February 21, 2024



Expanding Tax Information Exchange

  • Bermuda updates the CRS jurisdictions list including Costa Rica and several others to widen offshore transparency.
  • Maldives lifts suspension of secondary local CbC reporting requirements indicating commitment.
  • Ireland publishes industry feedback on proposed participation exemption to boost foreign investment.

Revisions in Individual Income Taxation

  • Jamaica plans to increase the personal income tax exemption threshold to boost compliance.
  • Uruguay increases the monthly individual income threshold for simplified tax regime eligibility.
  • Italy explains changes in personal income tax brackets, corporate equity deduction phase out.

Focus on Supporting Housing/Infrastructure

  • EU concludes Denmark’s reduced tax treatment for financing Öresund bridge violated State aid rules.

Monitoring Business Reporting

  • Malaysia updates guidelines on upcoming e-invoicing requirements and releases Software Development Kit.
  • Pakistan mandates FMCG sector transmit sales invoices electronically to improve compliance.

Increase in Tax Incentives 

  • Belarus introduces reduced tax rates to promote business activities in rural areas and small towns.
  • Venezuela continues tax breaks on hydrocarbon fuel imports aiming to benefit less developed areas.


Tax policy in 2023 seems shaped largely by socio-economic priorities rather than just revenue collection. Incentives targeting rural areas, renewable energy, and housing signal national goals like inclusive development and sustainable growth. However, tax administrations simultaneously expand info exchange partnerships and compliance monitoring. This evidences the carrot-and-stick approach – incentives aligned with governments’ vision while transparency ensures accountability. The developments accentuate tax strategy as an instrument of responsible alignment with countries’ growth plans, not just technical adherence. As data sharing rises, documenting value-add becomes vital. We foresee “return on regulation” becoming an important metric for tax departments. The dichotomy also underscores the value of cross-department coordination – integrating incentives with compliance and tracking policy shifts quickly. Collaboration is key as tax gains strategic influence alongside economic, foreign and social policy. In sum, it’s the era of tax strategy as an enabler of national priorities through corporate engagement.