Ecuador introduces tax reform bill aimed at boosting foreign investment
On 28 November 2023, newly elected President of Ecuador, Mr. Daniel Noboa proposed a tax reform bill designed to attract foreign investment and boost the economy. The key proposals of the bill are as follows: The special economic development
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Russia: MOF publishes tax policy plans for 2024
On 2 November 2023, the Ministry of Finance in Russia released a statement regarding the tax policy proposals announced by State Secretary and Deputy Minister of Finance, Alexey Sazanov, during a recent event hosted by the B1 company. The statement
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Mexico raises WHT rate on interest paid by financial institutions for FY 2024
On 13 November 2023, Mexico published the Federal Revenue Law for 2024 in the Official Gazette. Accordingly, Mexico increased the withholding tax (WHT) rate on interest payments made by financial institutions from 0.15% to 0.50% for fiscal year (FY)
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Albania introduces new income tax framework, bringing significant changes from 2024
On 20 September 2023, Albania released Income Tax Instruction No. 26 in the Official Gazette, laying the groundwork for the enforcement of Income Tax Law No. 29/2023. The Income Tax Law No. 8438/1998 was repealed and replaced by Law No. 29/2023,
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Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation
On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25
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Saudi Arabia: ZATCA releases proposed amendments to the income tax law
On 25 September 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) released proposed amendments to the Income Tax Law for public consultation. The proposed amendments to the Income Tax Law primarily focus on the withholding tax applied
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Saudi Arabia decreases withholding tax rate on technical and consulting services
On 15 September 2023, Saudi Arabia published Decision No. (25) of 8/01/1445H (26 July 2023) in the Official Gazette. The Decision came into force on the same date of its publication. One of the main changes of the Decision was decreasing the
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South Africa: SARS updates guidance on tax rates, duties and levies
On 24 August 2023, the South African Revenue Service (SARS) issued a latest guide for tax rates, duties and levies (Issue 16). The latest version of the SARS guide for tax rates, duties, levies include following: Corporate tax
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Brazil gazettes provisional measure for the taxation of investments in investment funds
On 28 August 2023, Brazil published Provisional Measure No. 1,184 (MP) outlining the taxation of investment funds in Brazil and introducing a periodic taxation approach for both closed-end and exclusive funds. Key proposals under the MP are
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Peru shifts from LIBOR to SOFR for lower withholding tax on nonresident interest
On 29 June 2023, Peru published Supreme Decree 137-2023 in the Official Gazette for the adoption of the Secured Overnight Financing Rate (SOFR) to replace the London Interbank Offered Rate (LIBOR). The Decree came into force on 30 June 2023. This
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Tanzania: Finance Minister presents Budget for 2023/24 to the Parliament
On 15 June 2023, the Finance Minister presents the Budget for 2023/24 to the Parliament providing a comprehensive overview of the tax and associated measures, as well as the suggested priorities and changes for various sectors. The main tax
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Russia suspends DTAs with 38 unfriendly countries
The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail
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Brazil publishes law reducing WHT rate on cross-border payments
On 28 February 2023, the government of Brazil has published Law no. 14,537, which reduces the withholding tax rates for cross-border payments related to travel to foreign individuals or entities residing or having their registered offices
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Turkey sets 0% withholding tax on share buyback
On 14 February 2023, Turkey published Decision No. 6791 in the Official Gazette, which sets 0% (reduced from 15%) withholding tax rate for fully liable capital companies acquiring their own shares or partnership shares (buyback shares). The Decision
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Finland publishes withholding tax rate for 2023
On 20 December 2022, the Finnish Tax Administration published the withholding tax rates table on dividends, investment fund profit shares and royalties from Finland to non-residents. The tax to be withheld at source, by countries of residence (of
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Sri Lanka removes concessionary tax rates and several exemptions
On 19 December 2022, the Inland Revenue Department (IRD) has published the Inland Revenue (Amendment) Act No. 45 of 2022. The IRD has also issued notices to taxpayers regarding significant tax changes. The changes are effective from 1 January
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Colombia: Congress enacts tax reform law
On 13 December 2022, the Colombian Congress approved Law 2277 of 2022 (tax reform law) which contains changes in the current tax regime. The main tax measures of the Tax Reform Bill are as follows: Corporate Income Tax (CIT) Although the
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Colombia: Congress approved Tax Reform Bill in the first debate
On 6 October 2022, the Colombian Congress approved Tax Reform Bill in the first debate. The Bill was presented to Congress on 8 August 2022. After the final approval of the Bill, the changes will become effective as of 1 January 2023. The main tax
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