Peru issues resolution to extend deadlines for individuals, micro and small enterprises tax returns
On 31 December 2023, Peru published the Superintendency Resolution No. 000269-2023/SUNAT of 29 December 2023. The resolution extends the deadlines for submitting the annual income tax returns and payments by individuals and micro and small
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South Korea approves 2024 tax reform bill and postpones undertaxed profits rule
On December 31, 2023, South Korea implemented the 2024 Tax Reform Bill (the 2024 Tax Reform) after approval from Korea's National Assembly on 21 December 2023. The 2024 Tax Reform will take effect for fiscal years starting on or after 1 January 1,
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Turkey implements tax reform with new participation exemptions and enhanced export support
On 28 December 2023, the Revenue Administration of Turkey announced that it had published Law No. 7491 in the Official Gazette. The main provisions are as follows: New participation exemption rules have been implemented for corporate
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South Korea updates pillar 2 GMT laws to incorporate OECD guidance
On 31 December 2023, South Korea issued Law No. 19928 (Partial Amendment to the International Tax Adjustment Act). The amendments pertain to the Pillar 2 global minimum tax rules South Korea introduced as part of tax reforms for 2023. The amendments
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Netherlands releases pillar 2 global minimum tax guide
On 31 December 2023, the Dutch Tax Administration released the guide on the Minimum Tax Act 2024. The Minimum Tax Act 2024, which entered into force on 31 December 2023, facilitates the implementation of the global minimum tax under Pillar 2 under
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Belgium: Parliament to introduce mandatory electronic invoicing
On 28 December 2023, the Belgian parliament deliberated a draft law for amending the Value Added Tax Law to introduce mandatory electronic invoicing. The parliament proposed that the mandatory electronic invoicing requirements would be enacted from
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US passes tax relief act for American families and workers
On 31 January 2024, the US House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (Bill H.R. 7024). The main tax provisions for companies are: The deduction for domestic research and experimental
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Lithuania updates its blacklist in various tax aspects
On 30 November 2023, Lithuania issued an order revising its list of selected territories (blacklist), incorporating Russia as a new addition. The blacklist plays a crucial role in various tax aspects, including Lithuania's CFC rules. List of
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Belarus releases guide on tax changes for 2024
On 27 December 2023, the Belarus Ministry of Taxes and Duties published a guidance concerning various tax changes for 2024. The tax changes were introduced through Law No. 327-Z of 27 December 2023 as published in the Official Gazette. The main
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Philippines imposes withholding tax on online platform payments
On 29 December 2023, the Philippine News Agency (PNA) published a release declaring that the Bureau of Internal Revenue (BIR) had imposed a 1% withholding tax on online merchants with earnings amounting to more than PHP 500,000 annually. BIR
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Italy: 2024 budget law includes new tax credit and exemption for capital gains
On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by
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Finland passes pillar 2 global minimum tax
On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,
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Malaysia offers 2-month deferral on unlisted share gains tax
On 29 December 2023, Malaysia released the Income Tax (Exemption) (No. 7) Order 2023 in the Official Gazette, which provides a deferral of capital gains taxation on the disposal of unlisted shares. Earlier, Malaysia’s new Finance (No. 2) Act
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Germany gazettes law applying Pillar 2 global minimum tax rules
On 27 December 2023, the German Official Gazette released a law enacting EU Council Directive 2022/2523, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large domestic groups within the
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Chile releases 8th catalog of tax schemes
On 27 December 2023, Chile’s tax authority declared it published the eighth version of the Catalog of Tax Schemes. The publication of this Catalog responds to the challenge of ensuring that each taxpayer understands compliance with their tax
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Luxembourg: Government approves bill on investment tax credit
On 19 December 2023, the Luxembourg Chamber of Deputies adopted Bill 8276 on the modernization of the investment tax credit. The investment tax credit bill will be effective from 2024. The bill includes several amendments to the investment tax
See MoreTurkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
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