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On February 28, 2024, the Financial Secretary of Hong Kong, Paul Chan, unveiled the Special Administrative Region's budget for the fiscal year 2024-2025, marking a pivotal moment for both residents and global enterprises, including those from Europe. The budget, characterized by a 6.7 percent increase in government expenditure to HK$776.9 billion and a set of

In the evolving landscape of global taxation, the implementation of the Organization for Economic Cooperation and Development's (OECD) global minimum tax (GMT) initiative has been a subject of considerable discussion among Southeast Asian economies. Unlike its regional counterparts Singapore and Thailand, which have postponed the adoption of the GMT until 2025, Vietnam stands out for

Taxpayers who have the demand for processing at the early stage of IIT Reconciliation (from March 1 to March 20) can make an appointment for processing on any of the above time slots through the Individual Tax Reconciliation App after February 21 according to their own situation. The State Administration of Taxation (SAT) has issued

The recent enactment of a preferential 15% corporate income tax (CIT) rate for select enterprises within the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone (HTCZ) marks a significant milestone in the People's Republic of China's fiscal policy aimed at promoting innovation and technological advancement. This policy, which is retroactively effective from January 1,

The amendment of the Company Law of the People's Republic of China represents a pivotal shift in the regulatory landscape governing corporate governance and business operations within China. This legislation, set to take effect on July 1, 2024, introduces sweeping reforms across various facets of corporate law, encompassing capitalization requirements, equity transfer regulations, corporate governance

The "Shanghai Municipal Tax Service Measures for the Administration of Advance Tax Rulings (ATR) (for Trial Implementation)," effective as of December 29, 2023, represents a significant policy initiative by the Shanghai Municipal Tax Service, State Taxation Administration. This initiative is designed to standardize and improve the process of ATR in Shanghai, aligning with the broader

In 2023, India's Goods and Services Tax (GST) law saw transformative changes, significantly impacting multinational corporations and exporters. These reforms, commemorating the GST's sixth year, aimed to simplify tax procedures and improve the business environment. Key areas of amendment included the taxability of corporate and personal guarantees, nuances in secondment transactions, and rules surrounding warranties,

On 29 December 2023, the 7th meeting of the Standing Committee of the 14th National People’s Congress amended and passed the Company Law of the People’s Republic of China ( “new Company Law”), which will come into effect on 1 July 2024. There are many important amendments in the new Company Law as compared with

In 2024, a series of new regulations and initiatives introduced by Italian 2024 Budget will significantly impact Italians living abroad, non-EU tourists, and the economic landscape of Southern Italy. These changes, encompassing mandatory registration for expatriates, modifications to tax-free shopping limits, and the establishment of a Special Economic Zone (ZES Unica) in the “Mezzogiorno region,”

Italy's 2024 budget introduces a series of significant reforms and incentives aimed at bolstering the economy, enhancing employment opportunities, and providing support to families. This article delves into the key aspects of the budget, highlighting its impact on the construction sector, tax benefits, childcare support, and employment-related measures. Construction Sector Incentives One of the notable

In 2023, China's tax landscape witnessed a comprehensive transformation, marked by strategic reforms and initiatives aimed at catalyzing economic growth and supporting various pivotal sectors. This shift in policy was reflective of the nation's commitment to nurturing small and micro enterprises (SMEs), bolstering foreign investment, and encouraging research and development (R&D). Foundational Changes in Tax

In 2023, Vietnam Customs made significant strides in international cooperation and technological advancement, marking a pivotal year in its history. The organization participated in the signing of three important cooperation documents and negotiated five additional agreements, signifying its growing role in the global customs community. A highlight of the year was the successful hosting of