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
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Argentina 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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UK: HMRC clarifies changing filing member for Pillar Two top-up taxes account
The UK tax authority, HM Revenue & Customs (HMRC), has published guidance on a service for replacing the filing member for a Pillar Two top-up taxes account on 20 November 2024. Guidance- Replace the filing member for a Pillar Two top-up
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Spain: Parliament extends windfall tax on banks, reintroduces loss restrictions
The Spanish lower house of parliament (Congress of Deputies) approved a new fiscal package that includes a three-year extension of the windfall tax on banks on 21 November 2024. The tax, previously set at a flat rate of 4.8%, will now follow a
See MoreUK: HMRC issues guidance on paying pillar 2 top-up taxes
The UK His Majesty's Revenue and Customs (HMRC) released guidance on how and when to pay the Pillar 2 top-up taxes, covering both domestic top-up tax and multinational top-up tax, on 20 November 2024. When to pay Payments must be made no later
See MoreSpain: Lower house of parliament passes global minimum tax bill
The Spanish lower house of parliament (Congress of Deputies) passed the draft bill on 21 November 2024, for implementing the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. The bill now awaits
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Estonia proposes 2% corporate tax for resident firms, permanent establishments
In September 2024, Estonia's Ministry of Finance announced a temporary 2% corporate tax rate for tax resident companies and permanent establishments of non-resident companies. The draft bill is undergoing the second of three readings in the
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Portugal: Pillar Two Directive enters into force
Portugal has published Law No. 41/2024 in the Official Gazette on 8 November 2024, transposing the Pillar Two Directive into law. The law received Presidential Approval on 30 October 2024, and will take effect starting 9 November
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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 MoreSpain to abolish energy sector windfall tax while extending tax on banks
The Spanish government is reportedly set to finalise an agreement that will terminate the windfall tax on the energy sector and extend the windfall tax on the banking sector. Earlier, the Spanish government has issued the “Law 38/2022” which
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