French updates notification form for CbC reporting, Pillar Two global minimum tax
The French tax authorities introduced a Form n°2065-INT-SD intended for entities subject to the French Pillar Two law on 24 January 2025. The form was previously used to submit the Country-by-Country (CbC) reporting notification alongside the
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Argentina announces special PAIS tax refund process
Argentina’s Customs Collection and Control Agency (ARCA) issued General Resolution 5638/25 on 17 January 2025, which introduced a procedure for returning balances of the PAIS tax. Agents responsible for collecting and liquidating the PAIS tax
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Spain ends temporary energy tax in 2025
Spain has issued the Resolution of 22 January 2025 in the Official Gazette on 23 January 2025, repealing the Royal Decree-Law 10/2024 of 23 December 2024 which established a temporary energy levy targeting major energy companies. Earlier, Spain
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Azerbaijan amends tax code: Cuts branch profit tax, introduces new corporate tax and VAT exemptions
Azerbaijan has approved several amendments to the Azerbaijan Tax Code on 27 December 2024. Key amendments include a reduction of branch profit tax rate, new corporate income tax exemptions, and revised transfer pricing penalties. Reduction of
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Indonesia introduces regulations for Pillar Two global minimum tax
Indonesia's Ministry of Finance has introduced Regulation No. 136 of 2024, implementing Pillar Two global minimum tax rules in the country. The regulations apply to MNE groups with annual consolidated revenue of at least EUR 750 million in two of
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Italy outlines state budget for 2025, lowers corporate tax for reinvestmentÂ
Italy has enacted Law No. 207 of 30 December 2024, outlining the 2025 State Budget along with the multi-year financial plan for 2025-2027. The law was published in the Official Gazette on 31 December 2024 and took effect on 1 January 2025. The
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Luxembourg gazettes bill amending global minimum taxation law
Luxembourg has published a Grand-Ducal Regulation in the Official Gazette on 23 December 2024, outlining the application of tax credits under the Law of 22 December 2023. This law ensures minimum effective taxation for multinational and large
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Lithuania: Government proposes tax incentives to boost economic growth, reduce income inequality
The Lithuanian government has introduced new tax proposals focused on economic growth and equality in the tax system on 12 December 2024. The proposals include tax incentives for investment in advanced production technologies and green energy.
See MoreSpain implements temporary energy tax for 2025, targets major energy companies
Spain has published the Royal Decree-Law 10/2024 of December 23, 2024 in the Official Gazette on 24 December 2024, establishing a temporary energy levy which targets major energy companies in 2025. The levy is set at 1.2% on the net turnover from
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Singapore gazettes minimum tax law, regulations
Singapore announced the publication of the Multinational Enterprise (Minimum Tax) Act 2024 and the Multinational Enterprise (Minimum Tax) Regulations 2024 in its Official Gazette on 30 December 2024. The Multinational Enterprise (Minimum Tax) Act
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Malaysia Gazettes Finance Act, Labuan Business Activity Tax (Amendment) (No. 2) Act 2024
Malaysia published the Finance Act 2024 (Act No. 862) and Labuan Business Activity Tax (Amendment) (No. 2) Act 2024 in the Official Gazette on 31 December 2024. Measures include amendments to income tax, global minimum tax, real property gains tax,
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Oman gazettes Domestic Minimum Top-up Tax, Income Inclusion Rule
Oman issued Royal Decree No. 70/2024 in the Official Gazette on 5 January 2025 introducing Domestic Minimum Top-up Tax and Income Inclusion Rule (IIR). Earlier, the Oman Tax Authority confirmed that a Royal Decree issued which implements a
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Pakistan promulgates Income Tax (Amendment) Ordinance 2024, increases corporate tax rate on banks
President Asif Ali Zardari has enacted the Income Tax (Amendment) Ordinance 2024 on 28 December, which establishes new corporate tax rates for banks. Under the ordinance, banks will face a 44% tax rate for the 2025 tax year (from 39%), gradually
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South Africa gazettes Global Minimum Tax Act
South Africa published the Global Minimum Tax Act, 2024 (the GMT Act), in the Official Gazette on 24 December 2024. The legislation introduces two main components: an Income Inclusion Rule and a Domestic Minimum Top-up Tax, while notably
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Australia: ATO updates guidance on global and domestic minimum tax
The Australian Taxation Office has updated the guidance on the Global and Domestic Minimum Tax on 23 December 2024. This includes the subordinate legislation which outlines detailed computational rules under the Taxation (Multinational—Global and
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Thailand introduces Pillar Two top-up tax for MNEs
Thailand's Revenue Department has announced the publication of the Emergency Decree on Top-up Tax B.E. 2567 (2024) in the Official Gazette on 26 December 2024,introducing the implementation of a domestic minimum top-up tax for MNE groups with a
See MoreSingapore: IRAS publishes new guidance on MNE top-up tax, domestic top-up tax
The Inland Revenue Authority of Singapore (IRAS) has released a new e-Tax Guide on the Multinational Enterprise (MNE) Top-up Tax (MTT) and Domestic Top-up Tax (DTT) on 31 December 2024. This e-Tax guide sets out the key parameters of the MTT and
See MoreOman introduces Domestic Minimum Top-Up Tax for MNEs
The Oman Tax Authority has confirmed that a Royal Decree has been issued which implements a domestic minimum top-up tax, with a minimum effective tax rate of 15%, for multinational enterprise (MNE) groups in Oman, provided that these groups
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