Russia: Central Bank hikes key interest rate
The Central Bank of Russia (CBR) raised its key interest rate from 18% to 19% on 13 September 2024. This decision is vital as the key interest rate is utilised for calculating interest deductions and late payment interest on overdue taxes in
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India eliminates windfall tax on crude oil
According to a government notification, the Indian government announced the elimination of the windfall tax on crude oil, which had been set at INR1,850 per tonne on Tuesday, 17 September 2024. The new policy will take effect from today, 18
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Colombia proposes tax reform with new progressive corporate tax, wealth tax changes
Colombia's Ministry of Finance presented a tax reform bill to Congress proposing several key changes to the country’s tax system on 10 September 2024. One of the main changes is a progressive corporate income tax based on the tax value units
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UK consults on updated multinational and domestic top-up tax guidance
The UK has launched a consultation on the updated draft guidance for the Multinational Top-up Tax and Domestic Top-up Tax, which includes new and revised sections of the manual. The consultation will end on 23 October 2024. Consultation
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Portugal approves draft law for Pillar Two global minimum tax
Portugal's Council of Ministers approved Draft Law 21/XVI/1 for implementing the Pillar Two global minimum tax, in line with Council Directive (EU) 2022/2523 of 14 December 2022 on 11 September 2024. The draft law introduces the Pillar Two income
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Bulgaria: Cabinet approves intent to sign STTR MLI
Bulgaria’s Council of Ministers approved a letter of intent to join the Multilateral Convention for Implementing the Pillar Two Subject to Tax Rule (STTR MLI) on 11 September 2024. The signing ceremony for the STTR MLI is set to take place on
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US: IRS grants limited relief for underpayment of CAMT-related estimated tax
The US IRS released Notice 2024-66, on 12 September 2024, which provides relief from the addition to tax under section 6655 of the Internal Revenue Code (Code) for underpayment of estimated income tax by a corporation to the extent the amount of any
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Philippines sets 20% corporate tax for companies under enhanced deduction
The Philippine Senate passed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act on 9 September 2024. The Create More Act modifies the Create Act, which was enacted
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US: IRS proposes new corporate alternative minimum tax (CAMT) rules
The US Internal Revenue Service (IRS) issued IR-2024-235 on 12 September 2024, proposing regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum
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Singapore introduces global minimum tax legislation and amendments to income tax act
Singapore has introduced legislation for a previously announced domestic top-up tax, aligning with Pillar 2 global minimum tax. Multinational Enterprise (Minimum Tax) Bill 33/2024, introduced in Parliament on 9 September 2024, mandates that large
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Brazil considering tax hike without legislative approval
Brazil's government is considering tax increases that can be enacted without congressional approval to address this year's budget deficit, according to two reports from the finance ministry received on 6 September 2024. Officials have indicated
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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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Argentina lowers tax rate (PAIS) on foreign currency for imports and freight services
The Argentine National Executive Branch published Decree 777/2024 in the Official Gazette on 2 September 2024. This decree amends the tax rates applicable to certain foreign currency purchases (Impuesto PAIS) related to payments made abroad for
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Switzerland to implement Pillar 2 IIR from January 2025, UTPR deferred
The Swiss Federal Council has declared that the Pillar 2 income inclusion rule (IIR) will be effective from 1 January 2025. The Swiss supplementary tax (QDMTT) has been in effect since 1 January 2024, but the undertaxed profits rule (UTPR) will not
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Belgium launches prepayment system for pillar two taxes
The Belgian tax authorities Federal Public Service (SPF) announced that the prepayment system for the Domestic Minimum Top-Up Tax (DMTT) and Income Inclusion Rule (IIR) top-up tax was activated on 2 September 2024. Taxpayers who prepay these
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Brazil to tax big tech firms if revenue declines
Brazil's Ministry of Finance announced that it plans to present proposals to Congress to tax big tech companies and implement a global minimum tax of 15% for multinational corporations on 2 September 2024. These new tax measures will be enforced
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Taiwan to raise AMT to 15% for large MNEs 2025
The Ministry of Finance in Taiwan has announced draft changes to the alternative minimum tax (AMT) rate as part of its alignment with the Pillar Two global minimum tax framework on 28 August 2024. Under the proposed revisions, set to take effect
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Iceland consults Pillar Two global minimum tax
Iceland’s Ministry of Finance and Economic Affairs has announced plans to introduce an amendment during the autumn parliamentary session on 28 August 2024 proposing a minimum tax rate of 15% for multinational enterprises (MNEs) with annual
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