Hungary: Central bank lowers base interest rate
On 26 March 2024, Hungary’s National Tax and Customs Administration disclosed that the Hungarian National Bank has reduced the central bank base rate by 75 basis points from 9.00% and set it at 8.25%. The revised base interest rate went into
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Belarus introduces new 25% tax rate for foreign organizations with permanent establishments (PEs)
On 20 March 2024, the Belarusian Ministry of Taxes and Duties released Letter No. 4-2-21/00850 on March 20, 2024, addressing the tax obligations of foreign entities with permanent establishments (PEs) conducting business in the Republic of Belarus.
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Luxembourg publishes global minimum tax pillar 2 FAQs
On 25 March 2024, the Luxembourg Administration of Direct Tax (ACD) released Frequently Asked Questions (FAQs) on the Global Minimum Tax - Pillar 2. The FAQs are related to the enforcement of the Law of 22 December 2023 relating to effective minimum
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Malaysia proposes capital gains tax and e-invoicing changes
On 26 March 2024, Malaysia’s lower house of Parliament (Dewan Rakyat) passed the Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024. The bills include the following proposed tax-related changes: Capital
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France updates non-cooperative states and territories list
The French General Tax Code's list of non-cooperative States and territories (NCSTs) was updated via Decree on 16 February 2024 and published in the Official Journal on 17 February 2024. The list includes the following 16 states and territories:
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Pakistan introduces new regulations for withholding agents and online business integration
The Pakistan Federal Board of Revenue (FBR) issued new regulations requiring withholding agents to update their profiles and integrate approved software for transactions subject to withholding tax. The rules, introduced for the Synchronized
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Taiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the R&D investment tax credit. According to the National Taxation Bureau of Taipei, the Ministry
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Hong Kong: Draft legislation for patent box regime announced
On 28 March 2024, the Hong Kong Inland Revenue Department published the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024 in the Gazette to implement the "patent box" tax incentive. The draft bill proposes a
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Portugal extends CIT return and payment deadline for 2023
On 14 March 2024, the Secretary of State for Fiscal Affairs in Portugal issued Order No. 176/2024-XXIII, this extends the deadline for submitting the corporate tax return (CIT) and making the final payment for the tax period of 2023 until 15 July
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US: IRS extends tax relief for Hawaii taxpayers impacted by wildfires
On 27 March 2024, the US Internal Revenue Service, in a release—IR-2024-82—announced various tax-filing and tax-payment deadlines for individuals and businesses affected by the 8 August 2023 wildfires in Hawaii had been postponed until 7 August
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Singapore: IRAS publishes updated e-tax guide on tax treatment of pharmaceutical R&D and IP expenditure
On 20 March 2024, the Singaporean Inland Revenue Authority (IRAS) released a revised e-Tax Guide titled "Tax Treatment of Research & Development and Intellectual Property-Related Expenditure in the Pharmaceutical Manufacturing Industry (Fourth
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Sweden: MoF proposes updates to pillar 2 global minimum tax rules
On 19 March 2024, the Swedish Ministry of Finance (MoF) released proposed amendments to the Act on Additional Tax, aimed at incorporating the Pillar 2 global minimum tax as outlined in Council Directive (EU) 2022/2523. As per the proposal, a
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US: IRS announces tax relief for Alaska taxpayers impacted by storms
On 25 March 2024, the US Internal Revenue Service (IRS) announced tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides, and mudslides that began on
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UAE: FTA offers corporate tax registration at government service centers
On 20 March 2024, the UAE Federal Tax Authority, in a release, announced it made the service available to submit Corporate Tax registration requests through 23 Government Service Centres located across the UAE. The FTA explained in the press
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Hong Kong releases circular on block extension scheme for 2023/24 tax returns
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives regarding the Block Extension Scheme for the Lodgement of 2023/24 Tax Returns. According to the letter, the Block Extension Scheme will be accessible
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Spain releases 2023 personal income and wealth tax returns forms
On 22 March 2024, the Spanish Tax Agency published Order HAC/265/2024 in the Official Gazette. This announcement introduces the personal income tax and wealth tax return forms (modelos) for the fiscal year 2023. These are as follows: Form
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Saudi Arabia: ZATCA encourages taxpayers to benefit from penalty exemption initiative
On 12 March 2024, the Saudi Zakat, Tax, and Customs Authority (ZATCA) in a release urged all taxpayers to leverage from the "Cancellation of Fines and E-invoicing of Penalties Initiative." This initiative will end on 30 June 2024. ZATCA has
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Lithuania: Government submits draft law Implementing Pillar 2 global minimum tax
Lithuania's parliament is reviewing a Draft Law No. XIVP-3533 to partially implement a global minimum tax. This aligns with their plan to delay some key parts of the tax until 2029. The delay is allowed by EU rules for countries with few large
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