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The bill, which contains tax cuts, was published on July 17. It is proposed to reduce the corporate tax rate from 17% to 16%. And also reduce the tax rate for income not exceeding 175,000 euros from 15% to 14%. And the combined consolidated rate for companies established in Luxembourg may decrease from 24.94% to 23.87%. The reduction will be available for tax years beginning on or after January 1,...
Before this, it is planned to adopt a new law in the area of the financial sector to attract foreign capital and investment in the economy. The bill could be introduced into parliament as early as the end of this year. The document provides for the creation of a new body - an agency for integrated financial services. The agency will regulate and license foreign companies to operate in Thailand in key financial areas - banking, securities and derivatives markets, digital assets and insurance. He will also work on various services for foreign businesses and deal with tax...
The bill introducing the new Patent Box regime in Hong Kong was passed on June 26, 2024. According to the bill, qualifying income will be taxed at a rate of 5%. The law will have retrospective effect for fiscal years ending on or after April 1, 2023. The concessional portion of taxable income from intellectual property will elect to be subject to a preferential tax rate of...
The zero VAT rate on basic goods, meat and vegetables will apply until September 30, 2024. Prior to this, the rate was extended until June 30, 2024. The zero rate applies to essential goods from 5 May 2023, with the exception of coffee and sugar, which are zero rated from 1 November 2023. The Cypriot government was in thought for a long time, conducting internal assessments. Adopting different VAT rates often places a large burden on businesses and tax authorities. And sometimes it even expands the possibilities for abuse on both...
The Corporate Income Tax Agency Act 2024 was introduced in the House of Assembly on July 12. The Act provides for the establishment of a Corporation Income Tax Agency as the authority to administer the corporate income tax regime in Bermuda. The agency must administer a new income tax (15%). The tax will apply from 1 January 2025 for Bermudian taxpayers subject to the Global Minimum Tax rules. The agency shall consist of a Board of Directors, as well as a Chief Executive Officer and staff responsible for efficient and proper tax administration and...
Following consultations, Hong Kong's Financial Services and Treasury Bureau has published a legislative proposal for a company redomiciliation regime in Hong Kong. Redomiciliation is the transfer of a company's registered office from one jurisdiction to another without ceasing operations in the original country. The proposed regime will, in the future, apply to all five types of companies that can be registered in Hong Kong. The redomiciliation provisions will need to ensure that, upon successful completion of the process, the company retains its identity. It is understood that no new legal entity will be created during this process. A redomiciliated company will have the same rights and obligations as another registered company of the same type in Hong Kong and will be required to comply with the relevant legal requirements as any other...
Electronic invoicing will become mandatory from January 1, 2025. The final version of the guidance on these requirements, special issues, and electronic invoices is due to be published in the fourth quarter of 2024. At the moment, electronic invoices can be issued with the consent of the recipient. But from January 1, 2025, electronic invoices will become mandatory for domestic B2B transactions. There will be a structured format for the issuance and transmission of invoices, which will be processed electronically without the need for the recipient's consent. But, a transition period is provided until December 31, 2026. For transactions that will be completed before this date, invoices will be issued in a different form. And if the total turnover of the business did not exceed 800,000 euros in the previous year, other invoices can be issued until December 31,...
The Decree contains provisions for the implementation of the internal minimum additional tax. The QDMTT takes precedence over the income inclusion rule and the underpayment rule. The Decree must explain the meaning of the relevant terms and define the scope and conditions for the QDMTT. It also provides a detailed description of the calculation of QDMTT and the local accounting standards that should be used. The decree covers transitional and safe rules and establishes rules for tax payment. The QDMTT applies to fiscal years beginning after December 31,...
The corresponding bills were signed on June 19. The top corporate and personal income tax rates will be reduced starting with tax years beginning on or after January 1, 2024. The top corporate tax rate is reduced from 4.8% to 4.3%. The maximum individual income tax rate is reduced from 4.4% to 3.9%. The changes are aimed at supporting the population by reducing the tax burden and the prospect of increasing financial income. The reduced rates should have a positive impact on the state's...
To diversify sources of income for the budget, the Omani authorities are planning to introduce an income tax. The bill has already been submitted to the State Council. This is how the country is trying to achieve economic stability. Currently, taxes are withheld only from corporate income (15% rate). Taxes are also levied on special payments for non-residents (10% rate). Oman may become the first Gulf country to adopt an income tax. In general, the rules are aimed at individuals who have a high income. The thresholds are $100,000 for non-residents and $1,000,000 for...
