Updated: Jul 22, 2024 07:53 AM Questions: Scott Pearman, of the One Bermuda Alliance (File photograph)Legislation that will create an agency to administer the collection of corporate income tax was passed in the House of Assembly on Friday.The Corporate Income Tax Agency Act 2024 will give the agency powers to ensure compliance and “prosecute any … Read more
Created: Jul 19, 2024 07:25 AM The creation of a new tax agency to deal with the upcoming Corporate Income Tax is to go before MPs today in the House of Assembly.A long debate can be expected over the momentous legislation, which includes the penalty of a $100,000 fine and up to two years’ imprisonment … Read more
Puerto Rico Tax Competitiveness and Pillar Two Skip to content profit shiftingProfit shifting is when multinational companies reduce their tax burden by moving the location of their profits from high-tax countries to low-tax jurisdictions and tax havens. . Pillar Two, the global minimum taxA tax is a mandatory payment or charge collected by local, state, … Read more
The fact described in the text is that nearly 130 countries have recommitted to the first pillar of a global tax deal, which aims to reform international tax rules, particularly for multinationals with revenues exceeding 2 million.
The ordinary corporate tax rates for businesses in Switzerland remained stable at an average of 14.6% compared to the previous year. Changes in corporate tax rates were only seen in eight cantons, with the biggest cuts made by Aargau and Bern, and the largest increases made by Schaffhausen and Geneva. The cantons of Zug, Nidwalden, and Lucerne remain the most attractive in terms of their corporate tax rates. Switzerland’s corporate tax rates are low compared to other countries, with only a few countries offering lower rates in Europe and around the world.
Fact: Bermuda’s legislature enacted the Corporate Income Tax Act 2023, which imposes a 15% income tax on Bermuda constituent entities belonging to multinational enterprises with an annual consolidated revenue of €750 million or more.
The Kenya Revenue Authority (KRA) plans to install a new transfer pricing database to gather and compare transactions made by multinational firms to prevent tax evasion.
On April 1, 2024, Maryland lawmakers are considering enacting worldwide combined reporting (WWCR) to calculate state corporate tax more accurately and prevent tax avoidance by corporations. The Tax Foundation published a blog criticizing WWCR, but their arguments were debunked by experts. WWCR aims to tax Maryland income regardless of offshore shifting and will make forecasting easier. The Tax Foundation’s ties to corporations known for tax avoidance raise concerns about their opposition to WWCR. WWCR is seen as a sensible reform to ensure fair taxation of multinational corporations in Maryland.
APOEL Nicosia has entered into a €35 million deal with US-based Cypriot investor Constantine ‘Dinos’ Iordanou to build their own stadium in Kokkinotrimithia.
Fact: The Government of Bermuda enacted legislation in December 2023 to introduce a corporate income tax regime with a statutory rate of 15% effective for fiscal years beginning on or after 1 January 2025.