US passes tax relief act for American families and workers
On 31 January 2024, the US House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (Bill H.R. 7024). The main tax provisions for companies are: The deduction for domestic research and experimental
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Lithuania updates its blacklist in various tax aspects
On 30 November 2023, Lithuania issued an order revising its list of selected territories (blacklist), incorporating Russia as a new addition. The blacklist plays a crucial role in various tax aspects, including Lithuania's CFC rules. List of
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Belarus releases guide on tax changes for 2024
On 27 December 2023, the Belarus Ministry of Taxes and Duties published a guidance concerning various tax changes for 2024. The tax changes were introduced through Law No. 327-Z of 27 December 2023 as published in the Official Gazette. The main
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Philippines imposes withholding tax on online platform payments
On 29 December 2023, the Philippine News Agency (PNA) published a release declaring that the Bureau of Internal Revenue (BIR) had imposed a 1% withholding tax on online merchants with earnings amounting to more than PHP 500,000 annually. BIR
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Italy: 2024 budget law includes new tax credit and exemption for capital gains
On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by
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Finland passes pillar 2 global minimum tax
On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,
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Malaysia offers 2-month deferral on unlisted share gains tax
On 29 December 2023, Malaysia released the Income Tax (Exemption) (No. 7) Order 2023 in the Official Gazette, which provides a deferral of capital gains taxation on the disposal of unlisted shares. Earlier, Malaysia’s new Finance (No. 2) Act
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Germany gazettes law applying Pillar 2 global minimum tax rules
On 27 December 2023, the German Official Gazette released a law enacting EU Council Directive 2022/2523, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large domestic groups within the
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Chile releases 8th catalog of tax schemes
On 27 December 2023, Chile’s tax authority declared it published the eighth version of the Catalog of Tax Schemes. The publication of this Catalog responds to the challenge of ensuring that each taxpayer understands compliance with their tax
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Luxembourg: Government approves bill on investment tax credit
On 19 December 2023, the Luxembourg Chamber of Deputies adopted Bill 8276 on the modernization of the investment tax credit. The investment tax credit bill will be effective from 2024. The bill includes several amendments to the investment tax
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Turkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
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Luxembourg implements pillar two global minimum tax
On 20 December 2023, the Luxembourg Parliament approved Law No 8292 of 22 December 2023 on pillar two global minimum tax. The bill aims to incorporate the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14
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Italy releases draft tax returns and rules for 2024
On 22 December 2023, the Italian Revenue Agency published the draft tax return forms and instructions for filing in 2024. The tax return forms include the personal income tax return, the corporate tax return, the partnership tax return, the regional
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Germany updates tax haven defense ordinance: Adds and removes jurisdictions in response to EU decision
On 20 December 2023, Germany issued the Ordinance, amending the Tax Haven Defense Ordinance, as published in the Official Gazette. The Tax Haven Defense Ordinance plays a critical role in identifying jurisdictions considered non-cooperative under
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UAE: FDA issues guidance on corporate tax for natural persons
On 24 December 2023, the UAE Federal Tax Authority (FTA) issued a release about publishing a guide outlining criteria for determining natural persons subject to Corporate Tax and their compliance requirements. The law came into effect on 1 June
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Armenia: Central bank lowers refinancing interest rate
On 12 December 2023, the Armenian Central Bank announced that it lowered the refinancing interest rate from 9.5% to 9.25%. This is the fifth interest rate reduction for 2023. The previously reduced refinancing interest rates are as follows:
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Ireland passes finance act (no. 2) 2023 for 2024 budget and pillar 2 global minimum tax
On 18 December 2023, Ireland enacted the Finance Act (No. 2) 2023 (Act No. 39 of 2023), which contains provisions for the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. In addition to the Pillar 2
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