Greece publishes draft Budget for 2024
On 2 October 2023, Greece submitted the 2024 draft budget to the parliament, which encompasses the following proposed modifications: The draft budget proposes raising the tax credit by EUR 1,000 for individuals who have one or more dependent
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Italy amends windfall tax law for banks
On 5 October 2023, the Italian Parliament passed the amended Law No. 136, which converts into law Decree-Law No. 104 of 10 August 2023 to introduce Windfall tax for Italian banks and Italian branches of foreign banks. The amendments include
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Denmark: MoF issues draft bill to implement Pillar 2 global minimum tax
On 4 October 2023, the Danish Ministry of Finance (MoF) issued 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 a
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Romania releases draft law on global minimum tax rule
On 4 October 2023, the Ministry of Public Finance in Romania opened a public consultation on a draft law and explanatory note for implementing the Pillar 2 global minimum tax as per the Council Directive (EU) 2022/2523 of 14 December 2022. The
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Japan: NTA publishes explanative guidance on global minimum tax
On 29 September 2023, the Japanese National Tax Agency (NTA) issued guidance on the income inclusion rule (IIR) under the OECD pillar two model which was introduced as part of the 2023 tax measures. The guidance explains how companies can use the de
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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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