UK: Statistics on Creative Industries Tax Relief
On 29 August 2024 HMRC published updated statistics for creative industries tax relief for 2022/23. The statistics relate to the period before the introduction of the new Audio-Visual Expenditure Credit (AVEC) which replaced the current Film,
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Venezuela grants one-year income tax exemption for cooperative associations
Venezuela's Official Gazette published Decree No. 4.976, introducing a one-year income tax exemption for cooperative associations on income earned within Venezuela on 12 August 2024. The exemption, effective from the date of publication and
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Argentina introduces regulations to incentivise large investments
Argentina’s Executive Branch, through Decree 749/2024, has approved regulations under the RIGI - the Incentive Regime for Large Investments, as outlined in Law 27,742, on 23 August 2024. The RIGI regime aims to generate the conditions of
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Oman introduces incentives to develop capital market
Oman's Financial Services Authority (FSA) has launched the Capital Market Incentive Programme (CMIP), on 11 August 2024, aimed at enhancing the investment and business environment in the Sultanate. The initiative is part of a broader strategy to
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Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030
The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024. This initiative is aimed at existing manufacturing and agricultural companies that
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Thailand announces new incentives for car parts manufacturing JVs
The Thailand Board of Investment (BOI) approved a series of new incentives to promote investment in joint ventures (JV) between Thai and foreign companies regarding the manufacturing of automotive parts and components for vehicles using all types of
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Korea proposes 2024 tax law overhaul to boost economy
The Ministry of Economy and Finance of South Korea (ROK) introduced its proposed 2024 Tax Law Amendment Bill on 25 July 2024, aiming to encourage economic activity and enhance the overall health of the public economy. “This year's tax revision
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South Africa consults draft guide on tax incentives for renewable energy investments
The South African Revenue Service (SARS) has published a draft guide concerning allowances and deductions for assets used in generating electricity from specified renewable energy sources. This guide outlines several tax incentives aimed at
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Colombia: DIAN clarifies tax incentives for ZOMAC zones in new ruling
The Colombian tax authority (DIAN) recently issued Ruling 531 on 10 July 2024, clarifying tax incentives for businesses in zones affected by armed conflict (ZOMAC). The ruling details reduced tax rates for new micro and small enterprises in ZOMAC
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UAE: FTA issues tax bulletin for free zone persons
The UAE Federal Tax Authority (FTA) has published a Basic Tax Information Bulletin, regarding the regulations for Free Zone Persons under the UAE Corporate Tax Law. The Corporate Tax Law permits a Qualifying Free Zone Person to benefit from a 0%
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Belarus issues tax incentive guidelines for investments
The Belarus Ministry of Taxes and Duties issued guidance on the tax incentives for implementing investment projects in Belarus. These tax incentives will be granted based on investment agreements and special investment arrangements, specifically
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Mexico issues tax incentives for key sectors in Yucatan’s industrial zones
The Mexican government has issued a decree granting tax incentives to companies operating in 11 key economic sectors in the welfare industrial zones of Progreso I and Mérida I in the state of Yucatan on 28 June, 2024. Tax incentives are granted
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South Africa: SARS seeks feedback on SEZ income tax benefits guide
The South African Revenue Service (SARS) initiated a consultation on 5 July, 2024, regarding a draft guide aimed at clarifying income tax advantages available to qualifying companies in special economic zones (SEZs), as defined by Sections 12R and
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South Korea reportedly prepares dividend incentives to boost economic growth
In a bid to stimulate economic growth and encourage corporate investment, the South Korean government is reportedly gearing up to unveil a set of incentives aimed at boosting dividends. According to sources, the government plans to introduce a 5%
See MoreArgentina passes tax reform bill
Argentina’s lower house of Congress (House of Representatives) approved the first tax bill requested by the new Executive Branch into law on 28 June, 2024. The outcome of the parliamentary procedures includes a moratorium tax regime for debts
See MoreArgentina approves reform bills with major investment incentives
Argentina's House of Representatives announced it approved the Law of Bases and Starting Points for the Freedom of Argentines (Ley de Bases y Puntos de Partida para la Libertad de los Argentinos) on Friday, 28 June 2024. The law introduces a new
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Australia consults tax incentives for hydrogen and critical minerals production
Australia’s government has published two consultation papers requesting comments on its proposed tax incentives on hydrogen and critical minerals production. The deadline for receiving feedback on the both is set for 12 July, 2024. Both
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Thailand unveils tax breaks to stimulate domestic tourism during off-season
In a bid to boost tourism during the traditionally slower months, Thailand's government has implemented tax incentives to encourage domestic travel. The measures were approved by the cabinet on Tuesday, 4 June, 2024. Companies organising
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