Latvia presents proposed tax measures for the 2024 budget
On 26 September 2023, the Latvian Ministry of Finance released an official statement announcing that the Cabinet of Ministers has reviewed an informative report on developing the National Tax Policy Guidelines for 2024-2027. The report includes
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Austria: MoF publishes draft law implementing Pillar Two global minimum tax
On 3 October 2023, the Austrian Ministry of Finance (MoF) published a draft law implementing the Pillar Two global minimum tax as per the Council Directive (EU) 2022/2523 of 14 December 2022. The draft law is open for public consultation which will
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Saudi Arabia: ZATCA releases proposed amendments to the income tax law
On 25 September 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) released proposed amendments to the Income Tax Law for public consultation. The proposed amendments to the Income Tax Law primarily focus on the withholding tax applied
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Bulgaria launches public consultation to implement Pillar 2 global minimum tax
On 26 September 2023, the Bulgarian Ministry of Finance released a draft law for the implementation of the Pillar 2 global minimum tax rule in accordance with EU Council Directive 2022/2523 of 14 December 2022. The draft law is currently subject
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Sweden proposes the budget bill for 2024
On 20 September 2023, the Swedish Government presented the budget bill for 2024 to the Swedish parliament. The government is facing a number of challenges, including high inflation, a recession, and a difficult security environment. The government
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North Macedonia introduces one-time solidarity profit tax for FY 2023
In a recent announcement, the North Macedonian Public Revenue Administration has declared the enactment of one-time solidarity tax law, published in the Official Gazette on 25 September 2023. Key Details: Threshold: The one-time solidarity
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Netherlands: Government presents Tax Plan for FY 2024
On 19 September 2023, Mr. Marnix van Rij, the State Secretary for Tax Affairs and the Tax Administration presented the 2024 Tax Plan to the House of Representatives. The package contains essential tax measures for society and the tax system. These
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Lithuania takes steps to implement Pillar 2 global minimum tax
On 8 September 2023, the Ministry of Finance arranged a meeting with stakeholders to discuss the transposition of Pillar 2 global minimum requirements into Lithuanian law. As per an announcement during the meeting, Lithuania intends to delay the
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Saudi Arabia decreases withholding tax rate on technical and consulting services
On 15 September 2023, Saudi Arabia published Decision No. (25) of 8/01/1445H (26 July 2023) in the Official Gazette. The Decision came into force on the same date of its publication. One of the main changes of the Decision was decreasing the
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Italy launches public consultation to implement global minimum tax rules
On 11 September 2023, the Italian Ministry of Economy and Finance released a draft law for the implementation of the Global Minimum Tax rule in accordance with EU Council Directive 2022/2523 of 14 December 2022. The draft law is currently
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UAE will not implement global minimum tax rule before 2025
On 13 September 2023, the UAE Ministry of Finance (MoF), in cooperation with the Organisation for Economic Co-operation and Development (OECD), hosted the Pillar Two Regional Forum, related to the Global Minimum Tax of Base Erosion and Profit
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Sweden: MoF issues draft bill to implement Pillar 2 global minimum tax
On 31 August 2023, the Swedish Ministry of Finance (MoF) released a draft bill for the implementation of the Pillar 2 global minimum tax rule in accordance with EU Council Directive 2022/2523 of 14 December 2022. The proposal seeks to establish
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Kazakhstan’s Tax Overhaul: What Foreign Investors Need to Know About the Upcoming Reforms
On 1 September 2023, President Tokaev addressed the nation and announced a number of important tax policy considerations. To achieve its economic goals, including modernization and diversification of the economy, Kazakhstan should adjust its tax
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South Africa: SARS updates guidance on tax rates, duties and levies
On 24 August 2023, the South African Revenue Service (SARS) issued a latest guide for tax rates, duties and levies (Issue 16). The latest version of the SARS guide for tax rates, duties, levies include following: Corporate tax
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Brazil gazettes provisional measure for the taxation of investments in investment funds
On 28 August 2023, Brazil published Provisional Measure No. 1,184 (MP) outlining the taxation of investment funds in Brazil and introducing a periodic taxation approach for both closed-end and exclusive funds. Key proposals under the MP are
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China extends 15% tax rate to encourage pollution control
On 24 August 2023, China's Ministry of Finance, State Administration of Taxation, National Development and Reform Commission, and Ministry of Ecology and Environment have collaboratively issued Announcement No. 38 of 2023. According to this
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Ukraine proposes windfall tax on banks in draft bill
On 28 August 2023, the Ukrainian Committee on Finance, Taxation and Customs Policy submitted a draft bill to the Parliament, suggesting the implementation of a 5% windfall tax on banks' net interest income. This windfall tax will be effective
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Czech Republic releases draft Global Minimum Tax Act
On 30 August 2023, the Czech Ministry of Finance has released a statement regarding the introduction of a draft law to implement the Pillar 2 global minimum tax rule, in accordance with Council Directive (EU) 2022/2523 of 14 December 2022. Key
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