UK: HMRC issues guidance on paying pillar 2 top-up taxes
The UK His Majesty's Revenue and Customs (HMRC) released guidance on how and when to pay the Pillar 2 top-up taxes, covering both domestic top-up tax and multinational top-up tax, on 20 November 2024. When to pay Payments must be made no later
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Spain: Lower house of parliament passes global minimum tax bill
The Spanish lower house of parliament (Congress of Deputies) passed the draft bill on 21 November 2024, for implementing the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. The bill now awaits
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Sri Lanka: IRD launches e-services for 2023/24 tax returns
The Sri Lanka Inland Revenue Department (IRD) has announced the launch of its "e-services" platform for the electronic filing of annual tax returns for the assessment year 2023/2024. Taxpayers must submit their returns electronically by 30 November
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Uruguay introduces tax incentives for telecom companies for electronic surveillance services
Uruguay issued Decree No. 281/024, on 31 October 2024, which aims to promote electronic surveillance services provided by telecommunication companies for criminal investigations. The decree, based on Law No. 16.906, supports these companies by
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Italy clarifies permanent establishment exemption for investment management
Italy’s tax authorities released Circular No. 23/E on 19 November 2024, outlining the guidelines for the permanent establishment investment management exemption introduced in the 2023 Budget Law. One of the key provisions in the 2024 Budget Law
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OECD report finds tax revenues steady, spending pressures rise
The OECD has released two new reports on 21 November 2024 examining tax levels and consumption tax trends across its member countries. The findings indicate that average tax revenues have remained stable despite increasing spending pressures. The
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Mexico introduces several tax incentive with economic package 2025
Mexico’s Federal Executive submitted the 2025 economic package to the Congress of the Union on 15 November 2024. This package does not include new taxes or increases to existing ones but adjustments to tax incentives and withholding taxes on
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Switzerland publishes updated minimum taxation ordinance
Switzerland’s Federal Council has amended the Swiss Minimum Taxation Ordinance (OIMin) on 20 November 2024 due to the entry into force of the international supplementary tax Income Inclusion Rule (IIR). The Federal Council decided on 4
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Italy approves tax credit model form for SEZ investments in agriculture, forestry, fisheries
Italy’s tax authorities have sanctioned the model form for tax credit required for eligible businesses in the agriculture, forestry, fishery, and aquaculture sectors in the Single Special Economic Zone (Single SEZ). This form is essential for
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Slovenia proposes changes corporate income tax law
Slovenia's government has presented a draft bill (EVA: 2024-1611-0039) to the parliament on 25 October 2024, proposing several amendments to the corporate income tax law. Tax loss carry-forward limitation The bill suggests limiting the
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UAE issues ruling on foreign partnerships, family foundations, unincorporated entities
The UAE Ministry of Finance has released Ministerial Decision No. 261 of 2024, addressing the regulations surrounding unincorporated partnerships, foreign partnerships, and family foundations. Unincorporated partnerships Under Article 3 of
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Estonia proposes 2% corporate tax for resident firms, permanent establishments
In September 2024, Estonia's Ministry of Finance announced a temporary 2% corporate tax rate for tax resident companies and permanent establishments of non-resident companies. The draft bill is undergoing the second of three readings in the
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G20 leaders back Two-Pillar global tax reform, fair taxation for the ultra-wealthy individuals
The G20 Leaders' Declaration was released after a summit, which took place from 18–19 November 2024 in Rio de Janeiro, Brazil. Regarding taxation, the Declaration outlines the following points: We endorse the Rio de Janeiro G20 Ministerial
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Colombia: National Tax Authority updates reporting requirements for 2025
Colombia’s National Tax Authority (DIAN) has updated rules for submitting certain tax information starting with the 2025 tax year. The changes, detailed in Resolution 000188 of 30 October 2024, expand the list of taxpayers required to report
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Taiwan: Instalment payment for overdue tax cases under enforcement
Taiwan's Ministry of Finance has issued a notice regarding the option of instalment payments for overdue tax cases that have been referred for enforcement on 20 November 2024. The National Taxation Bureau of Taipei, Ministry of Finance, stated
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Colombia issues ruling on taxation for non-resident entities with significant economic presence
Colombia’s tax authority, DIAN, recently issued Ruling 890 on 17 October 2024, offering guidance on several tax matters for non-residents with a significant economic presence (SEP) in Colombia. Earlier, on 27 November 2023, the Colombian Ministry
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Poland: President signs law enacting Pillar Two global minimum tax
Poland’s President Andrzej Duda has signed into law on, 15 November 2024, the Act on Equalization of Constituent Units of International and Domestic Groups for the Pillar Two global minimum tax in accordance with the Council Directive (EU)
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US: Congressional Research Service (CRS) reviews TCJA changes to cost recovery, R&D tax credit
The US Congressional Research Services (CRS) has published a new "In Focus" report, “How the "Tax Cuts and Jobs Act" (TCJA, P.L. 115-97) Changed Cost Recovery and the Tax Credit for Research” on 13 November 2024. Tax benefits for investments
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