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
See More
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
See More
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
See More
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 More
Russia: 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
See More
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
See More
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)
See More
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 More
UAE: 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
See More
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
See More
Czech Republic approves tax reform measures for FY 2024
The Parliament of the Czech Republic approved the Act on the Consolidation of Public Budgets. Most of the proposed amendments are scheduled to take effect from 1 January 2024. Some of the key tax measures are following: The corporate income tax
See More
Belgium: parliament reviewing draft law for pillar 2 global minimum tax
The Belgian parliament is currently considering the draft bill for implementing the Pillar 2 global minimum tax, as per Council Directive (EU) 2022/2523 of 14 December 2022. The draft bill was submitted to the Parliament on 13 November 2023. The
See More
Turkey increases late tax payment interest rate
On 14 November 2023, the Turkish Revenue Administration issued Presidential Decision No. 7782, through which the late tax payment interest rate has been increased from 2.5% to 3.5% per month. The previous rate was applicable from 21 July 2022, and
See More
Malaysia: IRBM publishes guidance on investment tax allowance
On 10 November 2023, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 4/2023, providing guidance on the investment tax allowance for companies involved or planning to engage in business activities related to promoted activities
See More
OECD Releases Information and Statistics on Mutual Agreement Procedures
On 14 November 2023 the OECD released the 2022 Mutual Agreement Procedures (MAP) Statistics, covering 133 jurisdictions worldwide. The release of these statistics each year is part of the actions to improve dispute prevention and resolution in line
See More
Germany: Parliament approves draft bill to implement Pillar 2 global minimum tax
On 10 November 2023, the lower house of parliament (Bundestag) approved legislation to implement EU Council Directive 2022/2523, which aims to establish a global minimum tax rate and introduce other accompanying measures as outlined in resolution
See More
UAE: FTA publishes corporate tax guide on accounting standards
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Accounting Standards and Interaction with Corporate Tax - CTGACS1. This guide provides general guidance on the interaction of
See More
OECD: Peer Review Report on Tax Transparency and EOI in Latvia
On 8 November 2023 the OECD’s Global Forum published the second-round peer review report on Latvia’s implementation of the standard on transparency and exchange of information (EOI). Latvia’s implementation of the EOIR standard was given an
See More