Taiwan publishes guidance on tax withholding, calculation for foreign enterprises
Taiwan’s Ministry of Finance has issued guidance on income tax withholding, non-withholding tax statements, and calculating corporate taxes for foreign companies. Optimised income tax withholding system According to an announcement by
See More
UK: HMRC publishes guidance on Pillar Two budget changes
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released the Explanatory Notes outlining the government amendments, which focus on matters related to Pillar Two, to the Finance Bill 2024-25 on 19 December 2024. The Explanatory
See More
Hong Kong publishes draft guidance on proposed company re-domiciliation regime
The Hong Kong Inland Revenue Department has released draft guidance on the proposed company re-domiciliation regime introduced under the Companies (Amendment) (No. 2) Bill 2024 on 20 December 2024. It is pending approval in the Legislative
See More
Belgium publishes guidance on new CFC rules
Belgium’s tax authorities have issued two circular letters - Circular 2024/C/82 and Circular 2024/C/83 - on 13 December 2024 - providing clarity on specific aspects of the controlled foreign company (CFC) rules introduced in 2023. The amended
See More
Italy gazettes corporate income tax reform measures
Italy has published the Legislative Decree No. 192 of 13 December 2024 in Official Gazette No. 294 of 16 December 2024, introducing further advancements in the reform of corporate income tax regulations. The decree introduces several tax
See More
Finland: Parliament passes amendments to Minimum Tax ActÂ
Finland’s parliament has passed amendments to the Minimum Tax Act. The Act is amended to incorporate the latest OECD guidance on Pillar Two rules. The key changes include clarifying certain provisions of the law, simplifying minimum tax
See More
Argentina introduces new rules to maintain foreign currency surcharge
Argentina’s tax authority (ARCA) announced a new regime for the ongoing application of the additional tax (surcharge) on foreign currency purchases (PAIS tax) on 19 December 2024. The surcharge on foreign currency transactions was tied to the
See More
Russia: Ministry of Finance to decide Pillar Two adjustments mid-2025
The Russian Ministry of Finance has announced that it will decide by mid-2025 whether to adjust national legislation in response to the global tax reform under Pillar Two. This announcement was made in a release on 11 December 2024. The
See More
Korea (Rep.): National Assembly passes 2024 Tax Law Amendment Bill
The South Korean National Assembly approved the 2024 Tax Law Amendment Bill on 10 December 2024. The amendments will affect various tax regulations which include: Deferral of Crypto Gains Tax The bill introduces a two-year deferral on the
See More
Singapore updates guide on tax treatment of gains, losses from sale of foreign assets
The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on Income Tax: Tax Treatment of Gains or Losses from the Sale of Foreign Assets (Second Edition) on 9 December 2024. This guide explains the income tax treatment of
See More
Denmark updates dividend taxation rules for resident, non-resident companies
Denmark’s Parliament passed Bill No. L 28 on 19 December 2024, introducing changes to the country’s tax laws, including updates to the taxation of dividends paid to resident and non-resident companies, effective from 1 January 2025. The new
See More
Cyprus updates beneficial owners register framework
Cyprus’ Department of the Registrar of Companies and Intellectual Property (DRCIP) have announced several amendments to The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, which was published on 6 December
See More
Brazil: Congress approves OECD Pillar Two rules
Brazil’s Congress has passed Bill of Law 3,817/24 on 18 December 2024, incorporating the OECD’s Global Base Erosion (GloBE) Pillar Two rules in the Brazilian tax legislation, which introduces an effective minimum taxation of 15% through an
See More
New Zealand: Treasury reaffirms support for capital gains tax to strengthen tax system
The New Zealand Treasury has reaffirmed its support for introducing a capital gains tax as part of efforts to improve the country’s tax system. This advice, made public on 5 December 2024, follows an Official Information Act request by Radio New
See More
Ireland: Revenue releases guidance on new tax deduction for stock exchange listing costs
The Irish Revenue published eBrief No. 302/24 on 6 December 2024, detailing a new corporation tax relief under Section 81D TCA 1997. Companies can claim up to EUR 1 million in tax deductions for expenses incurred in their first stock exchange
See More
Ireland: Revenue updates guidance on anti-hybrid rules
The Irish Revenue has released eBrief No. 303/24, providing updated guidance on anti-hybrid rules on 10 December 2024. The purpose of anti-hybrid rules is to prevent arrangements that exploit the differences in the tax treatment of an instrument
See More
Ecuador imposes new tax on vehicle transfers to curb money laundering
Ecuador has enacted the Decree Law on the Organic Law for Improving Tax Collection through Combating Money Laundering on 10 December 2024. The Law introduces a new tax of up to 5% on used vehicle transfers, which must be paid by buyers, including
See More
Poland announces exemption from electronic submission of asset data
Poland’s Minister of Finance issued a regulation exempting most taxpayers (except those under Article 9(1d) of the corporate income tax law of 15 February 1992) from having to electronically submit fixed asset and intangible asset records for tax
See More