Slovak Republic: Parliament considers corporate tax rate cuts, extension of loss carryforward period
The Slovak Parliament is reviewing proposed bills to lower corporate tax rates and extension of the loss carryforward limit in the country. One of the draft bills advocate reducing the corporate tax rate to 16% from the standard rate of 21% and
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Chile to cut SME tax rates from 2025 to 2028
Chile's Chamber of Deputies is reviewing a proposal from 22 January 2025 to temporarily reduce the corporate tax rate for qualifying SMEs under the Pro Pyme regime. The proposal includes a 12.5% rate for 2025–2027 and 15% for 2028. Earlier,
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Thailand: Cabinet approves lower corporate tax for special economic zones
Thailand's cabinet has approved a proposal to reduce the corporate income tax rate to 10% for profits generated by targeted businesses in the country's special economic zones. The reduced rate applies for 10 consecutive accounting periods. To
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Portugal gazettes Budget Law for 2025, reduces corporate tax rate
Portugal’s Official Gazette published Law No. 45-A/2023 on 31 December 2024, which approves the Budget for 2025. Effective from 1 January 2025, the standard corporate tax rate decreased from 21% to 20%, and reduced the rate for SMEs on the first
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Algeria gazettes Finance Law 2025, introduces amendments to CIT and VAT
Algeria’s Ministry of Finance published the Finance Law 2025 in the Official Gazette on 26 December 2024, providing amendments for corporate taxation and VAT amongst various direct and indirect taxation policies. Corporate income tax The
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Russia introduces reduced corporate income tax rate for electronics manufacturers
Russian companies manufacturing equipment for electronic components and radio-electronic products will benefit from a reduced 8% corporate income tax rate starting 1 January 2025. This tax incentive is part of government Resolution No. 1848,
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Ukraine raises tax on banks, financial institutions
Ukraine has signed Law 4015-IX (The Law on Amendments to the Tax Code of Ukraine and Other Laws of Ukraine to Ensure the Balance of Budget Revenues during Martial Law) into law on 28 November 2024. One key provision of this new law is the increased
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Turkey reduces corporate tax exemption rate on asset sales
Turkey's government issued Presidential Decision No. 9160 on 27 November 2024, reducing the exemption rate for corporate income tax on gains derived from the sale of certain assets. Presidential Decision No. 9160 came into effect on the day it
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Poland announces 2025 investment incentives, thresholds for reduced corporate tax and VAT
Poland has announced new thresholds for various tax regimes for small taxpayers in 2025. These include a reduced corporate tax rate, an investment incentive deduction, a simplified VAT regime, and a flat-rate tax. The new thresholds for reduced
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US lowers tax interest rates for Q1 2025
The US Internal Revenue Service (IRS) announced in release IR-2024-290 on 18 November 2024 that interest rates will decrease for the calendar quarter beginning 1 January 2025. For individuals, the rate for overpayments and underpayments will be
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Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies
Philippine President Ferdinand Marcos Jr. enacted the law “Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act” on 11 November 2024, reducing corporate income tax rates
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Philippines offers tax incentives to British investors under CREATE Act
The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
See MoreSlovak Republic gazettes bill amending corporate tax and VAT, and bill introducing financial transaction tax
The Slovak Republic has gazetted the bill that amends various tax laws, including corporate tax and VAT rate changes, and the bill enacting the financial transaction tax. The bills are aimed at improving the country’s public finances. The
See MorePortugal proposes several VAT measures in draft state budget law 2025
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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Slovak Republic approves corporate tax and VAT rate changes, introduces financial transaction tax
The Slovak Republic government enacted a bill on 18 October 2024 to improve the state’s public finances by amending several tax measures and introducing a new financial transaction tax. Corporate tax rates The corporate tax rate has been
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Portugal proposed reduced corporate tax rates in draft 2025 budget law
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
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Hong Kong lowers interest rate on tax reserve certificates
The Inland Revenue Department of Hong Kong announced, on 4 October 2024, that starting from 7 October 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.8000% against the current rate of 0.8833%, i.e. the new rate
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Slovak Republic approves draft bill with tax measures
The Slovak Republic government approved a draft legislation on 18 September 2024 amending various tax measures to consolidate the country's public finances. Taxation of high-income groups: The main changes include increased special levies for
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