Korea (Rep.): National Assembly passes 2024 Tax Law Amendment Bill
The South Korean National Assembly approved the 2024 Tax Law Amendment Bill on 10 December 2024. The amendments will affect various tax regulations which include: Deferral of Crypto Gains Tax The bill introduces a two-year deferral on the
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Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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Germany: MoF issues final decree on anti-hybrid rules
The German Ministry of Finance (MoF)Â released the final decree on the application of Germany's anti-hybrid rules on 5 December 2024, providing clarifications over the draft version published in 2023. The decree addresses how foreign controlled
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Greece announces new tax rules for venture capital mutual funds (AKES funds)
Greece’s Law 5162/2024 introduces amendments to the taxation framework for venture capital mutual funds governed by Law 2992/2002, known as AKES funds. New tax rules for venture capital mutual funds (AKES funds) AKES funds established on 1
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Argentina extends PAIS tax payment deadline
Argentina’s tax authority (ARCA) has extends the payment deadline for the solidarity tax (PAIS), published in General Resolution No. 5615/2024 in the Official Gazette on 13 December 2024. The new deadline is now set for 26 December 2024 and
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Thailand: Cabinet approves draft law for Pillar Two Global Minimum Tax
The Thai Cabinet approved a draft law to introduce the Pillar Two global minimum tax on 11 December 2024 which will implement a 15% global minimum tax on qualifying multinational enterprise (MNE) groups starting from January 2025. Finance
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Kenya enacts Tax Laws (Amendment) Bill, Tax Procedures (Amendment) (No.2) Bill 2024
Kenya’s President William Ruto has signed the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill 2024 into law on 11 December 2024. Key provisions of the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill
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US: Louisiana adopts flat income tax rates, ends corporation franchise tax
The Governor of Louisiana signed multiple tax reform bills into law on 4 December 2024, marking a significant tax reform in the state. The state is determined to eliminate uncompetitive taxes like the franchise and inventory taxes, and broaden tax
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Spain consults draft global minimum tax bill
Spain's General Directorate of Taxes has launched a public consultation on draft regulations designed to implement a complementary tax ensuring a global minimum tax for multinational enterprises (MNEs) and large domestic groups on 3 December
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France gazettes Decree implementing Pillar Two global minimum tax
France has issued Decree No. 2024-1126 on 4 December 2024 in the Official Gazette, which sets out the regulations for implementing the Pillar Two global minimum tax (GloBE) rules as part of the Finance Law for 2024 (Law No. 2023-1322 of 29 December
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Kuwait to introduce 15% corporate tax from January 2025
Kuwait's Ministry of Finance is deciding on a draft law that will impose a 15% corporate income tax on all companies operating in the country, effective 1 January 2025. This tax will apply to both local and multinational companies, with the
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Azerbaijan proposes lowering branch profit tax
Azerbaijan has proposed lowering the branch profits tax rate by amending its Tax Code. If approved, the profit tax will be reduced to 5%, effective from 1 January 2025. Presently, the profit tax for enterprises is 20%. Non-resident legal
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Bulgaria: Parliament considers corporate tax amendments to implement GloBE rules, extend certain tax exemptions
Bulgaria’s Council of Ministers has submitted a proposal to parliament for amendments to the Corporate Income Tax Act, focusing on refining Global Anti-Base Erosion (GloBE) rules and extending regional tax relief measures on 2 December
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India scraps windfall tax on fuel and crude oil domestic production, exports
India's Central Board of Indirect Tax and Customs (CBITC) has issued Notification 29/2024 on 2 December 2024, which repeals the previous directives related to implementing the Special Additional Excise Duty (windfall tax) on the domestic production
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Hungary scraps several windfall taxes on profits, adjusts and extends others
Hungary issued the Government Decree 356/2024 in the Official Gazette on 21 November 2024, amending Government Decree 197/2022 on temporary windfall taxes on additional profits. The Decree also scraps some windfall taxes while modifies and extends
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Singapore enacts Multinational Enterprise (Minimum Tax) Act, Income Tax (Amendment) Act
Singapore has enacted two tax laws, Income Tax (Amendment) Act 2024 and Multinational Enterprise (Minimum Tax) Act 2024, with the aim to align with global tax standards, enhance business competitiveness, and introduce targeted incentives for
See MoreArgentina scraps advance PAIS tax on imports
Argentina’s tax authority (ARCA) has announced that it eliminated the 95% advance payments of the PAIS tax (Impuesto Para una Argentina Inclusiva y Solidaria) on foreign currency purchases for imports, effective 25 November 2024. This is
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IMF urges Malta to align fiscal and tax policies with EU’s global minimum tax directive
The International Monetary Fund (IMF) has called on the Maltese government to develop a clear plan aligned with the European Union's Pillar Two Global Minimum Tax Directive, providing taxpayers with certainty and guidance. According to the
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