Norway to implement global minimum tax
On 24 November 2023, the Norwegian government submitted a draft bill to the parliament to enforce Norway's Pillar 2 global minimum tax rules. On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on implementing the
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Bangladesh: NBR extends tax return submission deadline amid challenges of new tax Act implementation
On 29 November 2023, the National Board of Revenue (NBR) officially notified an extension of the deadline for submitting individual income tax returns and corporate tax returns for the assessment year (AY) 2023-2024. As per Notification No.
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Pakistan: FBR issues notification imposing 40% windfall tax on banks
On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and
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Austria: Nationalrat considers bill to implement Pillar 2 global minimum tax
On 24 November 2023, the Austrian lower house of parliament (Nationalrat) approved Bill No. 2322 dB for consideration to ensure Pillar 2 global minimum global taxation for multinational enterprise (MNE) groups and large domestic groups in the
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UAE amends corporate tax law for global minimum tax implementation
On 24 November 2023, the United Arab Emirates released the Federal Decree Law No. 60 of 2023 in the Official Gazette with amendments to selected provisions of Federal Decree-Law No. 47 of 2022 (the Corporate Tax Law). The amendments are made as
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Hungary: Parliament passes pillar two global minimum tax law
On 21 November 2023, the Hungarian Parliament passed legislation to implement the Pillar 2 global minimum tax (GloBE) rules as per the Council Directive (EU) 2022/2523 of 14 December 2022. On 17 October 2023, Hungary’s Ministry of Finance
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US: IRS keeps interest rates on overpaid and underpaid tax unchanged for Q1 2024
On 17 November 2023, the U.S. Internal Revenue Service announced that interest rates will remain unchanged for overpaid and underpaid tax for the calendar quarter beginning 1 January 2024. This means the interest rates remain the same as per the
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Germany: Bundestag approves draft business tax reform bill
On 17 November 2023, the German lower house parliament (Bundestag) passed a bill that seeks to promote economic expansion, stimulate investment, and make the tax system more user-friendly and equitable. Some of the key provisions of the bill
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Sweden: Government presented a bill for incorporating the OECD’s global minimum tax
On 26 October 2023, the Swedish government presented a bill for incorporating the OECD's global minimum tax rules (Pillar Two) and the EU's minimum tax directive into Swedish law. The Swedish parliament is now tasked with debating and voting on the
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Turkey increases annual deferred interest rate from November 2023
On 14 November 2023, the Turkish Revenue Administration announced that the annual deferred interest rate has been increased from 24% to 36% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 7. The deferred interest
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Russia: FTS updates non cooperative Jurisdictions list for CFC purpose
On 14 November 2023, the Federal Tax Service (FTS) is in the process of updating its list of jurisdictions that do not meet Russia's standards for tax information exchange. The list of countries that do not cooperate with Russia on tax matters
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Vietnam takes step towards global minimum tax adoption
On 10 November 2023, the Vietnam Government declared that the National Assembly is currently deliberating a proposed resolution aimed at enacting the regulations related to Global Minimum Tax. The Global Minimum Tax, also known as Pillar Two, is an
See MoreRussia: MOF publishes tax policy plans for 2024
On 2 November 2023, the Ministry of Finance in Russia released a statement regarding the tax policy proposals announced by State Secretary and Deputy Minister of Finance, Alexey Sazanov, during a recent event hosted by the B1 company. The statement
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Luxembourg revises draft bill on global minimum tax
On 13 November 2023, the Luxembourg government submitted a revised draft bill on global minimum tax to the Parliament. The bill aims to incorporate the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14
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Mexico raises WHT rate on interest paid by financial institutions for FY 2024
On 13 November 2023, Mexico published the Federal Revenue Law for 2024 in the Official Gazette. Accordingly, Mexico increased the withholding tax (WHT) rate on interest payments made by financial institutions from 0.15% to 0.50% for fiscal year (FY)
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Uruguay enacts accountability bill 2022
On 8 November 2023, the Parliament in Uruguay passed Accountability Bill Law 20,212, which includes amendments to the tax regulations. On June 30, 2023, the Executive Power presented the accountability bill to the Parliament for deliberation. The
See MoreUAE: FTA publishes corporate tax guide on foreign source of income
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Taxation of Foreign Source Income - CTGFSI1. The guide includes: Definition and examples of foreign source income
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Croatia announces draft law for pillar 2 global minimum tax
Croatia has published a draft legislation for enforcing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. This includes the introduction of the Pillar 2 income inclusion rule (IIR) and the undertaxed
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