Poland announces 2025 investment incentives, thresholds for reduced corporate tax and VAT
Poland has announced new thresholds for various tax regimes for small taxpayers in 2025. These include a reduced corporate tax rate, an investment incentive deduction, a simplified VAT regime, and a flat-rate tax. The new thresholds for reduced
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Estonia proposes 2% corporate tax for resident firms, permanent establishmentsÂ
In September 2024, Estonia's Ministry of Finance announced a temporary 2% corporate tax rate for tax resident companies and permanent establishments of non-resident companies. The draft bill is undergoing the second of three readings in the
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US lowers tax interest rates for Q1 2025
The US Internal Revenue Service (IRS) announced in release IR-2024-290 on 18 November 2024 that interest rates will decrease for the calendar quarter beginning 1 January 2025. For individuals, the rate for overpayments and underpayments will be
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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Slovak Republic issues guidance on reintroduced minimum tax
The Slovak Republic Financial Administration released Document No. 13/PO/2024/IM, offering guidance on paying minimum tax or tax licences on 28 October 2024. The Slovak Republic has reinstated the obligation for companies to pay a minimum tax
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Hong Kong lowers tax reserve certificate interest
The Hong Kong Inland Revenue Department announced on 1 November 2024 that starting from 4 November 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.7167%Â against the current rate of 0.8000%, i.e., the new rate
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Netherlands clarifies minimum tax to have little effect on incentives, cautions on new tax credits
The Netherlands State Secretary for Finance, in a letter to the parliament, stated that the global minimum tax would have limited effects on current tax incentives but highlighted that the newly introduced tax credits under Pillar Two could pose
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Slovak Republic gazettes bill amending corporate tax and VAT, and bill introducing financial transaction tax
The Slovak Republic has gazetted the bill that amends various tax laws, including corporate tax and VAT rate changes, and the bill enacting the financial transaction tax. The bills are aimed at improving the country’s public finances. The
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Portugal proposes several VAT measures in draft state budget law 2025Â
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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Austria: Appointment of alternative Pillar Two taxpayer due by December
The appointment of an alternative Pillar Two taxpayer in Austria, for taxpayers operating on a calendar year basis, is required to be submitted to the relevant tax office by 31 December 2024. Evidence of this appointment must be uploaded to
See MoreSlovak Republic approves corporate tax and VAT rate changes, introduces financial transaction tax
The Slovak Republic government enacted a bill on 18 October 2024 to improve the state’s public finances by amending several tax measures and introducing a new financial transaction tax. Corporate tax rates The corporate tax rate has been
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Portugal proposed reduced corporate tax rates in draft 2025 budget lawÂ
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
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Russia to increase corporate income tax rate on interest from government securities
The Russian government has decided to raise the corporate income tax rate on interest earned from government and municipal securities by 5%. The proposed amendments are included in bill No. 727330-8, which has been submitted to the State Duma on
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Russia proposes tax on excess bank profits
Russia is set to introduce a new one-time tax on banks' excess profits following a surge in financial sector earnings. The bill (No. 728613-8) is to be presented to the State Duma on 1 October 2024 by Budget Committee deputy chairman Aleksandr
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Australia announces GIC and SIC rates for Q2 2024-25Â Â
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 16 September 2024. For the quarter commencing on 1 October 2024,
See MoreSlovak Republic passes bill to introduce financial transaction tax, amends VAT, income tax and other tax rates
Slovak Republic’s parliament passed a government bill on 3 October 2024 introducing a new tax on financial transactions and amending several acts, including VAT and income tax rates. The key details of the bills are as follows: Financial
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France sets interest deductibility rate limit for shareholder payments
France’s Ministry of Finance released the quarterly TMP (taux moyen pratiqué) rate to determine the annual market rate limit for deducting interest paid to shareholders. French law allows corporations to deduct annual shareholder interest
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France: Prime Minister proposes increased taxation on large corporations
France's Prime Minister, Michel Barnier, has proposed several tax measures aimed at reducing the national debt as part of his draft budget, which include a temporary tax on large corporate profits and a new tax on share buybacks, according to Le
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