Thailand launches public consultation on pillar 2 global minimum tax
On March 1, 2024, the Thai Revenue Department initiated a public consultation on draft legislation for enforcing the Pillar 2 global minimum tax rules in Thailand. The legislation includes the Pillar 2 income inclusion rule (IRR) and undertaxed
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New Zealand updates two-pillar solution including Amount B transfer pricing approach
On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified
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UK government enacts finance act 2024 with changes to pillar 2 global minimum tax
On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22
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South Africa: Finance Minister presents the Budget for 2024
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
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Malta to partly enact pillar 2 global minimum tax
On 20 February 2024, Malta published Legal Notice No. 32 of 2024 in the Official Gazette, which outlines the provisions of the global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union
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Greece proposes new law to implement EU minimum tax rules
On 23 February, 2024, the Greek Ministry of Finance initiated a public consultation on a proposed bill aiming to incorporate the OECD’s Pillar Two Model Rules, as outlined in the EU Minimum Tax Directive. This draft bill is currently open for
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US: IRS announces unchanged interest rates for overpaid and underpaid tax for 2024
On 21 February 2024, the US Internal Revenue Service (IRS) declared the interest rates for overpayments and underpayments. As per the announcement, the interest rates will remain the same for the calendar quarter beginning 1 April 2024. For
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Singapore: Finance Minister presents the Budget for 2024
On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For
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Saudi Arabia: ZATCA provides tax guidance on software payments
On 4 February 2024, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced guidelines regarding the taxation of 29 types of software payments. These payments result from transactions between non-residents and residents of Saudi Arabia
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Egypt preparing draft for new income tax law
Egypt’s Minister of Finance for Tax Policy and Reforms has announced plans to draft a new iteration of the Income Tax Law. The details of the new law has been fully published, but the main proposals of the new law include: A focus on
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Japan submits tax reform bill 2024 to parliament
On 2 February 2024, the Japanese Cabinet submitted the tax reform bill 2024 to parliament. The bill covers various tax measures. Key measures of the bill include: Driving Domestic Growth: The introduction of new tax credit incentives is
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Estonia passes draft law for delaying pillar 2 global minimum tax and public CbC reporting
On 8 February 2024, Estonia's Ministry of Finance, in a release announced that it passed the draft legislation to postpone the implementation of the Pillar 2 global minimum tax until the year 2030. Until that time, the companies that fall within the
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Denmark implements defensive tax measures targeting EU’s non-cooperative jurisdictions
On 31 January 2024, the Danish Official Gazette published Law No. 107/2024, implementing defensive tax measures targeting non-cooperative tax jurisdictions on the EU list. The law targets tax evasion and avoidance by disallowing deductions for
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South Korea implements tax reforms including deferring UTPR to 2025
South Korea has implemented various tax changes as part of the 2024 tax reform measures passed by the parliament in late 2023. The main tax measures are: The global minimum tax (GloBE) rules have been amended, with the undertaxed payment/profit
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Belarus offers tax incentives for rural business activities
On 2 February 2024, Belarus issued Presidential Decree No. 42, dated 2 February 2024, in the Official Gazette. The decree introduces tax incentives for entrepreneurs and businesses in rural areas and small towns. This decree offers a 50% reduction
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India: Finance Minister presents interim union budget for 2024-2025
On 1 February 2024, Ms. Nirmala Sitharaman, the Finance Minister of India, presented the interim union Budget for 2024-25 to Parliament. The key tax-related highlights of the Union budget include: Corporate tax: Domestic companies currently
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Luxembourg implements tax measures to revive construction and housing sector
On 31 January 2024, the Luxembourg government announced a series of tax measures to revive the construction and housing sector and facilitate access to housing while addressing the cyclical and structural housing problems. The measures also provide
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Belgium passes legislation for implementing minimum taxation directive
On 28 December 2023, Belgium implemented the law to enforce the Minimum Taxation Directive (2022/2523). This law entered into force on 31 December 2023 after the Belgian Parliament approved the legislation on 14 December 2023. The full text of the
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