US: IRS publishes guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE model rules
The U.S. IRS has published Notice 2023-80, which outlines the guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE Model Rules. The Notice also includes the Extension and Modification of the Temporary
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Kazakhstan announces amendments to its tax laws
On 12 December 2023, Kazakhstan published Law No. 45-VIII of 12 December 2023 in the Official Gazette, providing various amendments to its tax laws including digital assets. The key amendments are as follows: The amendment of the new limit on
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Portugal approves State Budget for 2024
On 29 November 2023, the Portuguese parliament approved the State Budget for 2024 (Draft Law 109/XV/2), including some modifications proposed after the primary proposal on 10 October 2023. This budget includes the following tax measures:
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Kazakhstan: Proposed super profit tax on Banks
As of 2023, Kazakhstan's banking sector is at an important juncture with the proposed introduction of a super profit tax. The proposed tax reform in Kazakhstan focuses on introducing a super-profit tax on banks' earnings from government securities.
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Costa Rica announces CIT brackets for 2024
On 7 December 2023, the Ministry of Finance of Costa Rica published Executive Decree No. 44276-H in the Official Gazette, outlining the corporate and individual income tax brackets and rates for 2024. The updated corporate income tax is set at
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Denmark: Parliament passes pillar two global minimum tax law
On 7 December 2023, the Danish Parliament passed legislation to implement the Pillar 2 global minimum tax (GloBE) rules. This legislation closely adheres to the framework established by the Council Directive (EU) 2022/2523 of 14 December 2022. On 23
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Ecuador introduces tax reform bill aimed at boosting foreign investment
On 28 November 2023, newly elected President of Ecuador, Mr. Daniel Noboa proposed a tax reform bill designed to attract foreign investment and boost the economy. The key proposals of the bill are as follows: The special economic development
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Colombia implements comprehensive regulatory framework for taxation of SEP rule
On 27 November 2023, the Colombian Ministry of Finance issued Decree No. 2039, through which Colombia implements comprehensive regulatory framework for taxation of significant economic presence (SEP) rule as a part of Law 2277 of 2022 (tax reform
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Czech Senate passes global minimum tax rule
On 1 December 2023, the Czech Senate passed a law to enforce the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. On 27 October 2023, the law was approved by the Chamber of Deputies. On 30 August 2023, the
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Slovenia accepts draft bill implementing Pillar 2 global minimum tax
On 22 November 2023, the Slovenian government presented a draft bill to the National Assembly for the implementation of the Pillar 2 global minimum tax rule in accordance with Council Directive (EU) 2022/2523. The draft bill aims to establish a
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Vietnam: NA passes resolution to implement Pillar 2 global minimum tax
On 29 November 2023, the National Assembly (NA) passed a resolution to implement the Pillar 2 global minimum tax rules. According to this resolution, multinational enterprises with a total consolidated revenue exceeding €750 million (around $800
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Slovenia proposes temporary additional bank tax and corporate income tax rate increase
Slovenia has announced plans to introduce a new 0.2% tax on banks' balance sheets and raise the corporate income tax (CIT) from 19% to 22% to fund measures to support areas affected by the floods of August 2023. The temporary bank tax will be in
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Malaysia: House of representatives passes finance bill (No. 2) 2023, including pillar two
On 28 November 2023, Malaysia’s Dewan Rakyat, also known as the House of Representatives, passed the Finance (No. 2) Bill 2023. Earlier, the House of Representatives, which is the lower house of the Parliament of Malaysia, deliberated the
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Norway to implement global minimum tax
On 24 November 2023, the Norwegian government submitted a draft bill to the parliament to enforce Norway's Pillar 2 global minimum tax rules. On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on implementing the
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Pakistan: FBR issues notification imposing 40% windfall tax on banks
On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and
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Austria: Nationalrat considers bill to implement Pillar 2 global minimum tax
On 24 November 2023, the Austrian lower house of parliament (Nationalrat) approved Bill No. 2322 dB for consideration to ensure Pillar 2 global minimum global taxation for multinational enterprise (MNE) groups and large domestic groups in the
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UAE amends corporate tax law for global minimum tax implementation
On 24 November 2023, the United Arab Emirates released the Federal Decree Law No. 60 of 2023 in the Official Gazette with amendments to selected provisions of Federal Decree-Law No. 47 of 2022 (the Corporate Tax Law). The amendments are made as
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Hungary: Parliament passes pillar two global minimum tax law
On 21 November 2023, the Hungarian Parliament passed legislation to implement the Pillar 2 global minimum tax (GloBE) rules as per the Council Directive (EU) 2022/2523 of 14 December 2022. On 17 October 2023, Hungary’s Ministry of Finance
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