Czech Republic: President approves law to enact global minimum tax
On 14 December 2023, according to an update released by the Czech Republic Parliament, President Petr Pavel signed the law to implement the Pillar 2 global minimum tax under the Council Directive (EU) 2022/2523 of 14 December 2022. On 29 December
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Argentina issuing bonds for state reconstruction
On 22 December 2023, the Argentine government issued Decree No. 72/2023 concerning the Bonds for the Reconstruction for a Free Argentina or Bonos para la Reconstruccion de una Argentina Libre (BOPREAL). The Argentine Central Bank will issue BOPREAL
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Romania: Parliament passes pillar 2 global minimum tax
On 19 December 2023, the Romanian Chamber of Deputies (lower house of parliament) approved the law to implement the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. In addition to the Pillar 2 global minimum
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Hong Kong starts public discussion on adopting pillar 2 GloBe rules
On 21 December 2023, the Hong Kong Inland Revenue Department declared the launch of a public consultation on the implementation of global minimum tax under Pillar Two of the international tax reform proposals drawn up by the Organisation for
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Cyprus: Special contribution for defence on interest reduced to 17%
Cyprus has decreased the Special Contribution for Defence rate on interest from 30% to 17%, which will be effective from 1 January 2024. This contribution rate is applicable to all individuals and companies receiving or credited with interest. The
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US: IRS declares new penalty relief for taxpayers for 2020 and 2021 tax returns
On 19 December 2023, the U.S. IRS declared it is providing new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The
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Italy approves pillar 2 global minimum tax
On 19 December 2023, Italy’s Council of Ministers issued a press release in which it passed the legislative decree for implementing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
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Sweden: Parliament approves bill to implement Pillar 2 global minimum tax rules
On 13 December 2023, the Swedish parliament (Riksdag) declared the approval of a bill to implement the Minimum Taxation Directive (2022/2523) into Swedish law ensuring a global minimum tax level for large multinational and domestic groups in the
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US: IRS releases draft form for corporate AMT
The U.S. IRS has released the draft Form 4626 - Alternative Minimum Tax—Corporations concerning Corporate Alternative Minimum Tax (CAMT), The Inflation Reduction Act introduced CAMT, which enforces a minimum tax of 15% on the adjusted financial
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Netherlands announces major tax amendments for 2024
The Dutch Ministry of Finance released an overview of the most important tax amendments for 2024. These changes pertain to the Tax Plan for 2024, which the Dutch Senate approved on 19 December 2023. The key explanations and measures include:
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Spain releases new return and application forms for expatriate regime
On 15 December 2023, the Spanish Tax Agency published the Order HFP/1338/2023 in the Official Gazette. The Order authorizes the use of Form (Modelo) 151. Form (Modelo) 151 is the tax return form for taxpayers in accordance with the special inbound
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Denmark gazettes law implementing Pillar 2 global minimum tax
On 13 December 2023, the Denmark Official Gazette published Law No.1535 enacting EU Council Directive 2022/2523 into domestic law, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large
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Australia: ATO Introduces new legislation to tackle Franking Credit distribution
On 6 December 2023, the Australian Taxation Office (ATO) announced the enactment of a new integrity rule to stop the distribution of franking credits funded by capital raising. The ATO has also initiated a public consultation concerning the
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Latvia: Parliament passes 2024 budget
On 9 December 2023, Latvia's Ministry of Finance of Latvia announced that the parliament approved the 2024 state budget and 19 accompanying laws. The key amendments include: Amendments to the personal income tax The Personal Income Tax
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Italy: CFC rules related to GloBE pillar 2 amended to include 15% tax rate option and substitute tax
On 19 December 2023, Italy's Council of Ministers passed a legislative decree to enforce the tax reforms related to international taxation. This includes implementing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14
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Netherlands: Parliament passes tax plan for 2024 and pillar 2 global minimum tax
On 19 December 2023, the Dutch Senate (upper house of parliament) passed the Tax Plan for 2024, which includes the Pillar 2 global minimum tax and other tax measures. On 27 October 2023, the House of Representatives (lower house) approved the Tax
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Argentina: AFIP raises foreign currency tax for imports & freight
On 13 December 2023, Argentina’s tax authority (AFIP) declared that it had increased the tax on foreign currency purchases (PAIS tax) from 7.5% to 17.5%. This tax rate is applied to the purchase of foreign currency for the payment of import
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Russia: CBR increases the interest rates to 16%
On 15 December 2023, the Russian Central Bank (CBR) announced the decision to increase the key rate from 15% to 16% in an effort to combat rapidly rising inflation. The Central Bank of Russia utilizes its key interest rate to determine interest
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