the National Assembly of Zambia. Important tax measures proposed in budget include the following:
See MoreMalaysia revises public ruling on tax incentive for BSCs investors
On 4 October 2023, the Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 2/2023, which outlines the tax incentives offered to an investor who has invested in a BioNexus status company in Malaysia. The tax incentive granted to an
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