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
See More
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
See More
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
See More
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
See More
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
See More
Poland extends public consultation deadline for Pillar Two global minimum tax rules
Poland’s Minister of Finance Andrzej Domański announced on 16 May, 2024, the extension of the public consultation regarding the draft bill for the implementation of the EU Minimum Tax Directive under Council Directive (EU) 2022/2523 of 14
See More
National Bank of Ukraine lowers key policy rate, late payment penalty interest
The National Bank of Ukraine (NBU) has declared a change in its key policy rate. Effective from 26 April, 2024; the rate now stands at 13.5% per annum; down from the previous 14.5%. Additionally, the late payment penalty interest, linked to the
See More
UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
See More
Singapore: IRAS provides direction on GloBE rules and domestic top-up tax implementation
The Inland Revenue Authority of Singapore (IRAS) has released directives regarding the Global Anti-Base Erosion (GloBE) Rules and Domestic Top-up Tax (DTT). As outlined in Budget 2024, Singapore will adopt the GloBE Income Inclusion Rule (IIR)
See More
Bangladesh: Reduced tax for asset management companies and exporters of goods, exemptions for OBU
The tax environment in Bangladesh is undergoing significant changes due to the implementation of Income Tax Act 2023 and Customs Act 2023. Recent tax-related developments allow for decreased tax rates for asset management companies (which have
See More
US: Colorado offers temporary income tax rate cut for 2024
The Governor of Colorado signed Bill SB24-228 into law on 14 May 2024. It introduces significant amendments concerning the refund of excess state revenues. This legislation reduces both individual and corporate income tax rates from 4.40% to
See More
Estonia aligns tax laws with EU directives
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union
See MoreBelgium passes global minimum tax law amendments
The Belgian Chamber of Representatives, on 2 May, 2024, passed the law on various tax provisions including initiatives for reforming investment deductions. Other notable measures include provisions concerning the Pillar Two Global Minimum Tax and
See More
Colombia clarifies tax obligations for non-resident filers
The Colombian tax authority (DIAN) on 30 April, 2024, released Ruling 305, which tackles various inquiries related to the new regulations affecting non-residents with a Significant Economic Presence (SEP) in Colombia. Key points Ruling 305
See More
Austria proposes tax breaks for startups and SMEs
The Ministry of Finance has released the draft Tax Amendment Act 2024 for public feedback. This proposed legislation seeks to modify Austrian tax laws to comply with EU standards while offering assistance to small and medium-sized enterprises and
See More
Bangladesh: NBR conditionally reduces corporate tax
In a strategic move aimed at fostering economic growth while maintaining fiscal prudence, the National Board of Revenue (NBR) has announced a targeted reduction in corporate tax rates. This reduction comes with stringent conditions, reflecting a
See More
Denmark proposes tax reform to align with global standards
Denmark's parliament is considering a draft law L 186 in order to strengthen the country's minimum tax regime and align it with international standards. The proposal, submitted by the Tax Ministry on 30 April, 2024, aims to ensure full compliance
See More
El Salvador exempts foreign earnings from income tax
El Salvador’s Legislative Decree No. 969 – published on 14 March 2024 in the Official Gazette – broadens the scope of income exempted from income tax, as per Article 3 of the Income Tax Law, which effectively exempts all foreign-sourced
See More