Germany seeks feedback on draft global minimum tax return
The German Ministry of Finance published a consultation on draft global minimum tax return on 28 May, 2024. Companies impacted by the global minimum tax (Pillar Two) can now provide their feedback regarding the draft. Germany adopted the global
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OECD: Governments recommit to sign First Pillar of a global tax deal by June
The OECD said, on Thursday, 30 May, 2024, that governments around the world had recommitted to introducing the first pillar of a global tax deal on highly profitable multinationals at the G20 Inclusive Framework on Base Erosion and Profit Shifting
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Japan clarifies global minimum tax rules with new guidance
Japan's National Tax Agency has released an explanation of its administrative guidance related to the Income Inclusion Rule (J-IIR), part of the country's 2023 tax reform measures to implement Pillar Two global minimum tax. The J-IIR ensures
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Turkey is in the final stages of adopting the Pillar Two global minimum tax
Turkey is in the final stages of adopting the Pillar Two global minimum tax, according to a report published in Anadolu Agency, a state-owned Turkish news agency. Mehmet Şimşek, Treasury and Finance Minister, emphasised the significance of
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Belgium announces deadline for first Pillar Two global minimum tax registration
Belgium's Federal Public Service (SPF) Finances, in a release, announced, on Wednesday, 29 May, 2024, the publication of the Royal Decree of 15 May 2024. It establishes new notification requirements for large multinational and domestic groups that
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Bangladesh reportedly plans 67% hike in bank excise duty
The Bangladesh government reportedly plans to increase excise duty on high-value bank deposits in the fiscal year 2024-25. Low- and middle-income depositors will maintain current rates, but higher-income individuals will see increased
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Chile extends SME tax rate cuts for 2023/24
Chile implemented a reduced corporate tax rate of 10% for qualifying SMEs under the Pro Pyme regime as part of Law No. 21.256 of 2020 in response to the COVID-19 pandemic. The reduced rate, initially effective from 2020 to 2022, was extended by Law
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US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
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US proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
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Russia proposes progressive tax for corporations, wealthy individuals
Russia's finance ministry has put forth proposals for significant tax changes, including a progressive income tax structure for higher earners and increased corporate taxes, aimed at bolstering budget revenues. The amendments, slated for
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Ireland releases new guidelines on employment status for tax purposes
The Irish Revenue has released eBrief No. 140/24 which provides new guidance on how to determine employment status for tax purposes on 21 May, 2024. The new Tax and Duty Manual (TDM) has been created to outline the implications for determining
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Austria, Chile lowers withholding taxes following treaty update
Austria amended its 2012 tax treaty with Chile on 16 May, 2024. The amendments, effective 1 January 2017, will reduce withholding taxes on interest and royalty payments made between residents of both countries. This change follows the activation
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Argentina lowers interest rates for late tax payments
Argentina has lowered the interest rate on late tax payments from 1 June to 31 July, 2024. New late payment rates The compensatory interest rate for general late payments has been reduced to 6.41% per month for the period from 1 June to 31
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US: IRS extends tax relief for Texas residents impacted by adverse weather
The US Internal Revenue Service (IRS), on Tuesday, 28 May, 2024, in a release (TX-2024-13) announced tax relief for individuals and businesses in Texas affected by severe storms, straight-line winds, tornadoes, and flooding that began on 26 April,
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Korea (Rep.) to unveil detailed tax incentives for corporate reforms, semiconductor industry
South Korea's finance minister, Choi Sang-mok, announced plans of introducing detailed tax incentives as part of corporate reforms aimed at increasing the value of listed companies. The government will gather feedback from market participants in
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Spain conducts second public consultation on global minimum tax implementation
Spain’s Ministry of Finance is conducting a second public consultation on the implementation of the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The consultation is set to conclude on 31 May,
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UK: HMRC issues update on Belarus tax treaty suspension
The UK HMRC has released an update regarding the tax treaty with Belarus. The UK urges Belarus to reverse its suspension of the treaty, and affirms that it remains in effect and that the UK continues to adhere to its terms. Earlier, Belarus
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Bangladesh possibly faces shortfall in tax collection target
Bangladesh's National Board of Revenue (NBR) is likely to miss its ambitious tax collection target for the fiscal year 2023-24, according to economists and research agencies. Despite a 16% year-on-year growth in collections for the first 10
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