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The government has approved a bill that outlines future tax measures. These include increasing the corporate tax rate from 21% to 22% for tax payers with taxable income exceeding 5 million euros. The standard VAT rate may also increase from 20% to 23%. But the withholding tax rate on dividends paid to individuals may be reduced from 10% to 7%. The list of goods and services that are taxed at reduced rates may also be...
The government has presented a bill on the corresponding reform. If the bill is adopted, the capital gains tax will be increased, and a progressive corporate income tax rate will be established. The reform proposes to establish a corporate income tax at a progressive rate depending on the size of the company. The 35% rate is planned to be reduced to 33% for companies with the largest turnover by 2029. And for small companies, this rate will be 27%. In addition, the minimum corporate tax rate will have to increase from 15% to 20%. Also, the maximum income tax rate for individuals may increase from 39% to 41%. This applies to tax residents of Colombia with an income of over 31,000 tax units. The income tax may increase from 15% to...
The deadline for Country-by-Country notifications will be changed by a presidential decree. Initially, it was established that this notification must be submitted electronically no later than June of the year following the reporting year. And it must contain information about the ultimate parent enterprise and the reporting entity. Now the provision has been changed to 6 months after the end of the reporting financial year. The deadline for submitting CbC reports is 12 months after the end of the reporting financial...
The Bahrain National Revenue Bureau has published a VAT guide for real estate. The document outlines the principles of VAT in the real estate sector in Bahrain. The main update concerns the VAT taxation of rental of advertising and retail spaces. From 1 January 2025, the rental of retail/advertising stands will not be exempt from VAT, regardless of the lease term. Such activities will be subject to VAT at a rate of 10% if the person providing the premises is a VAT...
CEAL is an extraordinary contribution for local accommodation. The country has already published a law that abolishes it. This tax was to be levied at a rate of 15%. The taxable base is determined by the economic coefficient of local accommodation and the coefficient of urban pressure to the total private area of residential property. The first payment of CEAL was to be made in June 2024 for the year ending December 31, 2023. But the payment was suspended until the abolition of the tax, which is to be applied retrospectively. The abolition should come into force on December 31, 2024. But changes are possible, and the abolition can be applied retroactively from December 31,...
convention was agreed upon by UN members on August 8. Negotiations on this agreement have been ongoing since August 2022. The goal of the convention is to strengthen international cooperation and combat cybercrime while respecting international law. The new convention complements the Budapest Convention, which has been ratified by all EU members except Ireland. The convention is to be submitted to the UN General Assembly for final approval at the end of the year, and it can be signed by the end of...
The Enterprise Investment Scheme and Venture Capital Trust have been extended by 10 years to April 2035. These are the flagship investment schemes. This is how the government aims to support entrepreneurs. The schemes encourage investment in young companies by offering tax breaks and supporting innovation and job creation. One of the incentives is an advance income tax relief of up to 30% and also an exemption from capital gains tax. The EIS has attracted more than £41 billion since its launch. The schemes continue to bring in significant amounts of investment. During 2022-23, the schemes have raised £2.9 billion, with 1,280 companies taking advantage of the EIS for the first time during this...
Parliament is considering legislation to help introduce a global minimum tax. Two bills have already been introduced that are the first steps towards establishing a global minimum tax. These are the Multinational Enterprise Minimum Tax Bill and the Income Tax Bill. Both documents were introduced on September 9 and have already passed their first reading. The second reading is scheduled to be completed at the next...
Stamp duty may be replaced by a digital transaction fee in the future. The relevant bill was presented by the Ministry of Finance in early September. New rates of 3.6% may be introduced for certain transactions. If one of the parties is a tax resident of Greece or has a permanent establishment there, and the transaction directly relates to the establishment and its activities, then a digital transaction fee will be charged. The fee will apply to transactions conducted from January 1, 2025. Transactions concluded before December 31, 2024 will be subject to stamp...
The Turkish Tax Administration announced the publication of Circular No. 173 dated August 29, 2024, which extends the deadline for filing and paying income tax and corporate tax returns for the second quarter of 2024 to September 13, 2024. Previously, the deadline was extended to August 27 and to September 6. The deadline was extended due to the fact that balance sheets for the second quarter of the 2024 reporting period are subject to inflation...
