India: CBDT issues circular explaining tax provisions under Finance Act 2023
On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, "This circular elucidates the essence of
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Slovenia implements temporary tax increases, new measures for financial recovery
As previously reported, Slovenia introduced a new Act on reconstruction, development, and provision of financial resources (referred to as " Act on the Reconstruction, Development and Provision of Financial Resources"). The Act implements a
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Romania announces tax amendments for 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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Greece reveals draft law on Pillar 2 global minimum tax for multinationals
On 9 January 2024, Greece's Ministry of Economy and Finance declared the presentation of a draft law to the cabinet for integrating the Pillar 2 global minimum tax according to Council Directive (EU) 2022/2523 of 14 December 2022. The draft law
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Kazakhstan broadens special retail tax regime qualifying activities
On 12 January 2024, Kazakhstan's State Revenue Committee released the Government Decree No. 1240 of 29 December 2023. The Government Decree came into effect on 15 January 2024. This Decree of the government outlines the types of activities for
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France enacts 2024 finance law with global minimum tax rules
On 30 December 2023, France released its Finance Law for 2024 (Law no. 2023-1322) in the Official Gazette, along with the Constitutional Court's review, affirming the constitutionality of key tax measures. A major highlight is the implementation of
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Vietnam proposes investment support fund to counter global minimum tax impact on foreign firms
Vietnam's Ministry of Planning and Investment has responded to the OECD's Global Minimum Tax initiative by proposing a draft decree to establish an Investment Support Fund. This initiative comes after the passage of top-up tax legislation in late
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South Korea introduces pillar 2 GMT measures and international tax response team
On 4 January 2024, South Korea’s National Tax Service released the new Pillar 2 global minimum tax (GMT) requirements. The announcement affirms the government’s intention to enforce the global minimum tax requirements from 1 January 2024. It
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Slovenia gazettes law applying Pillar 2 global minimum tax rules
On 21 December 2023, Slovenia released the Minimum Tax Act No.131 of 22 December 2023 through the Official Gazette, outlining the adoption of the Pillar 2 global minimum tax as per the guidelines of Council Directive (EU) 2022/2523. The law
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Germany gazettes law applying Pillar 2 global minimum tax rules
On 27 December 2023, the German Official Gazette released a law enacting EU Council Directive 2022/2523, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large domestic groups within the
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Luxembourg implements pillar two global minimum tax
On 20 December 2023, the Luxembourg Parliament approved Law No 8292 of 22 December 2023 on pillar two global minimum tax. The bill aims to incorporate the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14
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Switzerland to implement pillar 2 global minimum tax in 2024
On 22 December 2023, the Swiss Federal Council published a release in which it confirmed enforcing the Pillar 2 global minimum tax in Switzerland from 1 January 2024. As previously reported, the Federal Council will gradually introduce the global
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Czech Republic: President approves law to enact global minimum tax
On 14 December 2023, according to an update released by the Czech Republic Parliament, President Petr Pavel signed the law to implement the Pillar 2 global minimum tax under the Council Directive (EU) 2022/2523 of 14 December 2022. On 29 December
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Sweden: Parliament approves bill to implement Pillar 2 global minimum tax rules
On 13 December 2023, the Swedish parliament (Riksdag) declared the approval of a bill to implement the Minimum Taxation Directive (2022/2523) into Swedish law ensuring a global minimum tax level for large multinational and domestic groups in the
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Netherlands announces major tax amendments for 2024
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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Denmark gazettes law implementing Pillar 2 global minimum tax
On 13 December 2023, the Denmark Official Gazette published Law No.1535 enacting EU Council Directive 2022/2523 into domestic law, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large
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Austria: Nationalrat approves bill to implement Pillar 2 global minimum tax
On 14 December 2023, the Austrian lower house of parliament (Nationalrat) approved Bill No. 2322 dB on the execution of the Minimum Taxation Directive (2022/2523) to ensuring a global minimum level of taxation for multinational enterprise groups and
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