Slovak Republic approves draft bill with tax measures
The Slovak Republic government approved a draft legislation on 18 September 2024 amending various tax measures to consolidate the country's public finances. Taxation of high-income groups: The main changes include increased special levies for
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Japan updates FAQs on global minimum tax regulations
The Japanese tax authority has updated the FAQs regarding the country's global minimum tax regulations, known as the income inclusion rule (IIR), on 13 September 2024. This update introduces two new FAQs about the QDMTT Safe Harbour requirements,
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Greece abolishes stamp duty, introduces digital transaction tax
The Greek government has enacted a new law that removes stamp duty and introduces a digital transaction tax on 16 September 2024. This fee will apply to Greek residents and permanent establishments for various transactions, such as loans,
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Belgium postpones VAT declaration, payment reforms
Belgium announced several amendments to the Belgian VAT Code, which were introduced by the Law of 12 March 2024. The amendments were initially set to take effect on 1 January 2024, but have been postponed to 1 January 2025. The changes in the VAT
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Iceland consults for 2025 budget bill
Iceland’s Budget Committee convened on 16 September 2024 to discuss the 2025 Budget Bill, which is now open for public consultation for comments until 3 October 2024. On 13 September 2024, the 2025 Budget Bill was approved in the parliament
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US: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
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OECD: Nine jurisdictions sign pact to implement Pillar Two STTR, ten more to join
The Organisation for Economic Cooperation and Development (OECD) released a statement yesterday, 19 September 2024, following the signing ceremony of the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule
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Russia updates list of jurisdictions without adequate information exchange for CFC purposes
The Russian Federal Tax Service is in the process of completing a draft order that will update the list of jurisdictions lacking sufficient tax information exchange with Russia. This new list will supersede the Order No. ED-7-17/914 @ of 1 December
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Taiwan extends reduced securities transaction tax for day trading
Taiwan's Ministry of Finance announced that the Executive Yuan has approved an extension of the reduced Securities Transaction Tax for day trading on the Taiwan securities market for an additional three years, following discussions in its 3,920th
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Russia extends foreign currency withdrawal restrictions
The Central Bank of Russia (CBR) has extended the restrictions on cash withdrawals of foreign currency for another six months, until 9 March 2025. The decision follows due to current sanctions against Russia which prevent domestic financial
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Kenya: Parliament approves BEPS MLI
Kenya's National Assembly approved the ratification of the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI). This follows after Kenya ratified the Multilateral Convention to
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Poland issues goodwill depreciation guidelines
Poland’s Ministry of Finance issued a guidance, on 12 September 2024, clarifying that goodwill acquired through non-monetary means – such as acquiring a business by extinguishing a loan – cannot be depreciated for corporate income tax purposes
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Peru clarifies informative affidavit requirements for transfer pricing compliance
The National Superintendency of Customs and Tax Administration (Sunat) released Report No. 000063-2024-SUNAT/7T0000 on 9 September 2024, clarifying issues related to the informative affidavit required for import and export transactions involving
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Turkey revises special consumption tax for certain tobacco products
Turkey’s government has introduced changes to the special consumption tax (SCT) rates and fixed tax amounts for certain tobacco products through Presidential Decree No. 8958, published in the Official Gazette No. 32662 on 14 September 2024. The
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Peru postpones new VAT rules for B2C digital services
Peru issued Legislative Decree No. 1644 in the Official Gazette on 13 September 2024, postponing the implementation of Legislative Decree No. 1623. Earlier, Peru’s tax authority, SUNAT, had issued Superintendency Resolution No.
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Indonesia: Central Bank lowers interest rate, first cut in three years
The Board of Governors of Indonesia’s Central Bank (Bank Indonesia) lowered the interest rate by 0.25% to 6.00% yesterday, 18 September 2024. The central bank also reduced the Deposit Facility (DF) rate and Lending Facility (LF) rate by 0.25%
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Brazil: Central Bank raises interest rates, additional hikes forthcoming
Brazil's Central Bank increased the interest rate by 0.25% yesterday, 18 September 2024, bringing the benchmark rate to 10.75%. This hike marks the first increase in interest rates in over two years. The central bank also indicated that
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Italy issues decree on public CbC reporting
Italy issued Legislative Decree No. 128 of 4 September 2024 in the Official Gazette, implementing Public Country-by-Country Reporting (PCbCR), on 12 September 2024. Earlier, Italy’s Council of Ministers passed the draft decree on 10 June
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