Argentina: Budget Bill 2025 proposes scrapping foreign currency purchase tax
The Argentine National Executive Branch presented the 2025 Budget Bill to Congress, which made no significant changes to the current tax framework except for eliminating the tax on foreign currency purchases (PAIS tax rate) starting 1 January
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Ukraine to align tax legislation with OECD standards
Representatives of the Ministry of Finance of Ukraine and State Tax Service of Ukraine announced that the country will align its tax legislation with OECD standards. Representatives of Ukraine at the invitation of the Organisation for Economic
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Finland proposes amendments to minimum tax act
Finland's government presented the draft legislation HE 98/2024 vp to the parliament to amend the Minimum Tax Act on 20 September 2024. The Minimum Tax Act was enacted at the end of 2023 to facilitate the implementation of the Pillar Two global
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Australia endorses OECD subject to tax rule for multinational tax reform
Andrew Leigh, the Australian Assistant Minister for Competition, Charities, and Treasury, announced that Australia is committed to multinational tax reform through a Statement of Support for the OECD's 'Subject to Tax Rule' on 20 September
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Latvia considers temporary solidarity tax on credit institutions
Latvia's Ministry of Finance announced that it is developing a proposal for a temporary solidarity contribution from credit institutions to support national security on 18 September 2024. Solidarity contributions are planned to apply from 2025 to
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Hong Kong: Central Bank lowers interest rate by 0.5%
The Hong Kong Monetary Authority (HKMA) announced that it has reduced its base interest rate by 0.5% to 5.25% with immediate effect yesterday, 19 September 2024. This adjustment aligns with a recent decision by the US Federal Reserve, which
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Slovak Republic approves draft bill with tax measures
The Slovak Republic government approved a draft legislation on 18 September 2024 amending various tax measures to consolidate the country's public finances. Taxation of high-income groups: The main changes include increased special levies for
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Japan updates FAQs on global minimum tax regulations
The Japanese tax authority has updated the FAQs regarding the country's global minimum tax regulations, known as the income inclusion rule (IIR), on 13 September 2024. This update introduces two new FAQs about the QDMTT Safe Harbour requirements,
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OECD: Nine jurisdictions sign pact to implement Pillar Two STTR, ten more to join
The Organisation for Economic Cooperation and Development (OECD) released a statement yesterday, 19 September 2024, following the signing ceremony of the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule
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Taiwan extends reduced securities transaction tax for day trading
Taiwan's Ministry of Finance announced that the Executive Yuan has approved an extension of the reduced Securities Transaction Tax for day trading on the Taiwan securities market for an additional three years, following discussions in its 3,920th
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Indonesia: Central Bank lowers interest rate, first cut in three years
The Board of Governors of Indonesia’s Central Bank (Bank Indonesia) lowered the interest rate by 0.25% to 6.00% yesterday, 18 September 2024. The central bank also reduced the Deposit Facility (DF) rate and Lending Facility (LF) rate by 0.25%
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Brazil: Central Bank raises interest rates, additional hikes forthcoming
Brazil's Central Bank increased the interest rate by 0.25% yesterday, 18 September 2024, bringing the benchmark rate to 10.75%. This hike marks the first increase in interest rates in over two years. The central bank also indicated that
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US: House Republican leaders, Ways and Means members oppose Pillar Two deal in letter to OECD
Key Republican leaders in the US House of Representatives, including Speaker Mike Johnson and House Majority Leader Steve Scalise, House Majority Whip Tom Emmer, House Ways and Means Committee Chairman Jason Smith, and and all other Republican
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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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