UAE: FTA publishes guidance on taxation of extractive business and non-extractive natural resource business
On 12 December 2023, the UAE Federal Tax Authority (FTA) provided the Corporate Tax Guide on Taxation of Extractive Business and Non-Extractive Natural Resource Business - CTGEPX1. This guide is designed to provide general guidance on Extractive
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Australia to halt deductions for ATO interest charges
On 13 December 2023, the Australian Taxation Office (ATO) announced that the government will amend the tax law to deny deductions for ATO interest charges as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO). This measure is not yet
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US: IRS publishes guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE model rules
The U.S. IRS has published Notice 2023-80, which outlines the guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE Model Rules. The Notice also includes the Extension and Modification of the Temporary
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Belgium proposes new draft law for CFC rules
The Belgian government has submitted a new draft bill to parliament for implementing stricter rules concerning the taxation of the undistributed income of a controlled foreign company (CFC), shifting from model B (targeting tax avoidance
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Spain: Valencia & Catalonia propose retroactive personal income tax reductions (IRPF) for FY 2023
The Generalitat of Catalonia is working on reducing the regional section of the Personal Income Tax (IRPF). The “Govern” proposes in the budget accompanying law, cutting one percentage point – from 10.5% to 9.5% – the first tranche of the
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El Salvador: Congress extends tax amnesty until December 2023
El Salvador’s Congress has passed a tax amnesty, which is open to taxpayers only until 31 December 2023 and permits regularizing monthly and/or annual obligations (including customs) arising until September 2023. Legislative Decree No. 875
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Poland: Draft bill raises limits for tax-deductible costs
On 11 December 2023, Poland’s Lower House of Parliament received a draft law from the government in which it amended the Act on Personal Income Tax and the Act on Corporate Income Tax. The draft law increases the applicable limits to 100% for the
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Brazil proposes to modify interest on net equity for 2024
On 30 November 2023 and 5 December 2023, Brazil’s Valor Econômico newspaper published a report stating that the Ministry of Finance of Brazil has completed the draft of a new proposal to amend the Interest on Net Equity (INE) mechanism. The
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Kazakhstan announces amendments to its tax laws
On 12 December 2023, Kazakhstan published Law No. 45-VIII of 12 December 2023 in the Official Gazette, providing various amendments to its tax laws including digital assets. The key amendments are as follows: The amendment of the new limit on
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Kazakhstan explains the tax refund procedure
On 8 December 2023, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan explained the procedure for returning an overpaid amount of tax, payment to the budget, and penalties, as well as the procedure for offsetting
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Portugal approves State Budget for 2024
On 29 November 2023, the Portuguese parliament approved the State Budget for 2024 (Draft Law 109/XV/2), including some modifications proposed after the primary proposal on 10 October 2023. This budget includes the following tax measures:
See MoreKazakhstan: Proposed super profit tax on Banks
As of 2023, Kazakhstan's banking sector is at an important juncture with the proposed introduction of a super profit tax. The proposed tax reform in Kazakhstan focuses on introducing a super-profit tax on banks' earnings from government securities.
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Costa Rica announces CIT brackets for 2024
On 7 December 2023, the Ministry of Finance of Costa Rica published Executive Decree No. 44276-H in the Official Gazette, outlining the corporate and individual income tax brackets and rates for 2024. The updated corporate income tax is set at
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Kazakhstan: Draft amendments in the Tax Code
The website of the Senate of the Republic of Kazakhstan posted a draft of amendments to the Tax Code of the Republic of Kazakhstan for 2024. Some of the amendments are traditionally retrospective and enacted from past periods. Here are some of the
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Saudi Arabia: Government offers 30-year tax relief package to attract regional corporate headquarters
On 5 December 2023, the Ministry of Investment of Saudi Arabia (MISA), in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority (ZATCA) announced 30-year tax incentive package for the Regional Headquarters (RHQ) Program,
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Denmark: Parliament passes pillar two global minimum tax law
On 7 December 2023, the Danish Parliament passed legislation to implement the Pillar 2 global minimum tax (GloBE) rules. This legislation closely adheres to the framework established by the Council Directive (EU) 2022/2523 of 14 December 2022. On 23
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Ecuador introduces tax reform bill aimed at boosting foreign investment
On 28 November 2023, newly elected President of Ecuador, Mr. Daniel Noboa proposed a tax reform bill designed to attract foreign investment and boost the economy. The key proposals of the bill are as follows: The special economic development
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Australia: ATO wins case on diverted profits tax
The Australian Taxation Office (ATO) declared that a court has ruled in its favor for its decision about enforcing the diverted profits tax (DPT). The DPT applies to multinationals or significant global entities (SGEs) with an annual global income
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