Malta: Deadline extended for e-filing of corporate tax returns in 2024
On 28 February 2024, Malta’s Commissioner for Tax and Customs announced that it extended the deadlines for the electronic filing of income tax returns for companies in 2024. The updated deadlines for manual and electronic filing return deadlines
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Malaysia grants temporary capital gain tax exemption on foreign capital asset disposalsÂ
On 4 March 2024, Malaysia issued the Income Tax (Exemption) (No. 3) Order 2024, which was published in the Official Gazette. This order grants a capital gains tax exemption to companies, limited liability partnerships, trust bodies, and cooperative
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Namibia announces 2024/25 budget with new tax measures
On 28 February 2024, Namibia delivered the 2024/25 Budget. The key tax provisions in the budget statement include: Individual income tax The 2024/25 Budget increases the threshold for the individual income tax from NAD 50,000 to NAD 100,000,
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Ecuador updates withholding tax rate for various entities
On 29 February 2024, the Ecuadorian Official Gazette released Resolution No. NAC-DGERCGC24-00000008, which sets forth withholding percentages for taxpayers to apply at the source. The resolution outlines the introduction of the following withholding
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Poland introduces draft legislation to enact pillar two global minimum tax
The Polish government announced that it has introduced a draft legislation for implementing the pillar two global minimum tax in Poland in accordance with the EU Minimum Tax Directive (Council Directive (EU) 2022/2523) of 14 December 2022. The
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Thailand launches public consultation on pillar 2 global minimum taxÂ
On March 1, 2024, the Thai Revenue Department initiated a public consultation on draft legislation for enforcing the Pillar 2 global minimum tax rules in Thailand. The legislation includes the Pillar 2 income inclusion rule (IRR) and undertaxed
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New Zealand updates two-pillar solution including Amount B transfer pricing approach
On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified
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Kenya: KRA notifies taxpayers of tax amnesty program
On 27 February 2024, the Kenya Revenue Authority (KRA) published a release notifying taxpayers of its tax amnesty program offering over Kshs 200 billion in waiver of penalties and interest. Additionally, the KRA released new Tax Amnesty FAQs. The
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OECD: Secretary General’s Tax Report to G20 Finance Ministers
On 19 February 2024 the OECD published the Secretary General’s tax report to the G20 Finance Ministers and Central Bank Governors for their meeting of February 2024. The report covered important international tax developments since their previous
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Venezuela: Decree to extend exemptions from financial transaction taxes
On 21 February 2024, Venezuela issued Decree No. 4.924 in the Official Gazette, announcing the further extension of exemptions from financial transactions initially implemented in 2022. This Decree clarifies exemptions for the transactions as
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India: CBDT passes finance act 2024 with limited tax provisions
The Central Board of Direct Taxes (CBDT) in India has released the Finance Act 2024, passed on 15 February 2024, to execute the provisions of the Union Budget for 2024-2025. The finance Act includes the following key tax measures: The criteria
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UK government enacts finance act 2024 with changes to pillar 2 global minimum taxÂ
On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22
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Cyprus extends deadline for 2022 tax return and transaction summary table
On 23 February 2024, the Cyprus Tax Department announced the extension of the deadline for submitting the annual income tax return and summary information table (SIT) for the 2022 tax year. According to the announcement, the deadline has been
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UAE: FTA specifies corporate tax registration deadlines
On 27 February 2024, the UAE Federal Tax Authority (FTA) announced that it issued the FTA Decision No. 3 of 2024, in which it outlined the timeframes for Taxable Persons subject to Corporate Tax to apply to register with the FTA and avoid being in
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UAE to impose AED 10,000 penalty for delaying corporate tax registration
On 27 February 2024, the UAE Ministry of Finance announced the issuance of Cabinet Decision No. 10 of 2024, amending the schedule of violations and administrative penalties of Cabinet Decision No. 75 of 2023 on the administrative penalties for
See MoreEcuador: SRI updates list of tax haven jurisdiction
On 20 February 2024, the Ecuador Internal Revenue Service (SRI) amended Resolution No. NAC-DGERCGC15-00000052 through Resolution No. NAC-DGERCGC24-00000007. As per the amendment, the tax authority included the following countries and territories as
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South Africa: Finance Minister presents the Budget for 2024
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
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Germany: MoF issues updated guidelines on permanent establishment criteria and remote work
On 5 February 2024, the German Ministry of Finance (MoF) issued revised instructions concerning the criteria for a permanent establishment (PE), as commonly outlined in section 12 of the General Tax Code for the purposes of domestic tax law.
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