US: House Passes Bill to Extend Business Tax Provisions

February 02, 2024

On 1 February 2024 the House of Representatives voted to approve a Bill to expand the child tax credit and extend some business tax provisions. The legislation, which required a two thirds majority in the House, was passed in a vote of 357 to 70.

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UK: Consultation on Changes to Transfer Pricing Rules

June 21, 2023

On 19 June 2023 the UK government launched a consultation on potential reforms to the UK legislation on transfer pricing, permanent establishments, and diverted profits tax. Transfer Pricing - provision Currently section 147 TIOPA refers to a

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UK: Second Reading of Spring Finance Bill 2023

June 15, 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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Pakistan presents Tax proposal for Budget 2023/24

February 10, 2023

On 6 February 2023, Pakistan's Federal Board of Revenue has issued a notice on income tax proposals for Budget 2023-24. The notice includes the following tax proposals: Taxation of real Income on progressive basis; Broadening of the tax base

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Brazil issues new transfer pricing legislation to align with OECD transfer pricing guidelines

December 31, 2022

On 29 December 2022, the outgoing Brazilian President issued draft legislation MP 1.152 to align Brazil’s unique transfer pricing system with the OECD Transfer Pricing Guidelines. The news rule will be compulsory for 2024, for fiscal year 2023,

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UK: Consultation on Transfer Pricing Records Regulations 2023

December 23, 2022

On 21 December 2022 the UK issued for consultation the draft regulations on Transfer Pricing Documentation, inviting comments from interested parties by 31 January 2023. The draft statutory instrument would require multinationals operating in the

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Dominican Republic: DGII invites comments on the draft MAP rule

June 09, 2022

On 26 May 2022, the Dominican Republic's Directorate General of Internal Revenue (DGII) launched a public consultation on a draft general standard (rules) on Mutual Agreement Procedures (MAP) for dispute resolution under the country's tax treaties.

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South Africa:  Finance Minister delivers Budget 2022-2023 in National Assembly

February 25, 2022

On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to

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Russia proposes a simplified tax system for small businesses

November 28, 2021

On 18 November 2021, the Russian government has submitted a draft bill to the parliament proposing the introduction of an experimental automated simplified tax system for small businesses. The new regime will be available to companies that meet

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Vietnam publishes draft Decree on supporting industries

November 14, 2021

Recently, the Ministry of Industry and Trade has proposed to finalize the draft decree amending Decree No. 111/2015 / ND-CP of 3 November 2015, which aims to clarify previous guidelines on incentives to support certain industrial sectors. The

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Austria: Ministry of Finance proposes the tax reform for 2022

November 11, 2021

On 8 November 2021, the Austrian Ministry of Finance has proposed a draft bill on the ecosocial tax reform 2022 and submitted it for consideration by the parliament and the Federal Council. Subsequently, the corporate tax rate will reduce from 25%

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Nigeria: President presents 2022 draft Budget

October 15, 2021

On 7 October 2021, the President, Muhammadu Buhari, presented 2022 draft budget to the National Assembly. The 2022 Budget, which has been themed the "Budget of Economic Growth and Sustainability", is designed to achieve the following

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Poland: Lower chamber of parliament passes the tax reform bill

October 06, 2021

On 1 October 2021, the lower chamber of parliament (the Sejm) of Poland has passed the 3rd reading the bill for the so-called “Polish Deal” tax reform bill. The bill proposes to several tax reform measures including new minimum corporate tax,

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Brazil: Senate announces to analyze tax reform Bill

September 24, 2021

On 21 September 2021, the Senate made an announcement that the Senate will analyze tax reform Bill, PL 2.337/2021 , a bill that changes the income tax rules. The Bill represents the second phase of the tax reform, which was approved by the Chamber

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Dominican Republic: DGII invites for public comments regarding CbC reporting requirements

August 20, 2021

Recently, the Directorate General of Internal Revenue (DGII) declared a public consultation on a draft general standard regarding country-by-country (CbC) reporting. The DGII invited for public comments up to 7 September 2021. The CbC report

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Poland: Government announces draft legislation on tax reforms

August 10, 2021

On 26 July 2021, the Government of Poland has announced a draft legislation concerning following tax reform related to corporate taxation. New definition of the place of effective business management aimed at limiting situations in which Polish

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South Africa: Call for comments regarding 2021 draft Tax Bills

August 06, 2021

On 28 July 2021, the National Treasury and the South African Revenue Service (SARS) have invited the public to comment by no later than 28 August 2021 on the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax

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Poland releases draft legislation on corporate tax for public consultation

July 31, 2021

On 26 July 2021, the Polish Ministry of Finance has released a draft bill regarding the corporate income tax for public consultation. The bill includes the following proposals: Proposal to change the method of depreciation of assets acquired

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