South Africa: National Treasury consults urban development zone tax incentive
The National Treasury of South Africa has invited interested parties to participate in the urban development zone (UDZ) tax incentive online survey on 6 November 2024. The consultation is set to conclude on 29 November 2024. The objective of
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Portugal updates indexation coefficients for capital gains tax on 2024 sales
The Portuguese Government has published the indexation coefficients for calculating capital gains or losses applicable to personal and corporate income tax. These coefficients, which were announced in Ordinance 228/2024/1 on 7 November 2024,
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Bangladesh: NBR lowers capital gains tax rate
The National Board of Revenue (NBR) issued a notification outlining amendments to the capital gains tax provisions under the Income Tax Act 2023 (ITA 12), lowering the rate to 15% for gains above BDT 5 million, on 4 November 2024 Capital gains
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Saudi Arabia urges taxpayers to benefit from the cancellation of fines and exemption of penalties initiative
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a statement urging all taxpayers to take advantage of the “Cancellation of Fines and Exemption of Penalties Initiative,” which is set to conclude on 31 December 2024. Fines
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US: IRS to host free webinar for businesses on beneficial ownership reporting deadline of 1 January 2024
The US Internal Revenue Service (IRS), in the release IR-2024-288 on 12 November 2024, announced a free one-hour webinar scheduled for 19 November 2024 aimed at assisting businesses that must report beneficial ownership information to the Treasury
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Ireland: Parliament passes Finance Bill 2024
Ireland’s Senate passed the Finance Bill 2024 on 6 November 2024. Earlier, on 5 November 2024, the lower house of parliament approved the Finance Bill 2024, which outlines various tax measures as part of the Budget 2025. The Finance Bill
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UAE: FTA publishes new corporate tax guide
The UAE Federal Tax Authority (FTA) released a new Corporate Tax Guide on Tax Returns—CTGTXR1—on 12 November 2024, providing general guidance on filing and completing a return. This guide should be read by anyone required to file a tax return
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Turkey updates electronic ledger rules, filing deadlines
The Turkish Ministry of Treasury and Finance, alongside the Ministry of Trade, has issued a revised General Communiqué on Electronic Ledger (No. 5) on 8 November 2024, updating the previous regulations to enhance tax compliance. The new rules,
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Portugal: Pillar Two Directive enters into force
Portugal has published Law No. 41/2024 in the Official Gazette on 8 November 2024, transposing the Pillar Two Directive into law. The law received Presidential Approval on 30 October 2024, and will take effect starting 9 November
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Brazil extends consultation on Pillar Two top-up tax for social contribution
Brazil's tax authority has announced on 4 November 2024 that it has extended the public consultation period regarding Normative Instruction No. 2.228 of October 3, 2024 which regulates the Additional Social Contribution on Net Profit (CSLL),
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Greece consults tax exemptions for non-EU intra-group dividends, capital gains
The Greek Ministry of Finance (MoF) has initiated a public consultation regarding the introduction of a participation exemption for intra-group dividends and capital gains derived from non-EU entities. This proposed measure aims to enhance the
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Poland consults extension of temporary withholding tax exemption
Poland’s Ministry of Finance has initiated a public consultation regarding a draft regulation proposing the extension of the temporary exemption withholding tax under the “pay and refund” (MPR) mechanism until 31 December 2025, allowing
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US: IRS and Treasury to hold hearing on dual consolidated loss rules, disregarded payments treatment
The US Internal Revenue Service (IRS) and Treasury announced a public hearing regarding the proposed Rules on Dual Consolidated Losses and Certain Disregarded Payments on 11 November 2024. This document provides a notice of public hearing on the
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Greece unveils tax reform plans for 2025
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and other provisions",
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Netherlands submits third bill to amend Tax Plan 2025, updates funds for joint account regulations
The Netherlands government has presented the third amending bill to the Tax Plan 2025 to the lower house of parliament on 6 November 2024. This bill aims to eliminate an unintended, temporary tax liability for funds held in joint accounts
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Italy updates tax credit form for special economic zone investments
Italy’s tax authorities issued Protocol No. 406943/2024 on 6 November 2024, updating the model form for the supplementary communication required by qualifying taxpayers to receive tax credit benefits for investments made in single special economic
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Luxembourg revises draft law to amend Pillar Two global minimum taxation
The Luxembourg government published a revised draft law on 31 October 2024 amending the Global Minimum Taxation Law, commonly referred to as the Pillar Two law. This revised draft introduces additional amendments to the initial draft published on
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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