India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Russia clarifies conditions for 0% tax rate for IT companies
The Russian Ministry of Finance recently issued Guidance Letter No. 03-03-06/1/28535 on 29 March 2024, which sheds light on the conditions governing the application of a reduced corporate tax rate of 0% for IT companies utilising their own computer
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Singapore: IRAS introduces new exchange rate tool for taxpayers
The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations. This tool simplifies the process of calculating average exchange rates for
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Germany seeks feedback on draft global minimum tax return
The German Ministry of Finance published a consultation on draft global minimum tax return on 28 May, 2024. Companies impacted by the global minimum tax (Pillar Two) can now provide their feedback regarding the draft. Germany adopted the global
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OECD: Governments recommit to sign First Pillar of a global tax deal by June
The OECD said, on Thursday, 30 May, 2024, that governments around the world had recommitted to introducing the first pillar of a global tax deal on highly profitable multinationals at the G20 Inclusive Framework on Base Erosion and Profit Shifting
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Japan clarifies global minimum tax rules with new guidance
Japan's National Tax Agency has released an explanation of its administrative guidance related to the Income Inclusion Rule (J-IIR), part of the country's 2023 tax reform measures to implement Pillar Two global minimum tax. The J-IIR ensures
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Turkey is in the final stages of adopting the Pillar Two global minimum tax
Turkey is in the final stages of adopting the Pillar Two global minimum tax, according to a report published in Anadolu Agency, a state-owned Turkish news agency. Mehmet Şimşek, Treasury and Finance Minister, emphasised the significance of
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Belgium announces deadline for first Pillar Two global minimum tax registration
Belgium's Federal Public Service (SPF) Finances, in a release, announced, on Wednesday, 29 May, 2024, the publication of the Royal Decree of 15 May 2024. It establishes new notification requirements for large multinational and domestic groups that
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Chile extends SME tax rate cuts for 2023/24
Chile implemented a reduced corporate tax rate of 10% for qualifying SMEs under the Pro Pyme regime as part of Law No. 21.256 of 2020 in response to the COVID-19 pandemic. The reduced rate, initially effective from 2020 to 2022, was extended by Law
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Austria, Chile lowers withholding taxes following treaty update
Austria amended its 2012 tax treaty with Chile on 16 May, 2024. The amendments, effective 1 January 2017, will reduce withholding taxes on interest and royalty payments made between residents of both countries. This change follows the activation
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Spain conducts second public consultation on global minimum tax implementation
Spain’s Ministry of Finance is conducting a second public consultation on the implementation of the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The consultation is set to conclude on 31 May,
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Spain initiates consultation on draft bill on Pillar Two global minimum tax
The Spanish government released draft legislation to implement the OECD’s Pillar Two global minimum tax under the EU Minimum Tax Directive 2022/2523 on 19 December, 2023. The Directorate-General for Taxation is now inviting comments from taxpayers
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Treaty on global minimum tax on multinationals fails to conclude
Italy's Economy Minister Giancarlo Giorgetti announced today, May 24, 2024, that the agreement on a global minimum tax on multinationals will not be concluded by June, as initially anticipated. The agreement will not receive approval from all
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UK: HMRC issues guidance for Pillar Two registration
The UK HMRC released practical guidance on Pillar Two registration requirements for multinational groups in the UK on 20 May, 2024. This guidance features a notice detailing the procedure for registering for Pillar Two Top-up Taxes in the UK. It
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UAE publishes corporate tax guide on free zone regime
The UAE Federal Tax Authority (FTA) has released a corporate tax guide for the free zone regime, stipulating that qualifying free zone persons are entitled to a 0% corporate tax rate on qualifying income and a 9% rate on other taxable
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Belgium issues GloBE registration rules for large domestic groups, MNEs
The Belgian tax authorities have announced the global anti-base erosion (GloBE) registration requirements for multinational enterprises (MNEs) and large domestic groups. These entities must register with the Belgian Commercial Register within 30
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Switzerland: Cantonal tax law reforms due to Pillar Two global minimum tax
In response to the implementation of the Pillar Two global minimum tax in Switzerland, effective from 1 January, 2024, several cantons have adjusted their tax rates or initiated projects to enhance their appeal as business locations. The Canton
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Italy adopts transitional safe harbours for Pillar Two global minimum tax
On Monday, 20 May, 2024, Italy’s Ministry of Economy and Finance announced the “Decree of 20 May 2024” which states the simplified transitional regimes (safe harbours) for multinational and national groups subject to the Pillar Two global
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