UN: ECOSOC Special Meeting on International Cooperation in Tax Matters

March 18, 2024

On 18 March 2024 the ECOSOC Special Meeting on International Cooperation in Tax Matters took place against the urgent background of the collective action required to put the Sustainable Development Goals (SDGs) back on track, strengthen institutions

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UK Treasury publishes 2024 spring finance bill

March 16, 2024

On 14 March 2024, the UK HM Treasury declared that it had published the Spring Finance Bill (Finance No. 2 Bill). This bill includes various provisions concerning the Spring Budget 2024 and other related measures. The 2024 Spring Finance Bill aims

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Jamaica announces 2024-2025 budget

March 15, 2024

On 12 March 2024, the Jamaican government presented the 2024-2025 budget without new tax measures. However, the 2024-2025 budget did have a proposal for the implementation of the Qualified Domestic Minimum Top-Up Tax (QDMTT) under the global minimum

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UN: Conference of African Ministers Discusses Domestic Resource Mobilisation

March 15, 2024

The fifty-sixth session of the UN Economic Commission for Africa (UNECA) Conference of African Ministers of Finance, Planning and Economic Development was held from 28 February to 5 March 2024 in Zimbabwe. The theme of the conference was on

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US announces FY 2025 revenue proposals with corporate tax rate hikes and reforms

March 14, 2024

On 11 March 2024, the U.S. Department of the Treasury declared that it published the General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals  or the "Greenbook," in which it detailed the revenue proposals included in

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New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025

March 13, 2024

On 11 March 2024, the Finance and Expenditure Committee of the New Zealand Parliament released its final report on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. This bill includes the provisions for the

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Namibia announces new tax measures in budget 2024/25

March 11, 2024

On 28 February 2024, Namibia presented the 2024-2025 budget, which includes several significant tax measures. These are as follows: The tax rate for non-mining companies will be lowered to 31%, effective 1 January 2024. The rate will be reduced

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UAE: FTA issues guidance on taxation of partnerships

March 07, 2024

On 4 March 2024, the UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Taxation of Partnerships - CTGPTN1. The purpose of the guide and who should read it are summarized as follows: This guide is designed to provide general

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US joint committee issues report on multinational taxation and pillar 1 taxing rights reallocation 

March 07, 2024

On 5 March  2024, the US Joint Committee on Taxation published a report - Background And Analysis Of The Taxation Of Multinational Enterprises And The Potential Reallocation Of Taxing Rights Under the OECD's Pillar One. The report was released

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Namibia announces 2024/25 budget with new tax measures

March 05, 2024

On 28 February 2024, Namibia delivered the 2024/25 Budget. The key tax provisions in the budget statement include: Individual income tax  The 2024/25 Budget increases the threshold for the individual income tax from NAD 50,000 to NAD 100,000,

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New Zealand updates two-pillar solution including Amount B transfer pricing approach

March 02, 2024

On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified

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Hong Kong announces 2024-25 budget with new tax measures

March 02, 2024

On 28 February 2024, the Financial Secretary of Hong Kong presented the 2024-25 Budget. The Budget includes various tax measures, including: A proposal for a one-off reduction of profits tax, salaries tax, and tax under personal assessment for

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OECD: Secretary General’s Tax Report to G20 Finance Ministers

March 01, 2024

On 19 February 2024 the OECD published the Secretary General’s tax report to the G20 Finance Ministers and Central Bank Governors for their meeting of February 2024. The report covered important international tax developments since their previous

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Venezuela: Decree to extend exemptions from financial transaction taxes

March 01, 2024

On 21 February 2024, Venezuela issued Decree No. 4.924 in the Official Gazette, announcing the further extension of exemptions from financial transactions initially implemented in 2022. This Decree clarifies exemptions for the transactions as

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UK government enacts finance act 2024 with changes to pillar 2 global minimum tax 

March 01, 2024

On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22

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Albania: New law brings significant changes to withholding tax application 

February 25, 2024

Albania’s newly enacted Income Tax Law No. 29/2023 significantly modifies the imposition of withholding tax. One key aspect of this updated income tax legislation is the distinction it highlights between payments to registered persons (local

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UN: Committee Discusses Terms of Reference for Framework Convention on Tax

February 21, 2024

On 20 February 2024 the first meeting took place of the Ad Hoc Committee to draft terms of reference for a UN Framework Convention on International Tax Cooperation. The Committee was established by UN Resolution 78/230 of 22 December 2023. It aims

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OECD: Report on the Simplified and Streamlined Approach Under Amount B

February 21, 2024

On 19 February 2024 the OECD/G20 Inclusive Framework released the report on Amount B of Pillar One, following a previous consultation. The report sets out how jurisdictions can choose to apply the simplified and streamlined approach to qualifying

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