US: Utah reduces individual and corporate franchise tax rates

March 21, 2024

On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual

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El Salvador offers tax exemption for foreign investments and money transfers

March 15, 2024

On 13 March 2024, the Legislative Assembly of El Salvador announced that it passed reforms to the Income Tax Law. The reforms offer an income tax exemption on foreign investments in the country. In an X (formerly Twitter) post, President Nayib

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Kazakhstan: National Bank lowers the base interest rate to 14.75% 

February 10, 2024

On 22 January 2024, the central bank of Kazakhstan, the National Bank of Kazakhstan, announced in an update that it reduced the base interest rate from 15.25% to 14.75%. The new base interest rate will be effective from 26 February 2024. Previously,

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Belarus offers tax incentives for rural business activities

February 04, 2024

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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Romania announces tax amendments for 2024 

January 25, 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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Kazakhstan: National Bank reduces the base interest rate from January 2024

January 23, 2024

The National Bank of Kazakhstan, or Kazakhstan's central bank, announced that it had reduced the annual base interest rate from 15.75% to 15.25%. The new base interest rate will be effective from 22 January 2024. The interest rate holds

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Poland releases 2024 thresholds for corporate tax rate and simplified flat-rate tax

January 23, 2024

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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Zambia enacts tax amendments outlined in the budget 2024

January 15, 2024

On 22 December 2023, Zambia took a significant step in reshaping its fiscal landscape by enacting various amendment acts to implement the 2024 budget tax changes. The key highlights of these tax measures include: Income Tax Adjustments:

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Belarus releases guide on tax changes for 2024

December 31, 2023

On 27 December 2023, the Belarus Ministry of Taxes and Duties published a guidance concerning various tax changes for 2024. The tax changes were introduced through Law No. 327-Z of 27 December 2023 as published in the Official Gazette. The main

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Italy: 2024 budget law includes new tax credit and exemption for capital gains 

December 31, 2023

On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by

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Netherlands announces major tax amendments for 2024

December 21, 2023

The Dutch Ministry of Finance released an overview of the most important tax amendments for 2024. These changes pertain to the Tax Plan for 2024, which the Dutch Senate approved on 19 December 2023. The key explanations and measures include:

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Netherlands: Parliament passes tax plan for 2024 and pillar 2 global minimum tax

December 20, 2023

On 19 December 2023, the Dutch Senate (upper house of parliament) passed the Tax Plan for 2024, which includes the Pillar 2 global minimum tax and other tax measures.  On 27 October 2023, the House of Representatives (lower house) approved the Tax

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Kazakhstan announces amendments to its tax laws 

December 13, 2023

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

December 12, 2023

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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Portugal: Government presents 2024 draft budget bill to the Parliament

October 18, 2023

On 10 October 2023, the government of Portugal presented the draft Budget Bill for 2024 to the parliament. The budget includes changes in corporate income tax, personal income tax, and indirect taxation. The key tax measures of the budget are as

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Greece publishes draft Budget for 2024

October 16, 2023

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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Sweden proposes the budget bill for 2024

September 28, 2023

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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China extends 15% tax rate to encourage pollution control

September 06, 2023

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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