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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US: Joint Committee details tax incentives for economic development, financing
The US Joint Committee on Taxation (JCT) published the Tax Incentives for Economic Development and Financing, which explains the present-law tax incentives for qualified opportunity zones, the new markets tax credit, the rehabilitation credit for
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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 Africa issues revised guidance on tax exemption for small business funding entities
The South African Revenue Service (SARS) has released revised guidance on the tax exemption for small business funding entities. This guide outlines the approval process for these entities and details the partial taxation of their receipts and
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Portugal approves tax measures to boost economy, includes reduced CIT rate and VAT groups
The Portuguese government approved a comprehensive set of tax proposals during the Council of Ministers meeting, on 4 July 2024, to promote the scale of Portuguese companies, consolidation and capitalisation; develop new financing and streamline
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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%
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Argentina 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
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Australia passes instant asset write-off, energy incentives for small businesses
The Australian Taxation Office (ATO) has released two updates for small businesses regarding the small business energy incentive and the temporary increase in the instant asset write-off threshold for the fiscal year 2023-24. Both initiatives
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Australia publishes guidance on small business incentives
The Australian Taxation Office (ATO) has released a guide, on 30 June 2024, detailing the criteria for small businesses to claim the AUD 20,000 instant asset write-off (IAWO). Additionally, the ATO has also issued guidance on how to claim the
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Argentina 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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Malaysia announces digital tax incentive scheme
On 31 May 2024, the Malaysia Digital Economy Corporation (MDEC), with the support of the Ministry of Digital (KD) and the Ministry of Finance (MOF), introduced an innovative tax incentive scheme for Malaysia Digital (MD) companies: the Malaysia
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Denmark to strengthen entrepreneurs with tax breaks
The Danish government announced a fresh approach to strengthen entrepreneurship and start-ups by implementing tax cuts and other beneficial measures on 12 June, 2024. The government will, among other things, provide tax breaks for entrepreneurs
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