Ireland: Irish Revenue updates tax manuals for outbound payments defensive measures
On 11 April 2024, the Irish Revenue issued eBrief No. 119/24 regarding to the updates on the tax and duty manuals related to the new outbound payments defensive measures. The outbound payments defensive measures are included in the Finance (No.2)
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changesÂ
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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Malaysia: IRBM updates e-invoicing guidelines and releases new software development kit version
On 6 April 2024, the Inland Revenue Board of Malaysia (IRBM) issued updated guidelines for the new electronic invoicing (e-invoicing) requirements, e-Invoice Guideline (Version 2.3, and e-Invoice Specific Guideline (Version 2.1). These two updates
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Ireland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The details of these provisions are included in the Finance (No. 2) Act 2023. The two enhancements are:
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New Zealand releases Taxation Act 2024 with source rule amendments for 2023-24
On 28 March 2024, New Zealand officially published the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024  in the Official Gazette. This legislation received royal assent on 28 March 2024 with various measures.
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UAE: FTA issues guidance on qualifying group relief
On 3 April 2024, the UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Qualifying Group Relief - CTGQGR1. This group relief permits the transfer of assets or liabilities between two taxable persons within the same qualifying group
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on ​​the Norwegian Continental Shelf. It is also proposed that tax
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
See MoreMalaysia proposes capital gains tax and e-invoicing changes
On 26 March 2024, Malaysia’s lower house of Parliament (Dewan Rakyat) passed the Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024. The bills include the following proposed tax-related changes: Capital
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Belgium issues guidance on pillar 2 global minimum tax
The Federal Public Service (SPF) Finance of Belgium has released the guidance on the Pillar 2 global minimum tax. The guidance outlines the context of the Pillar 2 global minimum tax and its enforcement in Belgium. Furthermore, the guidance also
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Australia initiates public consultation on global minimum tax legislation
On 21 March 2024, the Australian Treasury announced that it launched public consultations on primary legislation and subordinate legislation for implementing the Pillar 2 global minimum tax. The primary legislation provides guidelines for
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Spain: Government eyes reintroducing unconstitutional tax measures
The Spanish government announced that it is considering reintroducing specific tax measures after the Constitutional Court of Spain has ruled them as unconstitutional. On 18 January 2024, the Constitutional Court ruled that particular provisions of
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UK Treasury publishes 2024 spring finance bill
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
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
See MoreNew Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025
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
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
See MoreUAE: FTA issues guidance on taxation of partnerships
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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