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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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
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New Zealand proposes multiple amendments for taxation 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:
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Kazakhstan 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
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India: 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
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Luxembourg 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
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Malaysia 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
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Bolivia 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
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Turkey 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
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Saudi 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,
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