Belgium issues guidance on pillar 2 global minimum tax
The Federal Public Service (SPF) Finance of Belgium has released the guidance on the Pillar 2 global minimum tax. The guidance outlines the context of the Pillar 2 global minimum tax and its enforcement in Belgium. Furthermore, the guidance also
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Australia initiates public consultation on global minimum tax legislation
On 21 March 2024, the Australian Treasury announced that it launched public consultations on primary legislation and subordinate legislation for implementing the Pillar 2 global minimum tax. The primary legislation provides guidelines for
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UN: Tax Committee Discusses a New Combined Treaty Article on Services
The 28th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 19 to 22 March 2024. The digital economy subcommittee in its workstream B has been considering the function and relevance of physical
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US: Utah reduces individual and corporate franchise tax rates
On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual
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Germany introduces stricter reporting requirements for listed companies under new tax relief Act
The Federal Central Tax Office (BZSt) has released a communication manual outlining the requirements of the German Withholding Tax Relief Modernization Act. This act mandates that listed companies in Germany report shareholder information to the
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UN: Tax Committee Discusses Tax Issues in the Digitalised Economy
The 28th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 19 to 22 March 2024. On 19 and 20 March 2024 the discussions included tax issues in the digital economy. Fast Track Instrument The
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Guatemala announces new monthly corporate tax return forms
On February 2024, Guatemala’s Superintendency of Tax Administration (SAT) declared that it introduced new informational fields regarding passive income to be included in the monthly income tax return (electronic form 1311) starting from January
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South Africa: SARS releases tax court judgment clarifying arm’s length principle regarding royalty payments
On 6 March 2024, the South African Revenue Service (SARS) published online the tax court Judgment concerning Case No. IT 14302, providing clarification on how the arm’s length principle is applied in transactions involving related parties. The
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US: IRS issues guidelines to prevent mistakes in federal tax returns
On 18 March 2024, the U.S. IRS released guidelines for preventing errors during the filing of federal tax returns. As the April 15 filing deadline approaches, the Internal Revenue Service issued a reminder to taxpayers on ways to prevent typical
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India: CBDT issues a notification on withholding tax exemption on certain payments for specified payments to IFSC
On 7 March 2024, the Central Board of Direct Taxes (CBDT) of India released Notification No. 28/2024, delineating regulations for exempting certain payments to a "Unit" within an International Financial Services Centre (IFSC) from withholding tax.
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UN: Tax Committee Discusses Extractive Industry Tax and Other Issues
The 28th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 19 to 22 March 2024. The meeting is taking place in a global situation of inequality, as countries deal with challenges from increased
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Greece: Government presents draft law implementing Pillar 2 global minimum tax
On 7 March 2024, the Greek government presented a draft law to Parliament after a public consultation period. This law implements the European Union's Minimum Taxation Directive (2022/2523) of 14 December 2022. As previously discussed, the law
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UN: ECOSOC Special Meeting on International Cooperation in Tax Matters
On 18 March 2024 the ECOSOC Special Meeting on International Cooperation in Tax Matters took place against the urgent background of the collective action required to put the Sustainable Development Goals (SDGs) back on track, strengthen institutions
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New Zealand proposes multiple amendments for taxation bill
On March 14, 2024, the New Zealand Inland Revenue released Amendment Paper No. 20 outlining proposed amendments to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill. The proposed changes are as follows:
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Ukraine cuts interest rate impacting late payment penalties
On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December
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UAE launches public consultation on pillar 2 GloBe rules
The UAE Ministry of Finance (MoF) announced that it had launched a public consultation regarding the enforcement of the Pillar 2 Global Minimum Tax (GloBE) Rules. The objective of this consultation is to gather the views of stakeholders with respect
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Kazakhstan launches public consultation on corporate tax rate changes
On 7 March 2024, the Kazakhstan Ministry of the National Economy initiated a public consultation regarding the preliminary changes to the tax code. The main tax measures are as follows: The draft amendments include varying corporate income
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Cyprus issues draft legislation to enact pillar two global minimum tax rules
The Ministry of Finance of Cyprus has released the draft legislation, “The Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023". This draft legislation is
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