Poland announces 2025 investment incentives, thresholds for reduced corporate tax and VAT
Poland has announced new thresholds for various tax regimes for small taxpayers in 2025. These include a reduced corporate tax rate, an investment incentive deduction, a simplified VAT regime, and a flat-rate tax. The new thresholds for reduced
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Australia proposes tax breaks for hydrogen, critical minerals production
Australia’s government has presented the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024’ to Parliament” , proposing tax incentives on hydrogen and critical minerals production. This follows after the
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Australia passes bill for Pillar Two Global Minimum Tax
The Australian Senate has passed the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 on 26 November 2024. The House of Representatives endorsed the bill in August 2024. This followed after the Australian Senate
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UK: HMRC clarifies changing filing member for Pillar Two top-up taxes account
The UK tax authority, HM Revenue & Customs (HMRC), has published guidance on a service for replacing the filing member for a Pillar Two top-up taxes account on 20 November 2024. Guidance- Replace the filing member for a Pillar Two top-up
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Spain: Parliament extends windfall tax on banks, reintroduces loss restrictions
The Spanish lower house of parliament (Congress of Deputies) approved a new fiscal package that includes a three-year extension of the windfall tax on banks on 21 November 2024. The tax, previously set at a flat rate of 4.8%, will now follow a
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Russia increases tax deductions for software and database costs starting 2025
The Russian Ministry of Finance has issued Guidance Letter No. 03-03-06/1/96344 on 10 April 2024, clarifying updates to tax deductions for costs related to acquiring and using computer programs and databases. Currently, a 1.5x deduction applies
See MoreUK: HMRC issues guidance on paying pillar 2 top-up taxes
The UK His Majesty's Revenue and Customs (HMRC) released guidance on how and when to pay the Pillar 2 top-up taxes, covering both domestic top-up tax and multinational top-up tax, on 20 November 2024. When to pay Payments must be made no later
See MoreSpain: Lower house of parliament passes global minimum tax bill
The Spanish lower house of parliament (Congress of Deputies) passed the draft bill on 21 November 2024, for implementing the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. The bill now awaits
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Sri Lanka: IRD launches e-services for 2023/24 tax returns
The Sri Lanka Inland Revenue Department (IRD) has announced the launch of its "e-services" platform for the electronic filing of annual tax returns for the assessment year 2023/2024. Taxpayers must submit their returns electronically by 30 November
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Uruguay introduces tax incentives for telecom companies for electronic surveillance services
Uruguay issued Decree No. 281/024, on 31 October 2024, which aims to promote electronic surveillance services provided by telecommunication companies for criminal investigations. The decree, based on Law No. 16.906, supports these companies by
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Italy clarifies permanent establishment exemption for investment management
Italy’s tax authorities released Circular No. 23/E on 19 November 2024, outlining the guidelines for the permanent establishment investment management exemption introduced in the 2023 Budget Law. One of the key provisions in the 2024 Budget Law
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OECD report finds tax revenues steady, spending pressures rise
The OECD has released two new reports on 21 November 2024 examining tax levels and consumption tax trends across its member countries. The findings indicate that average tax revenues have remained stable despite increasing spending pressures. The
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Mexico introduces several tax incentive with economic package 2025
Mexico’s Federal Executive submitted the 2025 economic package to the Congress of the Union on 15 November 2024. This package does not include new taxes or increases to existing ones but adjustments to tax incentives and withholding taxes on
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Switzerland publishes updated minimum taxation ordinance
Switzerland’s Federal Council has amended the Swiss Minimum Taxation Ordinance (OIMin) on 20 November 2024 due to the entry into force of the international supplementary tax Income Inclusion Rule (IIR). The Federal Council decided on 4
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Italy approves tax credit model form for SEZ investments in agriculture, forestry, fisheries
Italy’s tax authorities have sanctioned the model form for tax credit required for eligible businesses in the agriculture, forestry, fishery, and aquaculture sectors in the Single Special Economic Zone (Single SEZ). This form is essential for
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Slovenia proposes changes corporate income tax law
Slovenia's government has presented a draft bill (EVA: 2024-1611-0039) to the parliament on 25 October 2024, proposing several amendments to the corporate income tax law. Tax loss carry-forward limitation The bill suggests limiting the
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UAE issues ruling on foreign partnerships, family foundations, unincorporated entities
The UAE Ministry of Finance has released Ministerial Decision No. 261 of 2024, addressing the regulations surrounding unincorporated partnerships, foreign partnerships, and family foundations. Unincorporated partnerships Under Article 3 of
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Estonia proposes 2% corporate tax for resident firms, permanent establishments
In September 2024, Estonia's Ministry of Finance announced a temporary 2% corporate tax rate for tax resident companies and permanent establishments of non-resident companies. The draft bill is undergoing the second of three readings in the
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