South Africa releases guide on revised tax rates and levies
The South African Revenue Service (SARS) released an updated version of the Guide for Tax Rates/Duties/Levies (Issue 17) on 29 August 2024. This guide compiles current and historical insights into the various taxes, duties, and levies collected by
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US: CRS reviews marginal effective tax rates on investment, expiring tax cuts
The Congressional Research Service (CRS) released a report (R48153) on 13 August 2024, examining tax rate differences by asset, sector, and source of finance. The report also evaluates the relative incentives for investment. The Tax Cuts and Jobs
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US: Kamala Harris promises to increase corporate tax rate
US Vice President Kamala Harris, during her campaign on the first day of the Democratic National Convention in Chicago, on Monday, 19 August 2024, said that she will increase the corporate tax rate from 21% to 28%. However, Harris has committed
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Vietnam proposes changes to corporate income tax rules
The Vietnamese Ministry of Finance has released a draft law proposing changes to the country's corporate income tax (CIT) rule. The draft is expected to be presented to the National Assembly for consideration in October 2024 and ratified in May
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Russia approves tax reform bill
The Russian State Duma and Federation Council have approved a tax reform bill aimed at boosting fiscal revenues on 10 July, 2024. Proposed by the Ministry of Finance and endorsed after rigorous debate, the legislation ushers in significant changes
See MoreUS: New Jersey approves highest corporate tax rate, potentially impacts 700 companies
New Jersey lawmakers passed a bill on 30 June, 2024, to implement the highest corporate tax rate for the state’s largest companies in the US. The bill is estimated to impact close to 700 companies in the state. The legislation proposes adding a
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Lithuania: Parliament adopts state defence fund, increases corporate income tax and excise duties
Lithuania's parliament has approved a resolution to establish the State Defense Fund, but to achieve this goal, the parliament has raised the corporate tax rate and excise duties on alcohol, cigarettes and fuel, and enacted the Defence Fund
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Australia announces GIC and SIC rates for Q1 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 19 June, 2024. For the quarter commencing on 1 July 2024, the GIC
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US: New Jersey proposes increasing corporate tax rate to 11.5%
Lawmakers of New Jersey are poised to approve a proposed corporate income tax rate increase for the state's largest companies. New Jersey Governor Phil Murphy proposed the increase, intending to use the increased tax revenue to fund the state’s
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Lithuania: Government approves state defence fund and tax increases
The Lithuanian government has approved a resolution to establish the State Defense Fund, accompanied by several tax increases. The measures, set to take effect on 1 January 2025, include extending the temporary solidarity contribution on banks
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UAE publishes corporate tax guide on free zone regime
The UAE Federal Tax Authority (FTA) has released a corporate tax guide for the free zone regime, stipulating that qualifying free zone persons are entitled to a 0% corporate tax rate on qualifying income and a 9% rate on other taxable
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Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
See MoreUS: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB
See MoreRussia: Central bank maintains key interest rate at 16%
On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to
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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
See MoreUS: Utah reduces individual and corporate franchise tax rates
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
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
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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