PwC's Summary of Tax & Regulatory Measures

On 07 June 2024, the Minister of Finance, Economic Planning and Development made his budget speech and, whilst there was no major tax overhaul, some new tax measures were announced.

The introduction of a Corporate Climate Responsibility levy raises concerns among the business community. While this ‘disguised’ tax would increase the tax burden of companies and resident sociétés, it is alarming to see that it is also applicable to companies within the Global Business Sector.

Some of the key measures in The Finance (Miscellaneous Provisions) Act 2024 are as follows:

• Personal and Corporate Tax - Income derived from the sale of virtual assets and virtual tokens exempt from tax.

• VAT - Zero-rated VAT on services provided by Management Companies to trusts and foundations.

• Other Taxes - The transfer of social housing units by the New Social Living Development Ltd will be exempted from the payment of registration duty, land transfer tax and tax on transfer of leasehold rights in State land.

• Tax Administration - Extension of Tax Arrears Settlement Scheme for tax arrears outstanding as at 30 June 2024.

• Immigration - Introduction of the Expert Occupation Permit category.

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