Spain introduces new VAT regime for groups of companies
Spain's tax authorities have introduced a new special VAT regime for groups of companies (REGE), effective from 2025. Companies must use form 039 to notify their election to apply or waive the REGE for VAT purposes, the advanced REGE arrangement,
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Cyprus announces provisional submission calculation, second provisional tax payment deadline
Cyprus tax authority has reminded taxpayers the deadline for submitting a revised provisional tax calculation (if applicable) and making the second provisional tax payment for the 2024 tax year is 31 December 2024. Taxpayers whose taxable income
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Nigeria: FIRS publishes guidance on advance pricing agreements
Nigeria’s Federal Inland Revenue Service (FIRS) has released detailed guidelines on Advance Pricing Agreements (APAs), providing a framework for companies to establish transfer pricing agreements with tax authorities in advance. Businesses
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Denmark: Bookkeeping Act effective from January 2025
The Danish Business Authority is notifying companies about new digital bookkeeping rules effective 1 January 2025, as per the Danish Bookkeeping Act. These rules mandate that companies use a digital bookkeeping system capable of receiving and
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France gazettes Decree implementing Pillar Two global minimum tax
France has issued Decree No. 2024-1126 on 4 December 2024 in the Official Gazette, which sets out the regulations for implementing the Pillar Two global minimum tax (GloBE) rules as part of the Finance Law for 2024 (Law No. 2023-1322 of 29 December
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Uruguay mandates remaining VAT taxpayers join e-invoicing regime by December 2024
The Uruguayan tax authority (DGI) has issued a reminder to taxpayers on 28 November 2024 that the deadline for joining the electronic invoicing regime (régimen de documentación fiscal electrónica) is 31 December 2024. The universalisation of
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Kuwait to introduce 15% corporate tax from January 2025
Kuwait's Ministry of Finance is deciding on a draft law that will impose a 15% corporate income tax on all companies operating in the country, effective 1 January 2025. This tax will apply to both local and multinational companies, with the
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Bulgaria: Ministry of Finance announces 2025 State Budget draft
Bulgaria's Ministry of Finance has issued an announcement on the draft law for the 2025 State Budget on 4 December 2024, which will be submitted to the National Assembly. "An analysis of revenues and expenditures for the next calendar year
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Azerbaijan plans to raise penalties for CBC reporting tax non-compliance
Azerbaijan has proposed changes to the Tax Code on penalties for tax non-compliance and country-by-country (CbC) reporting. The penalty for failing to submit requested documents and information to the tax authorities within 60 days will be
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Slovak Republic: Parliament approves financial transaction tax amendment
The Slovak Republic Parliament has passed an amendment to the Financial Transactions Tax Act, which will take effect on 1 January 2025. The amendment introduces key changes to tax regulations, including clarifying and expanding exemptions,
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UAE to introduce Pillar Two minimum tax rules, tax incentives from January 2025
The UAE Ministry of Finance has announced that it has updated certain provisions of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses on 9 December 2024. These amendments include introduction of a Domestic Minimum
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Costa Rica announced 2025 corporate tax brackets, rates
Costa Rica's Ministry of Finance has published Executive Decree No. 44772-H in the Official Gazette on 3 December 2024, establishing the corporate and individual income tax brackets and rates for the 2025 fiscal year. Executive Decree No. 44772-H
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Azerbaijan proposes lowering branch profit tax
Azerbaijan has proposed lowering the branch profits tax rate by amending its Tax Code. If approved, the profit tax will be reduced to 5%, effective from 1 January 2025. Presently, the profit tax for enterprises is 20%. Non-resident legal
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Germany: Annual Tax Act 2024 enters into force
Germany’s Annual Tax Act 2024 (Jahressteuergesetz 2024) entered into force on 6 December 2024 following its publication in the Official Gazette (BGBl. I 387/2024) on 5 December 2024. This Act introduces several tax amendments, including revised
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Colombia: Court upholds 15% minimum tax provisions
The Constitutional Court of Colombia has released a press statement detailing its latest rulings on 21 November, which upholds the nation’s newly implemented 15% minimum tax. Colombia introduced a new minimum tax, “Tax Reform for Equality and
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Austria updates CFC rules to prevent double taxation under Pillar Two
Austria's parliament has amended its CFC rules to avoid double taxation issues under the Pillar Two global minimum tax framework. Amendments to Section 10a of the Austrian Corporate Income Tax Act have been approved and now require Qualified
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Hungary publishes updated GloBE data sheet
Hungary’s Tax and Customs Agency has released the updated version of the GloBE data sheet on 5 December 2024. The data sheet features technical enhancements and detailed field definitions to simplify XML completion and includes a User
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Indonesia to raise VAT rate on luxury goods
Indonesia’s President Prabowo Subianto has approved a plan on 6 December 2024 to increase the value-added tax on luxury goods by one percentage point to 12% in 2025, according to Sufmi Dasco Ahmad, the deputy speaker of parliament. Starting 1
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