Korea (Rep.) to unveil detailed tax incentives for corporate reforms, semiconductor industry
South Korea's finance minister, Choi Sang-mok, announced plans of introducing detailed tax incentives as part of corporate reforms aimed at increasing the value of listed companies. The government will gather feedback from market participants in
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Bangladesh may cut tax on essential food supplies
In an effort to combat rising food prices, the Bangladeshi government is said to be considering reducing source tax on essential food commodities. This tax – currently at 2% for essential food supplies such as rice, wheat, onion, edible oil,
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Australia: ATO provides clarification on R&D tax incentive offset rates
The Australian Taxation Office (ATO) released a revised guidance providing an explanation regarding the R&D tax incentive offset rates for a qualifying entity on Tuesday, 21 May, 2024. The research and development (R&D) tax incentive
See MoreBangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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Malta implements new tax measures in 2024 budget
Malta’s Budget Measures Implementation Act, 2024, is ushering in a series of amendments to various fiscal laws, including the Income Tax Act, Income Tax Management Act, Duty on Documents and Transfers Act, and Value Added Tax (VAT) Act; signalling
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Thailand announces tax and other incentives for PCB manufacturers
Thailand’s Board of Investment (BOI) declared a series of incentives for businesses engaged in the manufacture of printed circuit boards (PCBs). These incentives include: Up to eight years of exemption from corporate income tax.
See MoreAustralia: ATO announces tax incentives for hydrogen and critical minerals production
The Australian Taxation Office (ATO) published a release on the proposed Hydrogen Production and Critical Minerals Tax Incentives on Tuesday, 14 May, 2024, as part of the 2024-25 Budget. The initiative is designed to accelerate investment in
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Taiwan announces tax relief for Hualien businesses affected by earthquake
The National Taxation Bureau of the Northern Area has announced proactive measures to support businesses affected by the 3 April, 2024, Hualien earthquake. In response to the significant impact on tourism-related industries and operational
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Italy offers tax credit for investments in simplified logistics zones
Italy published Decree-Law No. 60 of 7 May 2024 in the Official Gazette on 7 May, 2024, addressing urgent provisions for the European Union's cohesion policy. This decree introduces tax credits for investments in simplified logistics zones (ZLS);
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UK: HMRC extends tax relief for freeports and investment zones
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30 April, 2024, regarding the extension of tax relief availability for freeport and investment zone special tax sites, extending it from 5 to 10 years. The UK tax authority (HM
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South Africa: SARS clarifies tax exemptions for national ships
The South African Revenue Service (SARS) issued Interpretation of Note 131 on 29 April, 2024, which addresses the exemption of income associated with South African ships utilised in international shipping. This aims to support the growth of a
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Canada: 2024 budget implementation act includes pillar two global minimum tax
Canada's Department of Finance announced, on 30 April 2024, that it tabled the “Notice of Ways and Means Motion to introduce an Act to implement certain provisions of the budget tabled in Parliament on 16 April 2024”. This legislation will
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Nigeria introduces tax incentives for new oil and gas companies
On 28 February 2024, the Nigerian government published the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024 in the Official Gazette. The announcement outlines various new incentives for the oil and gas sector, which
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Finland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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Japan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
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Ecuador passes pro-tourism law to boost employment and investment
On 1 April 2024, Ecuador's National Assembly declared the approval of the law aimed at enhancing tourism activities and promoting employment. The provisions of the law encompass the following initiatives: Investment Incentives: Local taxes will
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Taiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the R&D investment tax credit. According to the National Taxation Bureau of Taipei, the Ministry
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