Turkey revises individual income tax rates for 2024
On 30 December 2023, Turkey released the Income Tax General Communiqué No. 324 in the Official Gazette, which outlines the new individual income tax rates for 2024. The following tax brackets and rates apply to employment income: Up to TRY
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Philippines imposes withholding tax on online platform paymentsÂ
On 29 December 2023, the Philippine News Agency (PNA) published a release declaring that the Bureau of Internal Revenue (BIR) had imposed a 1% withholding tax on online merchants with earnings amounting to more than PHP 500,000 annually. BIR
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Italy: 2024 budget law includes new tax credit and exemption for capital gainsÂ
On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by
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Finland passes pillar 2 global minimum tax
On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,
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Colombia increases UVT value for 2024Â
On 28 November 2023, the Colombian tax authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) issued Resolution No. 000187 of 28 November 2023, amending the adjusted tax value unit (Unidad de Valor Tributario - UVT) for 2024. The UVT value is
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Ireland issues guidance on new reporting obligations
On December 2023, the Irish Revenue released eBrief No. 273/23—a new tax and duty manual entitled Reporting Requirement for Payment Service Providers on Cross-Border Payments - EU Central Electronic System of Payment Information (CESOP). This
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Egypt: Taxpayers must register their branches for VATÂ
On 27 December, the Egyptian Tax Authority announced in a release that all taxpayers who are required to register for VAT must also ensure that all of their branches are registered for VAT. Additionally, VAT registration certificates must be
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Malaysia offers 2-month deferral on unlisted share gains tax
On 29 December 2023, Malaysia released the Income Tax (Exemption) (No. 7) Order 2023 in the Official Gazette, which provides a deferral of capital gains taxation on the disposal of unlisted shares. Earlier, Malaysia’s new Finance (No. 2) Act
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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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US: IRS evaluating group membership to fix arm’s length interest rate
On 29 December 2023, the Office of Chief Counsel Memorandum announced that the IRS is considering group membership to determine the arm's length interest rate chargeable for intragroup loans and make a section 482 adjustment. The memorandum provides
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Netherlands updates low-tax and non-cooperative jurisdictions list for 2024Â
On 29 December 2023, the Dutch State Secretary of Finance published an end-of-year regulation in the Official Gazette. The regulation has been updated to revise the lists of low-tax and non-cooperative jurisdictions for tax purposes. Effective
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Chile releases 8th catalog of tax schemes
On 27 December 2023, Chile’s tax authority declared it published the eighth version of the Catalog of Tax Schemes. The publication of this Catalog responds to the challenge of ensuring that each taxpayer understands compliance with their tax
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Sri Lanka increases VAT rate to 18%
On 28 December 2023, Sri Lanka’s Inland Revenue Department (IRD) issued the Notice to VAT Registered Persons announcing the new VAT rate of 18% from 15%—effective 1 January 2024. The notice also states that any advance payment made before 1
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Spain to stop VAT fraud with payment service providers reporting obligationsÂ
On 27 December 2023, Spain published the Royal Decree 1171/2023 of 27 December 2023 in the Official Gazette. The Royal Decree proposes to implement new reporting obligations for payment service providers starting 1 January 2024 in accordance with
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Luxembourg ends temporary VAT rate reduction
On 27 December 2023, the Luxembourg Directorate of Registration, Domains, and VAT issued Circular No. 812-1 of 27 December 2023, which declared the end of the temporary reduction in VAT rates as mandated by the Law of 26 October 2022. As
See MoreLuxembourg: Government approves bill on investment tax credit
On 19 December 2023, the Luxembourg Chamber of Deputies adopted Bill 8276 on the modernization of the investment tax credit. The investment tax credit bill will be effective from 2024. The bill includes several amendments to the investment tax
See MoreTurkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
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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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