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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Hong Kong offers tax deductions for mobile network operators on spectrum utilization fees
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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Argentina: National congress mulls new Incentive regime for major investments
The Argentine National Congress is evaluating a draft legislation to establish a new incentive regime for major investments by sole purpose vehicles in specific sectors. The sole purpose vehicles for the new incentive regime include corporations,
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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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Luxembourg: Government approves bill on investment tax credit
On 19 December 2023, the Luxembourg Chamber of Deputies adopted Bill 8276 on the modernization of the investment tax credit. The investment tax credit bill will be effective from 2024. The bill includes several amendments to the investment tax
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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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Latvia: Parliament passes 2024 budget
On 9 December 2023, Latvia's Ministry of Finance of Latvia announced that the parliament approved the 2024 state budget and 19 accompanying laws. The key amendments include: Amendments to the personal income tax The Personal Income Tax
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Spain: Valencia & Catalonia propose retroactive personal income tax reductions (IRPF) for FY 2023
The Generalitat of Catalonia is working on reducing the regional section of the Personal Income Tax (IRPF). The “Govern” proposes in the budget accompanying law, cutting one percentage point – from 10.5% to 9.5% – the first tranche of the
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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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UK Autumn statement details
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: IRBM publishes guidance on investment tax allowance
On 10 November 2023, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 4/2023, providing guidance on the investment tax allowance for companies involved or planning to engage in business activities related to promoted activities
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UAE: MoF declares new corporate tax decisions for free zones
On 3 November 2023, The UAE Ministry of Finance (MoF) released Cabinet Decision No. 100 of 2023, in which it outlines guidance for determining qualifying income and Ministerial Decision No. 265 of 2023 on qualifying activities and excluded
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Argentina announces tax Incentives to boost organic food production
On 12 October 2023, Argentina published Law 27734 in the Official Gazette, which outlined the establishment of a tax incentive regime to enhance organic food production. The incentives will be distributed to eligible producers and/or processors of
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Australia: ATO provides clarity on R&D tax incentive integrity rules
On 27 October 2023, the Australian Taxation Office (ATO) released a notice where it clarified the application of integrity rules for the R&D Tax Incentive. The identified issues with the application of some R&D program integrity rules
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Ireland: Government publishes Finance Bill 2023
On 19 October 2023, the Minister for Finance of Ireland, Mr. Michael McGrath presented the Finance (No. 2) Bill 2023 as part of the Irish budget. The Finance Bill implements the taxation changes announced on Budget Day as well as introducing some
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Mexico unveils tax incentives for key export sectors
On 11 October 2023, the Mexican government published a Decree in the Official Gazette offering tax incentives to vital sectors of the export industry. The Decree came into force on 12 October 2023. Eligible taxpayers Companies that manufacture
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Portugal: Government presents 2024 draft budget bill to the Parliament
On 10 October 2023, the government of Portugal presented the draft Budget Bill for 2024 to the parliament. The budget includes changes in corporate income tax, personal income tax, and indirect taxation. The key tax measures of the budget are as
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Malaysia announces tax proposals for 2024 Budget
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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