India: CBDT passes finance act 2024 with limited tax provisions
The Central Board of Direct Taxes (CBDT) in India has released the Finance Act 2024, passed on 15 February 2024, to execute the provisions of the Union Budget for 2024-2025. The finance Act includes the following key tax measures: The criteria
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Germany: MOF issues draft guidance on anti-tax avoidance measures
On 30 November 2023, the German Ministry of Finance (MoF) issued draft guidance on anti-tax avoidance measures targeting non-cooperative jurisdictions. This follows the 2021 Tax Haven Defense Act, responding to EU guidelines against harmful tax
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Bulgaria officially approves budget Act 2023
Bulgaria has passed the amendments to the draft Budget Act 2023, which aim to protect wages and social security benefits. The government plans to reduce spending to combat inflation and strengthen the economy, but will not raise taxes. The key tax
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Egypt publishes income tax amendment law
On 15 June 2023, the Egyptian Tax Authority published Law No. 30 of 2023 in the Official Gazette amending some provisions of the Income Tax Law No. 91 of 2005. The Law entered into force on 16 June 2023. The key amendments to the Income Tax Law are
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France issues ruling on withholding tax applicable to dividend equivalent payments
On 24 February 2023, the French tax authority released two rulings related to the levy of dividend withholding tax on payments to non-residents for financial transactions that are deemed to be equivalent to dividends. In the first ruling, it is
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New Zealand: Finance and Expenditure Committee proposes additional measures to the taxation bill
On 2 March 2023, the Finance and Expenditure Select Committee submitted a report to Parliament on the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2), introduced on 8 September 2022. The committee has
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Sri Lanka: IRD clarifies amendment to dividend taxation
20 January 2023, the Sri Lankan Inland Revenue Department (IRD) published a notice regarding changes in the taxation of dividends. As the National Budget of 2023 presented and passed in Parliament, following proposals specified under item No.1.3 of
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Belarus issues law on various tax amendment
On 4 January 2023, Belarus published Law No. 230-Z in the Official Gazette amending various tax measures. The following are the key amendments to the tax code: From 1 January 2023, the deadline for submitting transfer pricing documentation to
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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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Kazakhstan clarifies tax exemption criteria for dividends from listed securities
Kazakhstan clarifies tax exemption criteria for dividends from listed securities 7 Dec 2022 On 17 November 2022, the Government of Kazakhstan issued Resolution No. 911 clarifying tax exemption criteria for dividends from listed securities. The
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Kazakhstan explains amendments to the taxation of dividends
On 11 November 2022, the State Revenue Committee of Kazakhstan issued a press release regarding amendments to the taxation of dividends with effect from 1 January 2023. The amendments are made according to the Law No. 135-VII of 11 July 2022. 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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Malaysia publishes guidelines on tax treatment of income received from abroad
On 29 September 2022, the Malaysian Inland Revenue Board published its guidelines on tax treatment in relation to income which is received from abroad. The objective of the guideline is to explain the tax treatment of foreign income received in
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Colombia: New Government presents Tax Reform Bill to Congress
On 8 August 2022, the new Government of Colombia presented a Tax Reform Bill to Congress. Although the general income tax rate (35%) is not modified, the Bill includes changes in corporate income tax (CIT), and personal income tax. The main tax
See MoreSouth Africa: SARS publishes the comprehensive guide to dividends tax
On 12 May 2022, the South African Revenue Service (SARS) published the 5th issue of the Comprehensive Guide to Dividends Tax. The purpose of this guide is to assist users in gaining a more in-depth understanding of dividends tax. The foundation
See MoreIndia publishes Finance Act 2022
On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new
See MoreTaiwan: MOF clarifies WHT rules on dividends for non-residents
On 2 March 2022, Taiwan’s Ministry of Finance (MOF) issued a press release clarifying withholding tax on dividends paid to non-residents companies. MOF clarifies the following issues through the press release: Dividends paid to non-resident
See MorePeru: Government submits Tax Reform Bill to Congress
On 27 October 2021, the Government led by President Pedro Castillo has submitted a bill to Congress through which it requests extraordinary powers to legislate on tax matters. The main measures of the Bill are as follows: Increase of capital
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