Malaysia announces tax proposals for 2024 Budget
On 13 October, Malaysian Prime Minister and Finance Minister Anwar Ibrahim tabled the government’s 2024 budget. The budget includes tax proposals related to corporations such as: Capital gains tax on disposal of unlisted shares: In line
See More
Czech Republic: Chamber of Deputies passes tax reform bill
On 13 October 2023, the Czech Chamber of Deputies approved a tax reform bill that would consolidate the two reduced rates of value-added tax (VAT) and increase the corporate tax rate. The draft law on the consolidation of public budgets includes
See More
Dominican Republic: DGII publishes updated monthly withholding tax form
On 3 October 2023, the Dominican Republic's Directorate General of Internal Revenue (DGII) published Notice 21-23, introducing enhancements to Form IR-17. These adjustments primarily focus on refining the monthly reporting and payment procedures for
See More
Poland lowers late payment interest rates
On 4 October 2023, the Monetary Policy Council of the National Bank of Poland decided to lower interest rates, effective 5 October 2023. This decision will lead to a reduction in the interest rates applicable to tax arrears and late payments, as
See More
Australia: ATO encourages taxpayers to register for R&D tax incentive
The Australian Taxation Office (ATO) has reminded taxpayers about the importance of registering eligible R&D activities within 10 months from the end of the income year to claim the R&D Tax Incentive. To claim the R&D Tax Incentive
See More
Ireland: Finance Minister presents 2024 Budget to the Parliament
On 10 October 2023, Mr. Michael McGrath, the Minister for Finance of Ireland presented the 2024 Budget to the Parliament. The main tax measures proposed in the 2024 Budget include: OECD Pillar Two The Minister announced that the upcoming
See More
Zambia proposes the Budget for 2024
On 29 September 2023, the Minister of Finance and National Planning, the Honorable Situmbeko Musokotwane , presented the 2024 Budget Speech to the National Assembly of Zambia. Important tax measures proposed in budget include the following:
See More
Greece publishes draft Budget for 2024
On 2 October 2023, Greece submitted the 2024 draft budget to the parliament, which encompasses the following proposed modifications: The draft budget proposes raising the tax credit by EUR 1,000 for individuals who have one or more dependent
See More
El Salvador: MoF extends tax amnesty up to 30 September 2023
The Ministry of Finance of El Salvador has introduced a new tax amnesty regime allowing taxpayers to settle their outstanding tax and customs obligations up to 30 September 2023. The El Salvador tax authorities will waive all incurring interest,
See More
OECD: Report to the Meeting of G20 Finance Ministers and Central Bank Governors
The OECD Secretary General’s report to the meeting of G20 Finance Ministers and Central Bank Governors covered the following issues: Two-Pillar International Tax Package The Inclusive Framework has now released the text of the Multilateral
See More
OECD: Multilateral Convention in Relation to Amount A of Pillar One
On 11 October 2023 the OECD’s Inclusive Framework released the finalised text of a multilateral convention in relation to Amount A of Pillar One, to co-ordinate the implementation of the reallocation of taxing rights to market jurisdictions,
See More
Italy amends windfall tax law for banks
On 5 October 2023, the Italian Parliament passed the amended Law No. 136, which converts into law Decree-Law No. 104 of 10 August 2023 to introduce Windfall tax for Italian banks and Italian branches of foreign banks. The amendments include
See More
World Tax Brief: October 2023
Argentina Payment of tax: On 4 September 2023, the Argentine Official Gazette published General Resolution No. 5411/2023, extending integrated tax payment deadlines for small business taxpayers. Based on Categories A, B, C and D tax payment
See More
Denmark: MoF issues draft bill to implement Pillar 2 global minimum tax
On 4 October 2023, the Danish Ministry of Finance (MoF) issued a draft bill for the implementation of the Pillar 2 global minimum tax rule in accordance with EU Council Directive 2022/2523 of 14 December 2022. The proposal seeks to establish a
See More
Malaysia revises public ruling on tax incentive for BSCs investors
On 4 October 2023, the Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 2/2023, which outlines the tax incentives offered to an investor who has invested in a BioNexus status company in Malaysia. The tax incentive granted to an
See More
Romania releases draft law on global minimum tax rule
On 4 October 2023, the Ministry of Public Finance in Romania opened a public consultation on a draft law and explanatory note for implementing the Pillar 2 global minimum tax as per the Council Directive (EU) 2022/2523 of 14 December 2022. The
See More
Japan: NTA publishes explanative guidance on global minimum tax
On 29 September 2023, the Japanese National Tax Agency (NTA) issued guidance on the income inclusion rule (IIR) under the OECD pillar two model which was introduced as part of the 2023 tax measures. The guidance explains how companies can use the de
See More
Latvia presents proposed tax measures for the 2024 budget
On 26 September 2023, the Latvian Ministry of Finance released an official statement announcing that the Cabinet of Ministers has reviewed an informative report on developing the National Tax Policy Guidelines for 2024-2027. The report includes
See More