Spain to abolish energy sector windfall tax while extending tax on banks
The Spanish government is reportedly set to finalise an agreement that will terminate the windfall tax on the energy sector and extend the windfall tax on the banking sector. Earlier, the Spanish government has issued the “Law 38/2022” which
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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% 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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Germany: Lower House of Parliament passes Annual Tax Act 2024
Germany’s Lower House of Parliament of Germany (Bundestag) passed the Annual Tax Act 2024 on 18 October 2024. The Bundestag has implemented 59 changes to the draft law based on the Finance Committee's recommendation. The Annual Tax Act 2024
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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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Hungary to amend local and EU tax laws, achieve social and policy objectives
Hungary’s government concluded a public consultation on a draft bill proposing changes to various tax laws on 24 October 2024. The proposal seeks to amend tax laws in response to EU and Hungarian legislation changes, targeting global minimum tax,
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Portugal proposes several VAT measures in draft state budget law 2025
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
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Italy gazettes decree on Pillar Two substance-based income exclusion
Italy published the Decree of 11 October 2024 in the Official Gazette on 23 October 2024, which addresses reducing the taxable base relevant to the global minimum tax. Earlier, Italy’s Ministry of Economy and Finance announced the Decree of 11
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US: Treasury, IRS relieves tax-exempt organisations from CAMT form filing for 2023 tax year
The US Department of Treasury and the Internal Revenue Service (IRS), in a release – IR-2024-277, granted a filing exception for tax-exempt organisations on 23 October 2024; they do not have to file Form 4626, Alternative Minimum Tax –
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Germany issues Notification Form for minimum tax group under Pillar Two rules
The German Federal Ministry of Finance released a notification form for the parent entity of German minimum tax groups subject to the Pillar Two global minimum tax rules on 17 October 2024. The notification for the parent entity of the minimum
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Slovak 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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Belgium consults Pillar Two supplementary tax form
Belgium's Federal Public Service (SPF) Finance has launched a consultation on the proposed annual supplementary national tax return form. The supplementary national tax applies to in-scope groups starting their tax years on or after 31 December
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Italy implements decree on Pillar Two substance-based income exclusion
Italy's Ministry of Economy and Finance announced that the Decree of 11 October 2024, which provides implementation rules on the substance-based income exclusion (SBIE) to be applied when calculating the due amount of top-up tax and is being
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Portugal adopts Pillar 2 global minimum tax for large corporations
Portugal has adopted the global minimum tax for large multinational and domestic groups, effective from 18 October 2024. This legislation aligns with Council Directive (EU) 2022/2523 and the OECD Pillar Two Model Rules. The law introduces the
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Sweden presents bill to amend Pillar Two rules
The Swedish government has presented a final draft legislation to Parliament, released on 15 October 2024, which recommends amendments to its law for implementing the EU's global minimum tax directive, including the introduction of several Pillar
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Singapore passes bills for the implementation of global minimum tax on multinational corporations
Singapore's parliament passed two bills on 15 October 2024 – Multinational Enterprise (Minimum Tax) (Bill No.33/2024) and Income Tax (Amendment) Bill (Bill No. 32/2024.) – which introduces a top-up tax (MTT) and a domestic top-up tax (DTT) for
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Singapore: Second Finance Minister outlines key provisions of Income Tax (Amendment) Bill, Multinational Enterprise (Minimum Tax) Bill
Singapore's Second Minister for Finance, Indranee Rajah, presented the Income Tax (Amendment) Bill and the Multinational Enterprise (Minimum Tax) Bill during their second reading in Parliament, on 14 October 2024, with the aim to modernise
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