Ireland issues guidance on new reporting obligations
On December 2023, the Irish Revenue released eBrief No. 273/23—a new tax and duty manual entitled Reporting Requirement for Payment Service Providers on Cross-Border Payments - EU Central Electronic System of Payment Information (CESOP). This
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Egypt: Taxpayers must register their branches for VAT
On 27 December, the Egyptian Tax Authority announced in a release that all taxpayers who are required to register for VAT must also ensure that all of their branches are registered for VAT. Additionally, VAT registration certificates must be
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Sri Lanka increases VAT rate to 18%
On 28 December 2023, Sri Lanka’s Inland Revenue Department (IRD) issued the Notice to VAT Registered Persons announcing the new VAT rate of 18% from 15%—effective 1 January 2024. The notice also states that any advance payment made before 1
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Luxembourg ends temporary VAT rate reduction
On 27 December 2023, the Luxembourg Directorate of Registration, Domains, and VAT issued Circular No. 812-1 of 27 December 2023, which declared the end of the temporary reduction in VAT rates as mandated by the Law of 26 October 2022. As
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Costa Rica: Menstrual hygiene products eligible for 1% reduced VAT rate
On 29 November 2023, Costa Rica passed Law No. 10424 of 29 November 2023. This legislation introduces measures regarding menstrual hygiene products. It includes the amendment of the basic basket of goods eligible for a reduced VAT rate of 1%, which
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Portugal: Government presents 2024 draft budget bill to the Parliament
On 10 October 2023, the government of Portugal presented the draft Budget Bill for 2024 to the parliament. The budget includes changes in corporate income tax, personal income tax, and indirect taxation. The key tax measures of the budget are as
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Czech Republic: Chamber of Deputies passes tax reform bill
On 13 October 2023, the Czech Chamber of Deputies approved a tax reform bill that would consolidate the two reduced rates of value-added tax (VAT) and increase the corporate tax rate. The draft law on the consolidation of public budgets includes
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Ireland: Finance Minister presents 2024 Budget to the Parliament
On 10 October 2023, Mr. Michael McGrath, the Minister for Finance of Ireland presented the 2024 Budget to the Parliament. The main tax measures proposed in the 2024 Budget include: OECD Pillar Two The Minister announced that the upcoming
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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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IMF Report Suggests Tax Reforms for Kuwait
On 23 August 2023 the IMF issued a report following discussions with Kuwait under Article IV of the IMF’s articles of agreement. Kuwait’s economy has continued to recover with non-oil GDP growth estimated to be 3.4% in 2021, buoyed by a
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South Korea: MOEF announce tax reform proposal for 2023
On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance
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OECD: Revenue Statistics in Asia and the Pacific 2023
On 25 July 2023 the OECD issued Revenue Statistics in Asia and the Pacific 2023, setting out revenue data for the region from 2021. The latest edition of the annual publication includes data on tax revenues for 30 jurisdictions in the region and
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OECD: Roadmap on Developing Countries and International Taxation
On 17 July 2023 the OECD produced a report on tax and development issues for the meeting of G20 finance ministers and central bank governors. The report looks at the participation of developing countries in the ongoing work of the Inclusive
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OECD Report to the G20 Financial Ministers and Central Bank Governors
On 17 July 2023 the OECD published the report prepared for the meeting of G20 finance ministers and central bank governors held in India on 17 and 18 July 2023. Update on the Two-Pillar International Tax Solution The report noted that on 11
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Tanzania: Finance Minister presents Budget for 2023/24 to the Parliament
On 15 June 2023, the Finance Minister presents the Budget for 2023/24 to the Parliament providing a comprehensive overview of the tax and associated measures, as well as the suggested priorities and changes for various sectors. The main tax
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Mexico announces tax incentives for investment in Interoceanic Corridor’s development hubs
On 5 June 2023, the Government of Mexico announced a decree introducing tax incentives for companies that decide to invest in Interoceanic Corridor’s development hubs. The decree aims to promote economic development in the disadvantaged southeast
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Kuwait: IMF Report Recommends Implementation of VAT and Excise Taxes
On 5 June 2023 the IMF published a report following consultations with Kuwait under Article IV of the IMF’s articles of agreement. Kuwait’s economy has begun to recover after the pandemic with economic growth estimated at 8.2% in 2022 as a
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OECD: Revenue Statistics in Latin America and the Caribbean 2023
On 16 May 2023 the OECD published Revenue Statistics in Latin America and the Caribbean 2023. The report is a joint publication by the Inter-American Center of Tax Administrations (CIAT), the Inter-American Development Bank (IDB), the UN Economic
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