Belarus provides explanations of tax exemption for tech parks’ contributions to innovative development funds
The Belarus Ministry of Taxes and Duties released Letter No. 05-12/1484/2-2-13/01227 dated 26 April 2024 on 30 April, 2024, detailing the income tax deduction allowances for investments into innovative development funds by technology parks and their
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OECD: Annual Report 2024 of Tax Inspectors Without Borders
On 29 April 2024 the Annual Report 2024 of Tax Inspectors Without Borders (TIWB) was published. This joint initiative by the OECD and the UN Development Programme (UNDP) supports developing countries with capacity building programs to improve
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Poland releases draft bill for pillar two global minimum taxÂ
Poland’s government has published the draft bill for the implementation of the pillar two global minimum tax in Poland under the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022). Previously, the Polish government
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Nigeria introduces tax incentives for new oil and gas companies
On 28 February 2024, the Nigerian government published the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024 in the Official Gazette. The announcement outlines various new incentives for the oil and gas sector, which
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Turkey grants short extension for 2023 tax return submissionsÂ
Turkey's Revenue Administration has announced an extension for submitting the corporate tax returns for the 2023 accounting period. Accordingly, with Tax Procedure Law Circular No. 167, the standard deadline – originally set for 30 April, 2024
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Iceland plans to adopt global minimum tax rules pillar two
On 16 April 2024, Iceland published the Fiscal Strategy Plan for 2025-2029, in which it determined to implement a global minimum tax pillar under the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
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Philippines extends withholding tax transition period for online platform payments to suppliersÂ
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
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Russia: Parliament considers overhauling simplified taxation system for businesses
The Russian parliament is currently considering a draft bill that aims to modify the thresholds governing the application of the simplified taxation system for legal entities. Key provisions under consideration include: Employee Threshold
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Australia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
The Australian Parliament has recently approved the following bills, which are awaiting Royal Assent. The bills are as follows: The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill of 2023
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Chile passes tax compliance bill with updated GAAR rules
On 10 April 2024, Chile's Chamber of Deputies passed the Tax Compliance Bill, which includes numerous tax measures aimed at improving tax compliance in Chile. The newly approved Bill also changes the Chilean tax code. The Senate must approve the
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US: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB
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Russia: Central bank maintains key interest rate at 16%
On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)Â
The US Internal Revenue Service (IRS) has published Notice 2024-33, providing relief from penalties for underpayment of estimated income tax due to a portion of a corporation's Corporate Alternative Minimum Tax (CAMT) liability. This penalty relief
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Algeria extends deadline for 2023 tax returns and transfer pricing documentation
On 21 April 2024, the Directorate General of Taxes in Algeria announced via a communiqué an extension for the deadline to submit annual tax returns (G4 and G11) and the annual personal income declaration (G1) for the fiscal year 2023. As per the
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Lithuania proposes law to enhance tax benefits for investors in foreign companies
The Lithuanian parliament is reviewing Draft Law No. XIVP-2226(2), which aims to broaden the definition of eligible shares for capital gains tax exemptions and loss carryforward from the sale of shares in foreign companies. Currently, these tax
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On 17 April 2024, the Australian Taxation Office (ATO) published a discussion paper regarding the safe harbor formula for calculating the minimum capital requirements for inward investing deposit-taking institutions (ADIs) under the thin
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Bolivia extends deadline for corporate tax filings and statements
On 19 April 2024, Bolivia’s tax authority announced a new directive—RND No. 102400000011, in which it clarified the extension of the deadline for the submission of various reports and statements related to corporate income tax (Impuesto sobre
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Canada 2024 federal budget includes higher capital gains rate and other tax measures
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal budget. The following are some of the key tax measures of the budget: Capital gains inclusion rate The 2024 Budget proposes increasing the capital gains inclusion rate
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