Netherlands delays Box 3 taxation reform until 2028
The Netherlands Ministry of Finance has announced a delay in the planned reform of Box 3 taxation pertaining to taxable income from savings and investments on 13 December 2024. Originally scheduled for implementation on 1 January 2027, the tax
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Luxembourg proposes amendments to bilateral and multilateral advance ruling practice in transfer pricing cases, tax collection, appeal procedure
The Luxembourg government has adopted a draft law to a bill on changes to the bilateral and multilateral advance ruling practice in transfer pricing cases, tax collection and the appeal procedure on 11 December 2024. Key changes include updates
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Egypt extends tax dispute resolution process
The Egyptian Parliament introduced Law No. 160 of 2024 on 3 December 2024, ensuring the continued operation of the Dispute Resolution Committee (DRC), which will process ongoing cases and accept new dispute applications until 30 June 2025. The
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Malaysia publishes guidance on Pillar Two global minimum tax, updates FAQs
The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on
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Greece enacts 2025 tax reform measures
Greece has published Law No. 5162 in the Official Gazette on 5 December 2024 enacting 2025 tax reform measures. The legislation eliminates the business (trade) tax for all individuals and extends the suspension of capital gains tax on the
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Brazil further updates electronic invoicing amid tax reforms
Brazil’s government has released an updated version of Technical Note NT 2024.002 on 6 December 2024. This updated version introduces new validation rules to calculate the monthly amounts due for the recently implemented indirect taxes - CBS
See MoreMalaysia: House of Representatives pass Finance Bill 2024
Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after
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US: Congressional Research Service publishes report on economic impact of expiring tax cuts
The US Congressional Research Service (CRS) has released a report titled Expiring Provisions of P.L. 115-97 (the Tax Cuts and Jobs Act): Economic Issues on 26 November 2024. Most provisions affecting the individual income tax in the 2017 tax law
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Canada: Parliamentary Budget Officer revises fiscal multiplier estimates
Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s
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Papua New Guinea presents Annual Budget 2025
Papua New Guinea’s Department of the Treasury has presented the 2025 Annual Budget to the Parliament on 29 November 2024. The budget totals PGK 28,357 million, which is PGK 980 million larger than the 2024 budget of PGK 27,377
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France: Prime Minister scraps electricity tax hike
French Prime Minister Michel Barnier announced on Thursday, 28 November 2024, that he will be abandoning plans to raise electricity taxes in his 2025 budget, responding to threats from the far-right National Rally (RN). Barnier had aimed to raise
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Turkey updates revaluation rate for 2024
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
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Costa Rica sets new interest rate for taxes and customs
Costa Rica’s General Directorate of Finance (DGH) and the General Directorate of Customs (DGA) released Resolution MH-DGH-RES-0054-2024/MH-DGA-RES-1817-2024 which establishes a new interest rate of 8.43% applicable to tax and customs
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Iceland approves budget bill for 2025
Iceland’s Budget Committee submitted the proposed amendments to the 2025 Budget on 15 November 2024 following its second parliamentary debate. The parliament approved the proposed amendments, incorporating them into the bill for the final round
See MoreNetherlands: Lower House passes 2025 Tax Plan with EBITDA rule changes, VAT rate cancellation
The Netherlands lower house of Parliament has approved the 2025 Tax Plan with some amendments on 14 November 2024. The amendments include changes to the EBITDA interest deduction limitation, anti-fragmentation rule for real estate companies in
See MoreTurkey revises VAT rates for medical products, telecom equipment
Turkey revised the VAT rates for medical products, special-purpose foods, and telecommunications equipment and related devices through Presidential Decision No. 9126 on Thursday, 14 November 2024. This decision establishes that the VAT rate for
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Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
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Bosnia and Herzegovina proposes mandatory e-invoicing
The government of Bosnia and Herzegovina has proposed mandatory electronic invoicing and reporting requirements to combat tax fraud, particularly for sales conducted through the internet and digital platforms. The electronic invoicing and
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