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15% tax rate set for 2024 at the earliest
15 December, 2022
The Ministry of Finance says it expects to adopt a 15% minimum multi-national corporation tax rate on 1 January 2024 at the earliest. The move comes after European Union member states reached agreement on the minimum tax rate earlier this week.
Ministry officials made the comment after it said it was is currently studying the possibility of raising the local minimum business tax rate from the current 12%.
The change requires no revision of existing laws - meaning the cabinet can announce and implement the change without submitting the proposal to the legislature for review.
When finalised, the Taxation Administration will submit a report on the implementation of the new tax scheme to the cabinet for final ratification.
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