Malta enacts 2024 budget act with full intellectual property expense deduction
On 2 April 2024, Malta released the Budget Measures Implementation Act 2024 which includes a main income tax provision for deducting expenditures of a capital nature on intellectual property or intellectual property rights. This Act applies from the
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Jamaica announces 2024-2025 budget
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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US announces FY 2025 revenue proposals with corporate tax rate hikes and reforms
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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Namibia announces new tax measures in budget 2024/25
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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Namibia announces 2024/25 budget with new tax measures
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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Hong Kong announces 2024-25 budget with new tax measures
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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UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
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Bolivia: 2024 state budget law introduces tax measures
On 5 January 2024, Bolivia introduced new tax measures in Law No. 1546 of the 2024 General State Budget. The tax measures are: The validity of the financial transactions tax will be extended until 31 December 2028. An amendment to the ICE
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Ireland passes finance act (no. 2) 2023 for 2024 budget and pillar 2 global minimum tax
On 18 December 2023, Ireland enacted the Finance Act (No. 2) 2023 (Act No. 39 of 2023), which contains provisions for the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. In addition to the Pillar 2
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UK: Second Reading of Spring Finance Bill 2023
On 13 June 2023 the UK government published the Tax Information and Impact Notes for government amendments at the report stage of the Spring Finance Bill 2023. The Bill includes the following measures: Multinational Top-up tax: UK adoption of
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Bangladesh: Budget for FY 2023-24
On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate economic growth, promote social development, and address key challenges faced by the nation. The budget
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Singapore introduce a new enterprise innovation scheme
The government of Singapore announced a new enterprise innovation scheme in Budget 2023 .The Enterprise Innovation Scheme (EIS) is a new initiative announced in Budget 2023 to encourage businesses to engage in research and development, innovation,
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US: Tax proposals under the budget for fiscal year 2024
On 9 March 2023, U.S. President Joe Biden released the Fiscal Year 2024 Budget introducing following tax proposal. Ensures Corporations Pay Their Fair Share: The Budget includes an increase to the rate that corporations pay in taxes on their
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Malaysia: PM presents the revised budget for 2023
On 24 February 2023, Anwar Ibrahim, the Prime Minister and Minister of Finance, presented the revised budget for 2023. The budget was first introduced on 7 October 2022, but Parliament dissolved shortly after that ahead of the November 2022
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South Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
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Hong Kong: Tax measures proposed in 2023-24 Budget
On 22 February 2023, the Financial Secretary delivered the budget speech for 2023-24 proposing the following tax measures. The Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of
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Italy enacts budget law for 2023
On 29 December 2022, Italy has published Budget Law No. 197 in official Gazette No.303 related to the State Budget for 2023 and the multi-year budget for 2023-2025. The provisions of the law generally entered into force on 1 January 2023. The
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Ghana: Tax measures of 2023 Budget
On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The 2023 Budget is focused on resetting economy and restoring macroeconomic stability. Accordingly, the Minister outlined the following
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