UK: HMRC issues guidance for Pillar Two registration
The UK HMRC released practical guidance on Pillar Two registration requirements for multinational groups in the UK on 20 May, 2024. This guidance features a notice detailing the procedure for registering for Pillar Two Top-up Taxes in the UK. It
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Australia: ATO provides clarification on R&D tax incentive offset rates
The Australian Taxation Office (ATO) released a revised guidance providing an explanation regarding the R&D tax incentive offset rates for a qualifying entity on Tuesday, 21 May, 2024. The research and development (R&D) tax incentive
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UAE publishes corporate tax guide on free zone regime
The UAE Federal Tax Authority (FTA) has released a corporate tax guide for the free zone regime, stipulating that qualifying free zone persons are entitled to a 0% corporate tax rate on qualifying income and a 9% rate on other taxable
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Belgium issues GloBE registration rules for large domestic groups, MNEs
The Belgian tax authorities have announced the global anti-base erosion (GloBE) registration requirements for multinational enterprises (MNEs) and large domestic groups. These entities must register with the Belgian Commercial Register within 30
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Switzerland: Cantonal tax law reforms due to Pillar Two global minimum tax
In response to the implementation of the Pillar Two global minimum tax in Switzerland, effective from 1 January, 2024, several cantons have adjusted their tax rates or initiated projects to enhance their appeal as business locations. The Canton
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Cyprus announces submission of 2022 controlled transactions summary
The Cyprus Tax Department released an announcement regarding the submission of the summary information table (SIT) for controlled transactions for the 2022 tax year on Monday, 20 May, 2024. According to the announcement, the SIT must be submitted
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Italy adopts transitional safe harbours for Pillar Two global minimum tax
On Monday, 20 May, 2024, Italy’s Ministry of Economy and Finance announced the “Decree of 20 May 2024” which states the simplified transitional regimes (safe harbours) for multinational and national groups subject to the Pillar Two global
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Taiwan publishes CFC rules for foreign residents
Taiwan's Ministry of Finance has released a notice regarding the application of Controlled Foreign Company (CFC) rules to foreign residents meeting the country's residency criteria. The notice states that foreign nationals, who lived in Taiwan
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US: House of Representatives approve disaster tax relief bill
The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024. This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal
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Poland extends public consultation deadline for Pillar Two global minimum tax rules
Poland’s Minister of Finance Andrzej Domański announced on 16 May, 2024, the extension of the public consultation regarding the draft bill for the implementation of the EU Minimum Tax Directive under Council Directive (EU) 2022/2523 of 14
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National Bank of Ukraine lowers key policy rate, late payment penalty interest
The National Bank of Ukraine (NBU) has declared a change in its key policy rate. Effective from 26 April, 2024; the rate now stands at 13.5% per annum; down from the previous 14.5%. Additionally, the late payment penalty interest, linked to the
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Turkey raises interest rates for late tax payments, deferred tax
Turkey's Revenue Administration has issued Presidential Decision No. 8484 – which came into force yesterday, 21 May, 2024 – raises the interest rate for late tax payments from 3.5% to 4.5% per month. This development follows a prior increase
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Bangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
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Australia: ATO issues notice on minimum yearly repayments for division 7A loans
The Australian Taxation Office (ATO) published a notice regarding the minimum yearly repayments on a Division 7A loan on Monday, 20 May, 2024. Borrowing money from a private company might appear straightforward, but it's crucial to consider the
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Australia: ATO issues income tax filing requirements for FY 2023/24
The Australian Taxation Office (ATO) has issued the Taxation Laws (Requirement to Lodge a Return for the 2024 Year) Instrument 2024. This instrument outlines who must file an income tax return for the year ending 30 June, 2024. Additionally,
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Australia: ATO issues notice on withholding tax rules for interest, dividend, or royalty payments to non-residents
The Australian Taxation Office (ATO) released a notice regarding the withholding tax requirements for making interest, dividend, or royalty payments to non-residents on Sunday, 19 May, 2024. Taxpayers who have paid interest, dividends, or
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US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
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