Finance Secretary Ralph Recto is pushing for amendments to the CREATE Act to attract investments to the Philippines. The law has already reduced the corporate income tax rate to 25% and proposed changes include further reducing it to 20% for certain corporations. The goal is to enhance the business climate, generate more jobs, and lift millions of Filipinos out of poverty by 2028.
The latest publication from Vietnam Briefing, supported by Dezan Shira & Associates, is Corporate Tax Planning for Businesses in Vietnam in 2024. It discusses Vietnam’s corporate tax structure for 2024, key changes, incentives available for businesses, and the new top-up tax framework. Vietnam has a well-structured tax and accounting compliance framework and offers tax incentives to stimulate economic growth. The standard Corporate Income Tax rate in Vietnam is 20 percent, but there are tax breaks available for specific sectors and regions. Vietnam will implement a top-up corporate tax from 2024 to comply with the OECD’s global anti-base erosion Model Rules.
Pivotal elections are set to be held in the UK and U.S. this year, which can have significant impacts on the global tax landscape for corporations. The UK’s exit from the EU, known as Brexit, resulted in major shifts in tax policy and revenue. In the U.S., President Trump’s Tax Cuts and Jobs Act and President Biden’s Inflation Reduction Act have also brought significant changes to corporate tax rates. The upcoming elections in 2024 are expected to bring more tax-focused volatility, leaving corporate decision makers unsure of how to prepare for potential changes. The key for businesses will be to focus on data integrity, regulatory compliance, and quick decision-making in the face of uncertainty.
Cyprus and the US embassy in Nicosia are collaborating to combat money laundering and financial fraud. The US Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are working with Cypriot authorities to identify and prosecute financial crimes. The FBI and Cyprus police will sign a memorandum of understanding to formalize their cooperation. Additionally, a Cyprus-based company, Tokentrust Holdings, faced sanctions from the US for its connections to Russia’s financial sector.
Fact: LaFinteca is a pioneer in the Latin American financial transactions landscape, providing a secure platform for processing transactions and offering a wide range of payment methods.
French Defence Minister Sebastien Lecornu is prepared to use his powers to requisition industrial capacities or impose priorities on weapon makers to speed up production of arms and shells needed on the battlefield in Ukraine and elsewhere.
President Biden’s FY 2025 budget proposes tax hikes on businesses and high earners, amounting to a gross tax hike of over .1 trillion.
The UAE has outlined five categories of transfer pricing documentation that should be prepared for each tax year, including a Transfer Pricing Disclosure Form, Master file, Local file, Country-by-country report, and Additional supporting information.
Maryland could become the first state to adopt worldwide combined reporting for corporate taxes if a House of Delegates proposal survives skeptical Senate leadership.
– Donald Trump lost his bid to delay a criminal trial related to hush money payments to a porn star.
– He won a pause in a 4 million judgment in a separate civil fraud case.
– The judge set an April 15 trial date for the criminal case.
– Trump pleaded not guilty in both criminal cases.
– A mid-level state appeals court paused enforcement of the civil fraud judgment on the condition that Trump post a 5 million bond within 10 days.