Greece announces new tax rules for venture capital mutual funds (AKES funds)
Greece’s Law 5162/2024 introduces amendments to the taxation framework for venture capital mutual funds governed by Law 2992/2002, known as AKES funds. New tax rules for venture capital mutual funds (AKES funds) AKES funds established on 1
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US: President Biden enacts 2023 Tax Relief Act, VETT Act for disaster victims and veterans
The US President Biden has signed The Federal Disaster Tax Relief Act of 2023 (H.R. 5863) and the VSO Equal Tax Treatment Act VETT Act (H.R. 1432) on 12 December 2024. These two bills provide significant tax relief measures to support disaster
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Netherlands delays Box 3 taxation reform until 2028
The Netherlands Ministry of Finance has announced a delay in the planned reform of Box 3 taxation pertaining to taxable income from savings and investments on 13 December 2024. Originally scheduled for implementation on 1 January 2027, the tax
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Belgium: Revised investment deduction rules coming into force in 2025
Belgium’s Federal Council of Ministers has approved royal decrees to reform the investment deduction regime, introducing three categories of investments that are eligible for additional tax deductions, which go into force on 1 January
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Canada updates Scientific Research and Experimental Development Tax (SR&ED) incentive in 2024 fall economic statementÂ
Canada's Department of Finance has released the 2024 Fall Economic Statement on 16 December 2024. Among the key updates are enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive programme and more support for
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Australia: ATO cautions taxpayers on schemes avoiding division 7A compliance
The Australian Taxation Office (ATO) has issued a new taxpayer alert (TA2024/2) on 12 December 2024 targeting arrangements designed to bypass Division 7A requirements. The arrangements involve a profitable private company guaranteeing a loan made
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Argentina extends PAIS tax payment deadline
Argentina’s tax authority (ARCA) has extends the payment deadline for the solidarity tax (PAIS), published in General Resolution No. 5615/2024 in the Official Gazette on 13 December 2024. The new deadline is now set for 26 December 2024 and
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Thailand: Cabinet approves draft law for Pillar Two Global Minimum Tax
The Thai Cabinet approved a draft law to introduce the Pillar Two global minimum tax on 11 December 2024 which will implement a 15% global minimum tax on qualifying multinational enterprise (MNE) groups starting from January 2025. Finance
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UK joins CPTPP trade bloc, anticipates GBP 2 billion annual economic boost
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a fully-fledged member on 15 December 2024, potentially boosting the UK economy by GBP 2 billion a year in the long run. This announcement was
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Luxembourg: Parliament adopts law amending Corporate Income Tax Law, New Wealth Tax Law
The Luxembourg Parliament passed legislation that introduced amendments to the Corporate Income Tax (CIT) Law and the Net Wealth Tax (NWT) Law, among other changes on 11 December 2024. Reduction in corporate income tax rate The new legislation
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Kenya enacts Tax Laws (Amendment) Bill, Tax Procedures (Amendment) (No.2) Bill 2024
Kenya’s President William Ruto has signed the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill 2024 into law on 11 December 2024. Key provisions of the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill
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Ecuador enacts tax relief measures law, includes tax credit for companies expanding their workforce
Ecuador introduced the Organic Law for Financial Relief and Economic Strengthening of Generations on 9 December 2024, which took effect on the same date. This legislation includes several key measures which includes an income tax credit for
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Australia consults updated draft ruling on CGT event K6
The Australian Taxation Office (ATO) has initiated a public consultation on the updated draft taxation ruling, TR 2004/18DC, which addresses the application of "capital gains tax (CGT) event K6". This revision clarifies and refines the ATO's
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US: IRS enhances business tax account (BTA) with new features for corporate officials
The US Internal Revenue (IRS) in a release (FS-2024-31) has announced the expansion of its Business Tax Account (BTA), a convenient online self-service tool, to include C corporations on 12 December 2024. This expansion allows designated
See MoreGreece enacts participation exemption for intra-group dividends, capital gains
The Greece Ministry of Finance has enacted legislation Bill 5162/2024Â on 5 December 2024 which introduces a participation exemption regime for intra-group dividends and capital gains received by Greek tax-resident legal entities from non-EU
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Malaysia publishes guidance on Pillar Two global minimum tax, updates FAQs
The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on
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Cyprus:Â House of Representatives approve Pillar Two global minimum tax rules
The Cyprus House of Representatives reportedly approved the Law on a Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups on 12 December 2024. This legislation implements Council Directive (EU)
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Australia: ATO alerts against circular financing for early-stage investor tax offsets
The Australian Taxation Office (ATO) has issued a new taxpayer alert regarding arrangements involving circular financing linked to early-stage investor tax offsets. This taxpayer alert (TA 2024/1) was issued in response to a new tax avoidance
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