UN: Tax Committee Discusses Extractive Industry Tax and Other Issues  

March 19, 2024

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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US: Taxpayers Given Greater Access to Energy Tax Credits

February 12, 2024

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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Hong Kong offers tax deductions for mobile network operators on spectrum utilization fees

January 20, 2024

On 19 January 2024, the Hong Kong Inland Revenue Department declared the Inland Revenue (Amendment) (Tax Deductions for Spectrum Utilization Fees) Ordinance 2024. This ruling has been published in the Official Gazette and introduces tax deductions

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Saudi Arabia: Government offers 30-year tax relief package to attract regional corporate headquarters

December 11, 2023

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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UK Autumn statement details

December 03, 2023

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

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Malaysia announces tax proposals for 2024 Budget

October 18, 2023

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

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Malaysia gazettes rules on deductions for tec-based companies listing on stock market

August 14, 2023

On 7 August 2023, the Malaysian official gazette published “Income tax (deduction for expenses in relation to listing on main market, access, certainty, efficiency (ace) market or leading entrepreneur accelerator platform (leap) market of Bursa

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Egypt releases amendment to some provisions of the investment law

August 09, 2023

On 25 July 2023, Egypt published Law No 160 of 2023 in the official gazette amending the Investment Law No. 72 of 2017. These amendments primarily focused on enhancing incentives for foreign investors, encouraging investment distribution across the

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Nigeria: Tax measures in Finance Act 2023

May 31, 2023

On 28 May 2023, the immediate past President, Muhammadu Buhari signed the Finance Bill-2023 into law as Finance Act, 2023("the Act"). The act includes the following tax measures related to corporate taxation: "Digital assets" have been

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Peru extends tax incentives for real estate investment funds until 2026

January 26, 2023

On 29 December 2022, Peru published Law No. 31650 in the Official Gazette modifying Legislative Decree 1811. The Law approves the extension of the validity of tax incentives to promote real estate investment funds until 31 December 2026. The Law is

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Malaysia: IRBM issues public ruling on tax incentives for investments in R&D companies

January 10, 2023

On 29 December 2022, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 12/2022 and Public Ruling No. 13/2022, on tax incentives for investments in R&D companies. The objective of this Public Ruling (PR) is to provide an

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Spain: Congress of Deputies adopts law to support innovative startups

December 11, 2022

On 1 December 2022, the Spanish Congress of Deputies has approved the Law for the Promotion of the Emerging Companies Ecosystem, better known as the Startups Law. The law facilitates some tax measures for the startups business. Under this, the

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Nigeria: President signs the startup act 2022 into law

October 25, 2022

On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income

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UK: Growth Plan to address high energy costs and inflation

October 02, 2022

On 23 September 2022 the UK government announced a series of measures aiming to boost economic growth. Corporation tax The planned rise in corporation tax is cancelled, so the rate of corporation tax will remain at 19%. The Annual

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Ethiopia publishes investment incentives Law

August 12, 2022

On 12 July 2022, a new Investment Incentive Law No. 517/2022 was published by the Ethiopian Council of Ministers. The new Law aims to expand the scope of investment incentives and boost investment in Ethiopia. The law provides the following

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Uruguay extends incentives for building construction projects

June 10, 2022

On 17 May 2022, the Ministry of Economy and Finance of Uruguay issued Decree No. 155/022, which extends the deadline to submit an application from 31 December 2022 to 31 December 2023 for submitting construction and large-economic projects to the

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India: CBDT issues guidelines on Investment Funds tax incentives

May 12, 2022

On 9 May 2022, the Central Board of Direct Taxes (CBDT) issued Circular No. 9 of 2022, which provides a set of guidance on the provisions (clause (23FE) of Section 10) of the Income Tax Act that exempt sovereign wealth funds (SWF) and pension funds

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Peru issues Legislative Decrees on tax incentives for various sectors

January 02, 2022

On 30 December 2021, Peru’s President Pedro Castillo has enacted Legislative Decrees modifying new regime and tax incentives for agribusiness and other sectors. The Legislative Decrees are effective from 1 January 2021. Tax incentives provided by

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