Uruguay amends corporate income tax for small companies

February 07, 2024

On 5 February 2024, the Uruguayan government published Decree No. 25/024 in the Official Gazette, introducing a new amendment to the Corporate Income Tax regulations. Under this new regulatory provision, corporate income taxpayers who have never

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Belarus offers tax incentives for rural business activities

February 04, 2024

On 2 February 2024, Belarus issued Presidential Decree No. 42, dated 2 February 2024, in the Official Gazette. The decree introduces tax incentives for entrepreneurs and businesses in rural areas and small towns. This decree offers a 50% reduction

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UK: Statistics on Venture Capital Trusts

January 26, 2024

On 24 January 2024 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. The VCT scheme is one of three tax-based venture capital schemes available to investors in the UK, together with the Enterprise

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Latvia: Parliament passes 2024 budget

December 20, 2023

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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South Korea: MOEF announce tax reform proposal for 2023

August 16, 2023

On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance

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North Macedonia: Government proposes amendments to the tax law

July 26, 2023

The government of North Macedonia has re-submitted the draft amendments to the parliament related to the corporate income tax law, value-added tax (VAT) law, and draft law windfall profits tax. The drafts were initially submitted last year. The key

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UK: Review of Noncompliance in Research and Development Tax Relief Schemes

July 20, 2023

On 17 July 2023 HMRC published an analysis of the scale of non-compliance in the research and development (R&D) tax relief schemes and the approach taken to enforcing taxpayer compliance. The UK has two R&D tax relief schemes, a scheme

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UK: Statistics for Investments under the Enterprise Investment Scheme

May 22, 2023

On 17 May 2023 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). These latest statistics show the amount of funds raised by

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IMF Report Makes Policy Recommendations for Germany

May 17, 2023

On 16 May 2023 the IMF published a report following discussions with Germany under Article IV of the IMF’s articles of agreement. German’s economy has been resilient despite the problems resulting from the Ukraine war and the reduction in

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Australia: Federal Budget for FY 2023-24

May 10, 2023

On 9 May 2023, Mr. Jim Chalmers, the Australian Treasurer handed down Federal Budget for FY 2023-24, with some proposed changes to tax and superannuation laws. Many of the measures announced are subject to receiving royal assent and therefore not

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Australia declares small business energy incentive

May 07, 2023

The Australian Taxation Office (ATO) has declared small business energy incentive with an additional 20% deduction on eligible expenditures aimed at promoting electrification and enhancing energy efficiency. Eligible assets or upgrades will need

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Malaysia: Parliament adopts finance bill 2023

April 12, 2023

On 3 April 2023, the Dewan Rakyat passed the Finance Bill 2023 with the following key amendments related to corporate tax measures. Effective from YA 2023, it has been proposed to reduce the preferential tax rate for MSMEs by two percentage

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China declares tax incentives for small businesses

April 10, 2023

On 24 March 2023, during an executive State Council meeting led by Premier Li Qiang, the State Council of China made an important announcement regarding the extension of supportive tax and fee policies. This includes the highly anticipated renewal

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UAE: Ministry of Finance declares small business tax relief measures

April 07, 2023

On 06 April 2023, the Ministry of Finance has issued Ministerial Decision No. 73 of 2023 on Small Business Relief for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax

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Malaysia: PM presents the revised budget for 2023

February 28, 2023

On 24 February 2023, Anwar Ibrahim, the Prime Minister and Minister of Finance, presented the revised budget for 2023. The budget was first introduced on 7 October 2022, but Parliament dissolved shortly after that ahead of the November 2022

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Algeria releases finance law 2023

January 07, 2023

On 29 December 2022, Algeria published the Law No. 24-22 in the official gazette implementing the 2023 finance law. The law includes the following tax measures. Increase in cash expense deductible thresholds for corporate income tax (BIS) and

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Portugal: Parliament approves budget for 2023

December 05, 2022

On 25 November 2022, the Portuguese parliament approved the Budget for 2023. This budget includes the following corporate tax measures: Changes in current tax loss carry forward rules for corporate income tax (CIT). Along with other things, tax

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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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