New Zealand updates two-pillar solution including Amount B transfer pricing approach
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
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
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
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
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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OECD: Comments Received on Proposed Guidance on Pricing of Lithium
On 26 February 2024 the OECD published the responses received on the proposed guidance to support developing countries in addressing risks of base erosion and profit shifting in pricing lithium. Comments were received from eleven government and
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Albania: New law brings significant changes to withholding tax application
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
See MoreUN: Committee Discusses Terms of Reference for Framework Convention on Tax
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
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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Saudi Arabia publishes tax regulations for regional headquarters
On 4 February 2024, Saudi Arabia’s Saudi Zakat, Tax, and Customs Authority (ZATCA) released the Regional Headquarters Tax Rules. This guide provides the rules and requirements for the regional headquarters program announced in December 2023. The
See MoreUN: Guide on Tax Treaties for Investment Policymakers
On 13 February 2024 UNCTAD released a guide with the title Double taxation treaties: What investment policymakers need to know. The guide deals with the aspects of double tax treaties that are important for investment policymakers to understand, and
See MoreUK: 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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Philippines proposes legislation for simplifying passive income tax
On 14 February 2024, the Philippines Department of Finance declared a refined proposal for a bill for simplifying passive income taxes. The bill entitled ‘Package 4 of the Comprehensive Tax Reform Program (CTRP)’ is a measure recalibrated by
See MorePhilippines: ADB to support tax collection and tax reform plans
On 7 February 2024, the Philippines Department of Finance (DOF) published a release declaring that the Asian Development Bank (ADB) will support the country’s tax collection strategy using digital technologies for a more efficient and aggressive
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South Korea implements tax reforms including deferring UTPR to 2025
South Korea has implemented various tax changes as part of the 2024 tax reform measures passed by the parliament in late 2023. The main tax measures are: The global minimum tax (GloBE) rules have been amended, with the undertaxed payment/profit
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US: House Passes Bill to Extend Business Tax Provisions
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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IMF Report Discusses the Economy of Slovenia
On 30 January 2024 the IMF issued a report following discussions with Slovenia under Article IV of the IMF’s articles of agreement. The Slovenian economy has recovered from the pandemic but has been affected by the war in Ukraine. Following a
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Argentina annuls tax collection for certain taxpayers
On 1 February 2024, Argentina released General Resolution 5482/2024, which outlines the suspension of collection lawsuits and enforced collection measures for specific groups of taxpayers. These include: micro, small, and medium enterprises
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