General corporate tax rate increased to 25% in July 2023. Banks and financial institutions face 30% corporate tax rate. Branch profits taxed at 25% rate, with 10% dividend withholding. Companies must file annual and quarterly tax returns
Tax exemption reduces or removes compulsory payment liabilities. Can provide complete relief, reduced rates, or tax exemption on specific items. International duty-free shopping is tax-free when goods are taken outside jurisdiction
Netherlands benefits from low corporate tax rate and tax treaties. Corporate tax rate as of 2022 is 25.8%, with 15% lower rate. Companies formed under Dutch law are considered residents
Law No. 7524 published on August 2, 2024 amends Tax Laws and Decree Laws. Subsidiaries of MNE groups with annual revenue exceeding 750 million euros subject to minimum tax. Effective corporate tax rate below 15% requires additional top-up tax
NOL occurs when company's deductions exceed taxable income. NOLs can be carried forward to offset future tax payments. NOLs are recorded as deferred tax assets on company's general ledger
Pillar 2 minimum tax introduced for companies with turnover over EUR 750 million. Jersey and Isle of Man plan to implement Pillar 2 from 2025. European Commission issued reasoned opinions to six non-compliant EU countries. 138 countries agreed to historic milestone for global tax deal implementation