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The Organization for Economic Cooperation and Development (OECD) is proposing the Global Minimum Tax (GMT) on multinational corporate profits to ensure that large multinational enterprises (MNEs) are subject to a 15% effective minimum tax rate regardless of where they operate. Currently, around 45 jurisdictions have implemented domestic tax laws to effectuate GMT, with more countries preparing to follow the trend and adapt their tax systems to accommodate this trend of global taxation. As Taiwan is not a member of the OECD nor admitted to the Inclusive Framework, it may choose to follow this global trend on a voluntary basis and make legislative changes that align with its own interests.

In February 2024, the Egyptian Government approved Law No. 7 of 2024, regarding the amendment of certain provisions of Article No. 8 and Article No. 13 of the Income Tax Law, promulgated by Law No. 91 of 2005 concerning the tax on salaries.

Similar to many jurisdictions, Australia operates a residence-based approach to determine the tax liability of a taxpayer. Tax residency is very important for many reasons. Generally, Australian tax residents are taxed on world-wide income and are eligible for capital gains tax (CGT) discounts, subject to different tax rates, levies, withholding, tax offsets and exemptions. On the other hand, foreign tax residents are generally only taxed on income from Australian sources. Further, Australian tax residents who receive amounts from a foreign trust could find themselves with unexpected tax liabilities.

At a glance The main takeaway: Notice 2023-55 provides a reprieve from many elements of certain foreign tax credit regulations. Impact on your business: Taxpayers may choose to apply more favourable prior foreign tax credit regulations, including on a retroactive basis. Next steps: Aprio’s International Tax team can help multinational companies navigate complicated foreign tax credit rules in an effort to relieve a double tax burden on foreign source income.

Auditing firms play a pivotal role in helping companies set, measure, and monitor their Environmental, Social, and Corporate Governance (ESG) goals. As ESG considerations become increasingly critical for businesses, investors, and stakeholders, auditing firms can provide valuable expertise and assurance in the following ways:

8 Ways to achieve to achieve a strong relationship between sustainable finance, accounting and your business