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
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Ecuador: 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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Malta to partly enact pillar 2 global minimum taxÂ
On 20 February 2024, Malta published Legal Notice No. 32 of 2024 in the Official Gazette, which outlines the provisions of the global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union
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US: IRS announces tax relief for California taxpayers impacted by storms and floods
On 27 February 2024, the US Internal Revenue Service (IRS) announced that it is providing tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on 21 January 2024. According to the IRS
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Cyprus extends deadline for 2022 transfer pricing documentation submissionÂ
On 23 February 2024, the Cyprus Tax Department (CTD) issued a letter that clarified the extension of the deadline for submission of the income tax returns of companies obligated to submit the Table of Summarised Information (TSI) for 2022. The
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Greece proposes new law to implement EU minimum tax rules
On 23 February, 2024, the Greek Ministry of Finance initiated a public consultation on a proposed bill aiming to incorporate the OECD’s Pillar Two Model Rules, as outlined in the EU Minimum Tax Directive. This draft bill is currently open for
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Albania: New law brings significant changes to withholding tax applicationÂ
Albania’s newly enacted Income Tax Law No. 29/2023 significantly modifies the imposition of withholding tax. One key aspect of this updated income tax legislation is the distinction it highlights between payments to registered persons (local
See MoreUS: IRS announces unchanged interest rates for overpaid and underpaid tax for 2024
On 21 February 2024, the US Internal Revenue Service (IRS) declared the interest rates for overpayments and underpayments. As per the announcement, the interest rates will remain the same for the calendar quarter beginning 1 April 2024. For
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Belgium: Parliament approves law for mandatory e-invoicing in 2026Â
On 20 February 2024, the Belgian parliament passed the Law of 6 February 2024, which was published in the Official Gazette. The legislation amends the Value Added Tax Code and the Income Tax Code, making electronic invoicing compulsory from 1
See MoreUN: Committee Discusses Terms of Reference for Framework Convention on Tax
On 20 February 2024 the first meeting took place of the Ad Hoc Committee to draft terms of reference for a UN Framework Convention on International Tax Cooperation. The Committee was established by UN Resolution 78/230 of 22 December 2023. It aims
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OECD: Report on the Simplified and Streamlined Approach Under Amount B
On 19 February 2024 the OECD/G20 Inclusive Framework released the report on Amount B of Pillar One, following a previous consultation. The report sets out how jurisdictions can choose to apply the simplified and streamlined approach to qualifying
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Portugal: Central administrative Court upholds deductions for payments to low-tax jurisdictions
On 11 January 2024, the Central Administrative Court of the Southern Region in Portugal made a decision regarding the deductibility of payments made to jurisdictions with low tax rates. The case involved a major company providing aircraft
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Singapore: Finance Minister presents the Budget for 2024
On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For
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