Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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Italy announces statutory interest rate for 2025
Italy has published the Decree of 10 December 2024 in the Official Gazette, which sets a 2.0% statutory (legal) interest rate (down from 2.5%) with effect from 1 January 2025. The statutory interest rate applies to interest income taxation as a
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Norway mandates beneficial owner registration for local companies, legal entities
Norway has issued a new legislation on 12 December 2024 mandating Norwegian companies and legal entities to register their beneficial owners in the Register of Beneficial Owners. The legislation will take effect on 31 July 2025, although
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Nigeria proposes new tax incentives for oil and gas industry
The Nigerian Oil and Gas Industry Content Development (NOGICD) Bill, 2023 has been presented before the National Assembly which introduces tax law changes and new incentives to promote Nigeria’s oil and gas sector. The key measures include a
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Germany: MoF issues final decree on anti-hybrid rules
The German Ministry of Finance (MoF) released the final decree on the application of Germany's anti-hybrid rules on 5 December 2024, providing clarifications over the draft version published in 2023. The decree addresses how foreign controlled
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Luxembourg: Chamber of Deputies approve tax relief package
Luxembourg's Ministry of Finance has announced that the Chamber of Deputies approved Bill No. 8414, also known as the "Entlaaschtungs-Pak." Tax Relief Package on 11 December 2024. Finance Minister Gilles Roth welcomed the vote, stating: "We
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Greece announces new tax rules for venture capital mutual funds (AKES funds)
Greece’s Law 5162/2024 introduces amendments to the taxation framework for venture capital mutual funds governed by Law 2992/2002, known as AKES funds. New tax rules for venture capital mutual funds (AKES funds) AKES funds established on 1
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US: President Biden enacts 2023 Tax Relief Act, VETT Act for disaster victims and veterans
The US President Biden has signed The Federal Disaster Tax Relief Act of 2023 (H.R. 5863) and the VSO Equal Tax Treatment Act VETT Act (H.R. 1432) on 12 December 2024. These two bills provide significant tax relief measures to support disaster
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Netherlands delays Box 3 taxation reform until 2028
The Netherlands Ministry of Finance has announced a delay in the planned reform of Box 3 taxation pertaining to taxable income from savings and investments on 13 December 2024. Originally scheduled for implementation on 1 January 2027, the tax
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Belgium: Revised investment deduction rules coming into force in 2025
Belgium’s Federal Council of Ministers has approved royal decrees to reform the investment deduction regime, introducing three categories of investments that are eligible for additional tax deductions, which go into force on 1 January
See MoreCanada updates Scientific Research and Experimental Development Tax (SR&ED) incentive in 2024 fall economic statement
Canada's Department of Finance has released the 2024 Fall Economic Statement on 16 December 2024. Among the key updates are enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive programme and more support for
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Australia: ATO cautions taxpayers on schemes avoiding division 7A compliance
The Australian Taxation Office (ATO) has issued a new taxpayer alert (TA2024/2) on 12 December 2024 targeting arrangements designed to bypass Division 7A requirements. The arrangements involve a profitable private company guaranteeing a loan made
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Argentina extends PAIS tax payment deadline
Argentina’s tax authority (ARCA) has extends the payment deadline for the solidarity tax (PAIS), published in General Resolution No. 5615/2024 in the Official Gazette on 13 December 2024. The new deadline is now set for 26 December 2024 and
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Thailand: Cabinet approves draft law for Pillar Two Global Minimum Tax
The Thai Cabinet approved a draft law to introduce the Pillar Two global minimum tax on 11 December 2024 which will implement a 15% global minimum tax on qualifying multinational enterprise (MNE) groups starting from January 2025. Finance
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UK joins CPTPP trade bloc, anticipates GBP 2 billion annual economic boost
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a fully-fledged member on 15 December 2024, potentially boosting the UK economy by GBP 2 billion a year in the long run. This announcement was
See MoreLuxembourg: Parliament adopts law amending Corporate Income Tax Law, New Wealth Tax Law
The Luxembourg Parliament passed legislation that introduced amendments to the Corporate Income Tax (CIT) Law and the Net Wealth Tax (NWT) Law, among other changes on 11 December 2024. Reduction in corporate income tax rate The new legislation
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Kenya enacts Tax Laws (Amendment) Bill, Tax Procedures (Amendment) (No.2) Bill 2024
Kenya’s President William Ruto has signed the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill 2024 into law on 11 December 2024. Key provisions of the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill
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Ecuador enacts tax relief measures law, includes tax credit for companies expanding their workforce
Ecuador introduced the Organic Law for Financial Relief and Economic Strengthening of Generations on 9 December 2024, which took effect on the same date. This legislation includes several key measures which includes an income tax credit for
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