Vietnam initiates consultation on corporate tax law amendment
On 12 June 2024, the Vietnamese Ministry of Finance (MoF) launched a public consultation on a proposed amendment to the corporate income tax (CIT) law. The key elements of the proposal include: Global Minimum Taxation: Incorporating a 15%
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New Zealand sets deemed rate of return for foreign investment fund interests for 2023-24
On 6 June, 2024, the Inland Revenue Department of New Zealand has declared that the deemed rate of return applicable to the taxation of foreign investment fund interests will be 8.63% for the income year of 2023-24, an increase of 0.48% from the
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Luxembourg approves amendments to Pillar Two tax rules
On 5 June, 2024, the Luxembourg Government Council approved a draft law to amend the Law of 22 December 2023. It introduces the Pillar Two income inclusion rule (IIR) and the undertaxed payment/profit rule (UTPR) in alignment with the Council
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Lithuania: Government approves state defence fund and tax increases
The Lithuanian government has approved a resolution to establish the State Defense Fund, accompanied by several tax increases. The measures, set to take effect on 1 January 2025, include extending the temporary solidarity contribution on banks
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Singapore: IRAS introduces new exchange rate tool for taxpayers
The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations. This tool simplifies the process of calculating average exchange rates for
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Germany seeks feedback on draft global minimum tax return
The German Ministry of Finance published a consultation on draft global minimum tax return on 28 May, 2024. Companies impacted by the global minimum tax (Pillar Two) can now provide their feedback regarding the draft. Germany adopted the global
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Japan clarifies global minimum tax rules with new guidance
Japan's National Tax Agency has released an explanation of its administrative guidance related to the Income Inclusion Rule (J-IIR), part of the country's 2023 tax reform measures to implement Pillar Two global minimum tax. The J-IIR ensures
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Turkey is in the final stages of adopting the Pillar Two global minimum tax
Turkey is in the final stages of adopting the Pillar Two global minimum tax, according to a report published in Anadolu Agency, a state-owned Turkish news agency. Mehmet Şimşek, Treasury and Finance Minister, emphasised the significance of
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UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
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Singapore: IRAS provides direction on GloBE rules and domestic top-up tax implementation
The Inland Revenue Authority of Singapore (IRAS) has released directives regarding the Global Anti-Base Erosion (GloBE) Rules and Domestic Top-up Tax (DTT). As outlined in Budget 2024, Singapore will adopt the GloBE Income Inclusion Rule (IIR)
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Estonia aligns tax laws with EU directives
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union
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Austria proposes tax breaks for startups and SMEs
The Ministry of Finance has released the draft Tax Amendment Act 2024 for public feedback. This proposed legislation seeks to modify Austrian tax laws to comply with EU standards while offering assistance to small and medium-sized enterprises and
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Denmark proposes tax reform to align with global standards
Denmark's parliament is considering a draft law L 186 in order to strengthen the country's minimum tax regime and align it with international standards. The proposal, submitted by the Tax Ministry on 30 April, 2024, aims to ensure full compliance
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Japan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
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South Korea issues guidance on amendments to GloBE pillar two rules
On 27 February 2024, South Korea’s Ministry of Economy and Finance (MOEF) announced regulations concerning modifications to Pillar Two global minimum tax rules enacted as part of the 2023 tax reform legislation. The rules will take effect on 22
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Greece: Parliament passes law implementing pillar 2 global minimum tax
On 2 April 2024, the Greek parliament approved a new law that includes provisions for adopting Council Directive (EU) 2022/2523 into Greek legislation. This directive, known as the "EU Pillar Two directive," is designed to establish a universal
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Ireland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The details of these provisions are included in the Finance (No. 2) Act 2023. The two enhancements are:
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