Portugal: Government approves comprehensive tax reform program
On 10 April 2024, the Portuguese Government approved a government program incorporating several measures related to corporate and individual income taxes. The program covers the following topics: Corporate Tax Rate Reduction: A planned
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Japan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
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US: Idaho reduces tax rates for companies and individual taxpayers
On 29 March 2024, the governor of Idaho, the 43rd state of the US, approved House Bill 521. This law includes reducing the corporate and individual income tax rates from 5.8% to 5.695%. This tax rate reduction goes into effect retroactively from 1
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Kenya: KRA raises market and deemed interest rates for fringe benefit tax purposes
On 9 April 2024, the Kenya Revenue Authority (KRA) released a notice concerning the market interest rate for fringe benefit taxation and the deemed interest rate for specific loans from non-residents for the months of April 2024, May 2024, and June
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Estonia passes laws for public CbC reporting and partial adoption pillar 2 GloBE rules
On 10 April 2024, Estonia’s parliament passed the Act supplementing the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act (379 SE). This law outlines the requirements for the implementation of public CbC reporting in
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South Korea issues guidance on amendments to GloBE pillar two rules
On 27 February 2024, South Korea’s Ministry of Economy and Finance (MOEF) announced regulations concerning modifications to Pillar Two global minimum tax rules enacted as part of the 2023 tax reform legislation. The rules will take effect on 22
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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Greece: Parliament passes law implementing pillar 2 global minimum tax
On 2 April 2024, the Greek parliament approved a new law that includes provisions for adopting Council Directive (EU) 2022/2523 into Greek legislation. This directive, known as the "EU Pillar Two directive," is designed to establish a universal
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Ireland: Irish Revenue publishes guidance on outbound payment measures
On 25 March 2024, the Irish Revenue released eBrief No. 096/24 outlining new guidance on Outbound payments defensive measures. This latest guidance has been issued as part of the Finance (No.2) Act 2023. The Finance (No.2) Act 2023 inserted Chapter
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Ireland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The details of these provisions are included in the Finance (No. 2) Act 2023. The two enhancements are:
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France publishes 2024 Q1 floating rate for shareholder loans
On 28 March 2024, the Official Journal of France released the inaugural quarterly average floating rate for bank loans and credit facilities exceeding two years in maturity for 2024. This rate is utilized in determining the yearly maximum interest
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on the Norwegian Continental Shelf. It is also proposed that tax
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
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Luxembourg publishes global minimum tax pillar 2 FAQs
On 25 March 2024, the Luxembourg Administration of Direct Tax (ACD) released Frequently Asked Questions (FAQs) on the Global Minimum Tax - Pillar 2. The FAQs are related to the enforcement of the Law of 22 December 2023 relating to effective minimum
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Hong Kong: Draft legislation for patent box regime announced
On 28 March 2024, the Hong Kong Inland Revenue Department published the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024 in the Gazette to implement the "patent box" tax incentive. The draft bill proposes a
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Sweden: MoF proposes updates to pillar 2 global minimum tax rules
On 19 March 2024, the Swedish Ministry of Finance (MoF) released proposed amendments to the Act on Additional Tax, aimed at incorporating the Pillar 2 global minimum tax as outlined in Council Directive (EU) 2022/2523. As per the proposal, a
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Lithuania: Government submits draft law Implementing Pillar 2 global minimum tax
Lithuania's parliament is reviewing a Draft Law No. XIVP-3533 to partially implement a global minimum tax. This aligns with their plan to delay some key parts of the tax until 2029. The delay is allowed by EU rules for countries with few large
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Belgium issues guidance on pillar 2 global minimum tax
The Federal Public Service (SPF) Finance of Belgium has released the guidance on the Pillar 2 global minimum tax. The guidance outlines the context of the Pillar 2 global minimum tax and its enforcement in Belgium. Furthermore, the guidance also
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