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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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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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
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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
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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
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Philippines: 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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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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Australia: ATO release guidance on depreciation of composite items
The Australian Taxation Office (ATO) has released the final iteration of the Taxation Ruling (TR) 2024/1, titled "Income tax: composite items - identifying the relevant depreciating asset for capital allowances". This ruling provides guidance to
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Poland postpones compulsory e-invoicing requirements
On 19 January 2024, the Ministry of Finance in Poland announced a delay in the mandatory implementation of the National e-Invoicing System (Krajowy System e-Faktur - KSeF) due to technical issues. The National e-Invoice System (KSeF), which was
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South Korea approves 2024 tax reform bill and postpones undertaxed profits rule
On December 31, 2023, South Korea implemented the 2024 Tax Reform Bill (the 2024 Tax Reform) after approval from Korea's National Assembly on 21 December 2023. The 2024 Tax Reform will take effect for fiscal years starting on or after 1 January 1,
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Ukraine approves 2024-2030 national revenue strategy with tax reforms
On 27 December 2023, the Ukrainian government approved the National Revenue Strategy 2024-2030. The strategy includes several tax reforms, among other things. The key points of the strategy are as follows: 1. Reform the simplified taxation
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UN Resolution Paves Way for Equitable Global Tax Framework
The UN's Resolution A/C.2/78/L.18/Rev.1, proposed by Nigeria, represents a critical stride in establishing a UN Framework Convention on International Tax Cooperation. It confronts longstanding disparities born from decades of OECD-dominated tax
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Brazil passes major indirect tax reforms
On 20 December 2023, Brazil passed Constitutional Amendment No. 132 of 20 December 2023, introducing major indirect tax reforms. These reforms will replace or unify several existing indirect taxes with new tax measures. The taxes that are
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Argentina: Newly elected government announces tax reforms
On 10 December 2023, the recently elected Government took power and has announced a series of structural economic and tax measures, including a significant simplification and reduction in applicable taxes. One of the measures announced has been
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Kazakhstan’s Tax Overhaul: What Foreign Investors Need to Know About the Upcoming Reforms
On 1 September 2023, President Tokaev addressed the nation and announced a number of important tax policy considerations. To achieve its economic goals, including modernization and diversification of the economy, Kazakhstan should adjust its tax
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UK: Review of Noncompliance in Research and Development Tax Relief Schemes
On 17 July 2023 HMRC published an analysis of the scale of non-compliance in the research and development (R&D) tax relief schemes and the approach taken to enforcing taxpayer compliance. The UK has two R&D tax relief schemes, a scheme
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