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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Iceland announces personal income tax and corporate tax changes for 2024
The Iceland Revenue and Customs has released the key rates and amounts for 2024, which provides individual income tax changes in 2024. The key changes in the monthly brackets and rates involving personal income taxes are as follows: Income
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US issues revised report on international tax proposals addressing profit shifting pillars 1 and 2
On 31 January 2024, the U.S. Congressional Research Services (CRS) published the revised "In Focus" report on International Tax Proposals Addressing Profit Shifting: Pillars 1 and 2. On June 5, 2021, finance ministers of the Group of 7 (G7)
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Latvia approves draft law to partially enact pillar 2 global minimum tax
On 30 January 2024, the Latvian Cabinet of Ministers passed a draft legislation, Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups, for the partial implementation of the Pillar 2 global minimum tax (GloBE) rules in accordance
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India: CBDT issues circular explaining tax provisions under Finance Act 2023
On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, "This circular elucidates the essence of
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Ecuador: SRI imposes monthly self-withholding for large taxpayers
On 12 January 2024, Ecuador's Internal Revenue Service (SRI) released Resolution No. NAC-DGERCGC24-00000003. This resolution outlines the withholding tax rates for various economic activities under the newly introduced monthly self-withholding
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Slovenia implements temporary tax increases, new measures for financial recovery
As previously reported, Slovenia introduced a new Act on reconstruction, development, and provision of financial resources (referred to as " Act on the Reconstruction, Development and Provision of Financial Resources"). The Act implements a
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Romania announces tax amendments for 2024
Romania has implemented various tax amendments for 2024 that include new turnover taxes, VAT rate changes, and mandatory electronic invoicing. These tax changes are: A new regulation that imposes a 1% minimum turnover tax on companies with
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Kenya raises fringe benefit tax and non-resident loan interest rates
On 22 January 2024, the Kenya Revenue Authority released a notice related to the market interest rate for fringe benefit tax purposes and the deemed interest rate for non-resident loans for January, February, and March 2024. The market interest
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Poland releases 2024 thresholds for corporate tax rate and simplified flat-rate tax
Poland has released the thresholds for reduced corporate tax rates, simplified flat-rate tax, and investment incentive deductions for 2024. These thresholds apply to specific schemes and are aimed to benefit small taxpayers. The main details
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Italy enforces pillar two global minimum tax
On 28 December 2023, Italy published the Legislative Decree n. 209 dated 27 December 2023 in the Official Journal. The Decree announces the implementation of the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022) in
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Slovakia parliament passes law to implement pillar two global minimum tax
On 8 December 2023, the Slovak Parliament approved legislation to enforce a top-up tax to ensure minimum taxation for large local entities and multinational groups. The legislation aligns with the OECD Pillar Two and the EU global minimum tax
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Greece reveals draft law on Pillar 2 global minimum tax for multinationals
On 9 January 2024, Greece's Ministry of Economy and Finance declared the presentation of a draft law to the cabinet for integrating the Pillar 2 global minimum tax according to Council Directive (EU) 2022/2523 of 14 December 2022. The draft law
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Australia: ATO plans draft taxation ruling on royalties
On 17 January 2024, the Australian Taxation Office (ATO) announced that it started consultation on a new Draft Taxation Ruling TR 2024/D1 Income tax: royalties - character of payments in respect of software and intellectual property rights. The new
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