UAE to introduce Pillar Two minimum tax rules, tax incentives from January 2025
The UAE Ministry of Finance has announced that it has updated certain provisions of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses on 9 December 2024. These amendments include introduction of a Domestic Minimum
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Costa Rica announced 2025 corporate tax brackets, rates
Costa Rica's Ministry of Finance has published Executive Decree No. 44772-H in the Official Gazette on 3 December 2024, establishing the corporate and individual income tax brackets and rates for the 2025 fiscal year. Executive Decree No. 44772-H
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Azerbaijan proposes lowering branch profit tax
Azerbaijan has proposed lowering the branch profits tax rate by amending its Tax Code. If approved, the profit tax will be reduced to 5%, effective from 1 January 2025. Presently, the profit tax for enterprises is 20%. Non-resident legal
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Colombia: Court upholds 15% minimum tax provisions
The Constitutional Court of Colombia has released a press statement detailing its latest rulings on 21 November, which upholds the nation’s newly implemented 15% minimum tax. Colombia introduced a new minimum tax, “Tax Reform for Equality and
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Austria updates CFC rules to prevent double taxation under Pillar Two
Austria's parliament has amended its CFC rules to avoid double taxation issues under the Pillar Two global minimum tax framework. Amendments to Section 10a of the Austrian Corporate Income Tax Act have been approved and now require Qualified
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Hungary publishes updated GloBE data sheet
Hungary’s Tax and Customs Agency has released the updated version of the GloBE data sheet on 5 December 2024. The data sheet features technical enhancements and detailed field definitions to simplify XML completion and includes a User
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Bulgaria: Parliament considers corporate tax amendments to implement GloBE rules, extend certain tax exemptions
Bulgaria’s Council of Ministers has submitted a proposal to parliament for amendments to the Corporate Income Tax Act, focusing on refining Global Anti-Base Erosion (GloBE) rules and extending regional tax relief measures on 2 December
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Ukraine raises tax on banks, financial institutions
Ukraine has signed Law 4015-IX (The Law on Amendments to the Tax Code of Ukraine and Other Laws of Ukraine to Ensure the Balance of Budget Revenues during Martial Law) into law on 28 November 2024. One key provision of this new law is the increased
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India scraps windfall tax on fuel and crude oil domestic production, exports
India's Central Board of Indirect Tax and Customs (CBITC) has issued Notification 29/2024 on 2 December 2024, which repeals the previous directives related to implementing the Special Additional Excise Duty (windfall tax) on the domestic production
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Qatar: Council of Ministers approve Pillar Two global minimum tax
Qatar's Council of Ministers approved the proposed amendments to the Income Tax Law, on 4 December 2024, for the implementation of measures aligned with the Pillar Two global minimum tax framework. As part of the inclusive framework on Base
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Hungary scraps several windfall taxes on profits, adjusts and extends others
Hungary issued the Government Decree 356/2024 in the Official Gazette on 21 November 2024, amending Government Decree 197/2022 on temporary windfall taxes on additional profits. The Decree also scraps some windfall taxes while modifies and extends
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US: IRS and Treasury extend consultation deadline for proposed CAMT regulations
The US Treasury Department and Internal Revenue Service (IRS) have announced an extension for submitting comments on the proposed regulations (REG-112129-23) concerning corporate alternative minimum tax (CAMT) on 4 December 2024. Initially published
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Singapore enacts Multinational Enterprise (Minimum Tax) Act, Income Tax (Amendment) Act
Singapore has enacted two tax laws, Income Tax (Amendment) Act 2024 and Multinational Enterprise (Minimum Tax) Act 2024, with the aim to align with global tax standards, enhance business competitiveness, and introduce targeted incentives for
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Argentina scraps advance PAIS tax on imports
Argentina’s tax authority (ARCA) has announced that it eliminated the 95% advance payments of the PAIS tax (Impuesto Para una Argentina Inclusiva y Solidaria) on foreign currency purchases for imports, effective 25 November 2024. This is
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UK: House of Commons debates Finance Bill 2024-25
UK’s Finance Bill 2024-25, which is based on the Autumn Budget 2024, underwent its second reading debate in the House of Commons on 27 November 2024. This followed its initial introduction and first reading on 6 November 2024. The bill passed
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US: Congressional Research Service updates report on global intangible low-taxed income
The US Congressional Research Service (CRS) has released an updated report (IF 11943) addressing proposed changes to the taxation of global intangible low-taxed income (GILTI) on 25 November 2024. The updates explain that the proposed changes
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Turkey reduces corporate tax exemption rate on asset sales
Turkey's government issued Presidential Decision No. 9160 on 27 November 2024, reducing the exemption rate for corporate income tax on gains derived from the sale of certain assets. Presidential Decision No. 9160 came into effect on the day it
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Guatemala proposes simplified tax plans for handicrafts, agriculture
Guatemala’s Congress has passed Decree 31-2024, which includes “The Law for the Integration of the Primary and Agricultural Sector,” on 19 November 2024. This proposal shall establish two streamlined special tax regimes: The production and
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