Corporate income tax (CIT) In general, the tax base for CIT purposes is determined on an accrual basis and consists of worldwide income less allowed deductions. The rules are equally applicable to companies and PEs. It is assumed that all income received
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Basis of corporate income tax (Körperschaftsteuer) Corporations (i.e. limited liability corporation [GmbH], stock corporation [AG]) are subject to unlimited taxation in Austria of their entire (domestic and foreign) income if they have their legal seat or place of effective management in Austria.
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Luxembourg taxes its corporate residents on their worldwide income and non-residents only on Luxembourg-source income. Businesses with taxable income lower than 175,000 euros (EUR) are subject to corporate income tax (CIT) at a rate of 15%. Businesses with taxable income between EUR 175,000
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HMRC issues its guidelines for compliance on what qualifies as R&D for tax purposes. The publication of HMRC’s latest guideline highlights the importance of correctly identifying whether a research and development (R&D) claim meets the necessary conditions to qualify for tax relief.
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Brief Summary From 1 January 2024 onward, investment tax credits will change in the following ways: Detailed Look On 19 December 2023, the Luxembourg Chamber of Deputies adopted a law to modernize the current investment tax credit; it will take effect 1
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Individual – Foreign tax relief and tax treaties Last updated – 08 January 2024 Foreign tax relief Foreign income received by residents that is subject to a tax equivalent to Luxembourg income tax and is not exempted by a DTT is granted
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Requirements Stay ahead of the curve by understanding the latest legal and regulatory obligations for Portuguese companies, ensuring your operations are fully compliant, efficient, and poised for sustainable growth in today’s dynamic business landscape. Portugal has specific laws and regulations that every
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The EU list of non-cooperative jurisdictions for tax purposes has been updated by the European Union with new jurisdictions being added and removed from the EU Blacklist. Those added are Antigua and Barbuda, Belize and the Seychelles. The Council has also announced
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Shelf Company EU In the summer, a Treasury Committee report concluded that a “comprehensive and systematic” review of all tax reliefs is needed to identify opportunities for simplification. Responding to that report, the Financial Secretary to the Treasury (FST), Victoria Atkins, states that the
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Shelf-Company EU If ratified by at least 30 jurisdictions, the convention will introduce a new mechanism for allocating taxing rights to market jurisdictions. The convention released by the OECD and G20 on 11 October 2023 relates specifically to ‘amount A’. This co-ordinates
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