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A consultation has begun on proposed minimum tax rules for multinational enterprises. Singapore will introduce a multinational enterprise profits tax and a domestic profits tax under a tax initiative. The minimum effective tax rate will be 15% on corporate profits for financial years beginning on or after 1 January 2025. The tax will apply to multinational enterprise groups with annual group revenue of EUR 750 million or more for at least two of the four preceding financial...

The law was signed into law by the President. The law imposes a 12% VAT on all digital services consumed in the Philippines, including those provided by foreign digital service providers. The law is set to go into effect on October 18. Thereafter, implementing regulations are to be issued within 90 days, with a transition period of 120 days from the effective date of the rules and...

The country's Finance Ministry announced that amendments to the tax legislation have been posted for public consultation. These amendments include amendments to the "Corporate Income Tax Act", "Personal Income Tax Act", "Value Added Tax Act" and "Excise and Tax Warehouse Act". What amendments are we talking about? They include extending tax incentives for investments in areas with high unemployment until 2030, updating the legislation on the minimum global tax, and introducing the EU Small Business Scheme for cross-border deliveries. Comments can be submitted until 18 October...

The volume of the banking sector in the Arab countries is USD 4.574 million. Such growth (by 5%) by the end of the year is predicted by the Arab Monetary Fund. At the same time, the largest share of assets in the banking sector belongs to UAE banks - 24.3%. UAE and Saudi Arabian banks took first and second place, respectively, in terms of asset growth in the Arab banking sector at the end of last year compared to 2022. The report indicates that the growth rate of UAE banking sector assets reached 11% as a result of growth in total loans and investments, while the growth of Saudi Arabian banking sector assets reached 9.3%, which was due to an 11.5% increase in real estate loans and an increase in loans in other sectors of the...

The relevant law was published in September. Among other changes, the law proposes an amnesty for undeclared assets of residents and non-residents. Thus, until December 15, 2024, it is possible to notify the Federal Revenue Service of undeclared assets that appeared before December 31, 2023. The amnesty is valid for assets both outside the country and for assets of legal origin that were transferred to Brazil. Persons resident or domiciled in Brazil will also be able to apply for the amnesty, but the application must be submitted on time, income tax and 100% fine paid. In addition, a statement must be provided that the repatriated assets are obtained as a result of legal economic activity. The regime proposes a reduction in taxes and fines and a criminal amnesty. The amnesty will remove the punishability of crimes committed before the date of compliance with the...

The incentives were announced in September. They were introduced to attract investment to the financial zone with special conditions Forest City. What exactly is proposed? Introduce preferential corporate tax rates of 0%-5% for companies operating in the financial technology and services sector. There is also talk of a zero rate for family investment offices and a reduced tax rate (15%) on income for Forest City employees. Financial companies can also receive various incentives, and foreign investors and skilled workers can count on multiple entry...

The budget proposal has been submitted to Parliament. In addition, changes in taxation are expected within the new budget. Among them are changes to the progressive rates of personal income tax. There is also talk of increasing the maximum amount of the basic deduction from 3,980 euros to 4,115 euros. And goods that are currently subject to a 10% rate will be subject to a 14%...

This establishes the law and accompanying rules on beneficial ownership transparency. The beneficial ownership regime in the islands is being strengthened. The Act establishes and consolidates obligations to combat money laundering and terrorist financing. In addition, special guidance on compliance is provided. The new legislation is drafted in accordance with the FATF Global...

In 2023, the UAE seized assets worth $639 million as part of its anti-money laundering efforts. The Central Bank carried out the inspections. Thus, fines were imposed for almost $31 million. In addition, the Ministry of Finance carried out its own inspections and fines were imposed for $27...