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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Hong Kong lowers interest rate on tax reserve certificates
The Inland Revenue Department of Hong Kong announced, on 4 October 2024, that starting from 7 October 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.8000% against the current rate of 0.8833%, i.e. the new rate
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Singapore consults on Pillar Two Minimum Tax regulations
Singapore aims to introduce streamlined methods for companies to calculate their top-up taxes in line with the proposed global minimum tax. The global minimum tax, or Pillar Two, aims to establish a 15% effective tax rate for multinational
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Australia announces GIC and SIC rates for Q2 2024-25Β Β
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,
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New Zealand: IRD updates compliance guide for multinational enterprises, incorporating BEPS and pillar two measures
The Inland Revenue Department (IRD) New Zealand has updated its compliance focus guide for multinational enterprises (MNEs) to reflect important changes since 2019, including the integration of OECD base erosion and profit shifting (BEPS) measures
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Slovak Republic passes bill to introduce financial transaction tax,Β amends VAT, income tax and other tax rates
Slovak Republicβs 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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Brazil implements Additional Social Contribution to Net Profit as Pillar 2 top-up tax
Brazil has enacted Provisional Measure No. 1.262 of October 3, 2024, and Normative Instruction No. 2.228 of October 3, 2024, to introduce an Additional Social Contribution to Net Profit (CSLL). This initiative aims to comply with the requirements of
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European Commission refers Spain, Cyprus, Poland, Portugal to court for failing to transpose Pillar Two Minimum Taxation Directive
The European Commission (EC) decided to refer Spain, Cyprus, Poland, and Portugal to the Court of Justice of the European Union for failing to notify measures for the transposition into national law of Council Directive (EU)β―2022/2523 of
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France sets interest deductibility rate limit for shareholder payments
Franceβs Ministry of Finance released the quarterly TMP (taux moyen pratiquΓ©) 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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Denmark: 2024-25 legislative plan proposes updates to minimum tax, transfer pricing to match OECD rules
Denmark's government announced the legislative programme for the parliamentary year 2024-25 on 1 October 2024. The bill follows up on the government platform "Responsibility for Denmark" from December 2022 and the agreement on "A Stronger Business
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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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Poland: Lower parliament evaluates draft law to enact Pillar Two global minimum tax
Poland's Sejm (lower house of parliament) is currently reviewing a draft law, submitted on 25 September 2024, to implement the Pillar Two global minimum tax in accordance with Council Directive (EU) 2022/2523 from 14 December 2022. The draft law
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Lithuania moves towards full implementation of Pillar Two global minimum tax
Seimas, the Lithuanian parliament is reviewing a draft law to fully implement the Pillar Two global minimum tax, in line with Council Directive (EU) 2022/2523 of 14 December 2022. According to the draft, the law for full implementation is set to
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Greece releases solidarity contribution details for energy, mining sectors
The Greek Public Revenue Authority (AADE) hasΒ published an outline of the form and content of the temporary solidarity contribution declaration on 18 September 2024. Greece introducedΒ temporary solidarity contribution targeting companies in the
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Lithuania: Social Democratic Party proposes higher corporate income tax, luxury asset tax
Lithuaniaβs Social Democratic Party Vilija BlinkeviΔiΕ«tΔ, announced her party's tax reform plans in anticipation of the upcoming election on 24 September 2024. She stated that if her party comes to power after the forthcoming parliamentary
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Puerto Rico consults implementation of Pillar Two GloBE rules
Puerto Rico's Department of the Treasury has initiated a Public Consultation on the Implementation of the Pillar Two GloBE Rules in Puerto Rico, set to conclude on 10 October 2024. Pillar Two ensures that particular taxpayers are subject to a
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UK to consult Multinational Top-up Tax and Domestic Top-up Tax – further draft guidance
HM Revenue & Customs (HMRC) has initiated a public consultation on the third version of UK's Pillar Two global minimum tax rules. Comments must be submitted by 23 October 2024. HMRC released additional draft guidance for consultation
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