US: Utah reduces individual and corporate franchise tax rates

March 21, 2024

On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual

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Kazakhstan launches public consultation on corporate tax rate changes

March 17, 2024

On 7 March 2024, the Kazakhstan Ministry of the National Economy initiated a public consultation regarding the preliminary changes to the tax code. The main tax measures are as follows: The draft amendments include varying corporate income

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UAE: Dubai announces 20% corporate tax on foreign banks

March 10, 2024

On 7 March 2024, Dubai, one of the seven states of the UAE, announced that it approved Law No. (1) of 2024, in which foreign banks will have to pay an annual corporate tax of 20%. The provisions of this new law, issued by the government of Dubai,

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US: IRS announces unchanged interest rates for overpaid and underpaid tax for 2024

February 23, 2024

On 21 February 2024, the US Internal Revenue Service (IRS) declared the interest rates for overpayments and underpayments. As per the announcement, the interest rates will remain the same for the calendar quarter beginning 1 April 2024. For

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Egypt preparing draft for new income tax law

February 13, 2024

Egypt’s Minister of Finance for Tax Policy and Reforms has announced plans to draft a new iteration of the Income Tax Law. The details of the new law has been fully published, but the main proposals of the new law include: A focus on

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Kazakhstan: National Bank lowers the base interest rate to 14.75% 

February 10, 2024

On 22 January 2024, the central bank of Kazakhstan, the National Bank of Kazakhstan, announced in an update that it reduced the base interest rate from 15.25% to 14.75%. The new base interest rate will be effective from 26 February 2024. Previously,

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India: Finance Minister presents interim union budget for 2024-2025

February 03, 2024

On 1 February 2024, Ms. Nirmala Sitharaman, the Finance Minister of India, presented the interim union Budget for 2024-25 to Parliament. The key tax-related highlights of the Union budget include: Corporate tax: Domestic companies currently

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Iceland announces personal income tax and corporate tax changes for 2024

February 02, 2024

The Iceland Revenue and Customs has released the key rates and amounts for 2024, which provides individual income tax changes in 2024. The key changes in the monthly brackets and rates involving personal income taxes are as follows: Income

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Romania announces tax amendments for 2024 

January 25, 2024

Romania has implemented various tax amendments for 2024 that include new turnover taxes, VAT rate changes, and mandatory electronic invoicing. These tax changes are: A new regulation that imposes a 1% minimum turnover tax on companies with

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Kazakhstan: National Bank reduces the base interest rate from January 2024

January 23, 2024

The National Bank of Kazakhstan, or Kazakhstan's central bank, announced that it had reduced the annual base interest rate from 15.75% to 15.25%. The new base interest rate will be effective from 22 January 2024. The interest rate holds

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France enacts 2024 finance law with global minimum tax rules

January 10, 2024

On 30 December 2023, France released its Finance Law for 2024 (Law no. 2023-1322) in the Official Gazette, along with the Constitutional Court's review, affirming the constitutionality of key tax measures. A major highlight is the implementation of

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Finland passes pillar 2 global minimum tax

December 31, 2023

On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,

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Croatia approves pillar 2 global minimum tax

December 24, 2023

On 22 December 2023, Croatia announced in the Official Gazette that it approved the Law on Minimum Global Profit Tax. The Croatian Parliament adopted the legislation on 15 December 2023. This law enacts the implementation of the Pillar 2 global

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Netherlands announces major tax amendments for 2024

December 21, 2023

The Dutch Ministry of Finance released an overview of the most important tax amendments for 2024. These changes pertain to the Tax Plan for 2024, which the Dutch Senate approved on 19 December 2023. The key explanations and measures include:

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Netherlands: Parliament passes tax plan for 2024 and pillar 2 global minimum tax

December 20, 2023

On 19 December 2023, the Dutch Senate (upper house of parliament) passed the Tax Plan for 2024, which includes the Pillar 2 global minimum tax and other tax measures.  On 27 October 2023, the House of Representatives (lower house) approved the Tax

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Russia: CBR increases the interest rates to 16%

December 20, 2023

On 15 December 2023, the Russian Central Bank (CBR) announced the decision to increase the key rate from 15% to 16% in an effort to combat rapidly rising inflation. The Central Bank of Russia utilizes its key interest rate to determine interest

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Latvia announces to implement pillar two minimum tax rules partially

December 18, 2023

Latvia's Ministry of Finance announced it had finalized a draft legislation for partially implementing the Pillar 2 global minimum tax (GloBE) rules as per Council Directive (EU) 2022/2523 of 14 December 2022. The partial implementation

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Costa Rica announces CIT brackets for 2024 

December 12, 2023

On 7 December 2023, the Ministry of Finance of Costa Rica published Executive Decree No. 44276-H in the Official Gazette, outlining the corporate and individual income tax brackets and rates for 2024. The updated corporate income tax is set at

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