Highlights
Cyprus:
- Cyprus introduced reduced VAT rate of 3% for selected goods/ services and added new goods to 0% VAT rate with effect from July 21, 2023.
France:
- French Supreme Court overrules earlier ruling, enables employees to accrue paid leave during sick leave period.
- The French Government presents draft Finance Bill for 2024 before National Assembly; significant proposals include lowering of threshold for transfer pricing documentation and stringent sanctions for non-compliance of TP documentation requirements.
India:
- Ministry of Corporate Affairs amends existing company rules for:
- mandatory appointment of designated person for significant beneficial owner compliance.
- mandatory dematerialization of securities of non-small private companies.
Ireland:
- Ireland introduces five days of paid leave for domestic violence effective from November 27, 2023.
Lithuania:
- Lithuania announced budget for 2024 proposing an increase in the monthly tax-exempt income threshold for resident individuals for employment income, extension of tax incentives for investment projects for another five years, etc.
Malaysia:
- Malaysian Prime Minister presented budget for the year 2024 on October 13, 2023; significant proposals include increase in service tax rate from 6% to 8% effective March 1, 2024, except for certain essential services, introduction of capital gains tax on unlisted shares.
Netherlands:
- Changes to Dutch VAT grouping rules take effect from January 1, 2024, requiring foreign establishments within the EU to be considered as separate taxable entities for VAT purposes.
Sweden:
- Swedish government presented the budget for the year 2024 proposing changes to VAT thresholds, reduction in excise tax on petrol and diesel and extension of tax relief for certain categories of people employed and working in Sweden, etc.
United Kingdom:
- UK Autumn Statement 2023 presented before the Parliament; employee’s Class 1 National Insurance contribution rate to be reduced from 12% to 10% effective from January 6, 2024.