Croatia announces draft law for pillar 2 global minimum tax
Croatia has published a draft legislation for enforcing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. This includes the introduction of the Pillar 2 income inclusion rule (IIR) and the undertaxed
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Czech Republic approves tax reform measures for FY 2024
The Parliament of the Czech Republic approved the Act on the Consolidation of Public Budgets. Most of the proposed amendments are scheduled to take effect from 1 January 2024. Some of the key tax measures are following: The corporate income tax
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Belgium: parliament reviewing draft law for pillar 2 global minimum tax
The Belgian parliament is currently considering the draft bill for implementing the Pillar 2 global minimum tax, as per Council Directive (EU) 2022/2523 of 14 December 2022. The draft bill was submitted to the Parliament on 13 November 2023. The
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Germany: Parliament approves draft bill to implement Pillar 2 global minimum tax
On 10 November 2023, the lower house of parliament (Bundestag) approved legislation to implement EU Council Directive 2022/2523, which aims to establish a global minimum tax rate and introduce other accompanying measures as outlined in resolution
See MoreCroatia announces amendments to profit tax law
On 4 October 2023, Croatia published the Amended Profit Tax Law in the Official Gazette with updated corporate tax rate threshold, withholding tax, tax return and so on. The main changes concerning corporate tax threshold and withholding tax
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Cyprus consents to the Pillar Two QDMTT and the transitional UTPR Safe Harbours
On 30 October 2023, the government of Cyprus released a press release announcing its consent to the design and application of the transitional Undertaxed Profits Rule (UTPR) Safe Harbour and the permanent Qualified Domestic Minimum Top-up Tax
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Lithuania: MoF publishes draft Law on implementation of Pillar 2 Global Minimum Tax
On 27 October 2023, the Lithuanian Ministry of Finance (MoF) published a draft law for the partial implementation of the Pillar 2 global minimum tax in accordance with EU Council Directive 2022/2523 of 14 December 2022. The proposed
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Albania introduces new income tax framework, bringing significant changes from 2024
On 20 September 2023, Albania released Income Tax Instruction No. 26 in the Official Gazette, laying the groundwork for the enforcement of Income Tax Law No. 29/2023. The Income Tax Law No. 8438/1998 was repealed and replaced by Law No. 29/2023,
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Hungary: MOF introduces draft legislation on BEPS 2.0 pillar two to parliament
On 31 October 2023, the Hungarian Ministry of Finance presented the draft legislation to the parliament regarding the implementation of EU Directive 2022/2523 on the global minimum tax. As previously reported, the Ministry of Finance released
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Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation
On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25
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Estonia delays implementation of Pillar 2 global minimum tax
On October 27, 2023, Estonia published a draft legislation to incorporate OECD Pillar 2 rules into its domestic law, aligning with the EU Minimum Tax Directive. The draft does not incorporate provisions regarding income inclusion rule (IIR) and
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Jamaica set to implement Pillar 2 qualified domestic minimum top-up tax
On 31 October 2023, Mrs. Marlene Nembhard-Parker, Deputy Commissioner General, Legal Support Services of Tax Administration Jamaica said that Jamaica plans to introduce a Qualified Domestic Minimum Top-up Tax (QDMTT) under the OECD Pillar 2 Global
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Kuwait set to implement corporate income tax for all entities
According to a recent report, the Kuwaiti government is planning to broaden the scope of corporate income tax to include all entities in Kuwait at a rate of 15%, except for small enterprises. Currently, the CIT is 15% for foreign companies carrying
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Ireland: Government publishes Finance Bill 2023
On 19 October 2023, the Minister for Finance of Ireland, Mr. Michael McGrath presented the Finance (No. 2) Bill 2023 as part of the Irish budget. The Finance Bill implements the taxation changes announced on Budget Day as well as introducing some
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Russia: MoF issues guidance on excess profits tax deduction
On 13 October 2023, the Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-03-06/1/97405 outlining the process for calculating and paying excess profit tax. The letter specifies that taxpayers liable for the excess profit tax have the
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Romania enacts amendments to the Tax Code
On 27 October 2023, Romania published Law No. 296/2023 in the Official Gazette. The law includes fiscal and budgetary measures aimed at securing the long-term financial sustainability of Romania. Starting from 1 November 2023, a standardized tax
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Russia: CBR raises key interest rate to 15%
On 27 October 2023, the Central Bank of Russia (CBR) increased its key interest rate from 13% to 15% to combat rising inflation in the country. Increasing domestic demand is exceeding the capacity to produce goods and services, leading to elevated
See MoreCyprus issues public consultation on draft legislation implementing GloBe rules
On 10 October 2023, the Ministry of Finance introduced a harmonizing bill entitled "Ensuring a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Act of 2023" and invited stakeholders for
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