US: Overpaid and underpaid tax interest rates for Q3 2024 remain unchanged
The US Internal Revenue Service (IRS) announced on Thursday, 9 May, 2024, that interest rates will remain the same for the calendar quarter beginning 1 July, 2024. For individuals, the rate for overpayments and underpayments will be eight percent per year, compounded daily. Complete list of
Read MoreSingapore: 31 May deadline for FATCA & CRS reporting
Singapore's Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit their Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) returns for the 2023
Read MoreDenmark proposes tax reform to align with global standards
Denmark's parliament is considering a draft law L 186 in order to strengthen the country's minimum tax regime and align it with international standards. The proposal, submitted by the Tax Ministry on 30 April, 2024, aims to ensure full compliance
Read MoreUS: IRS releases 2025 HSA inflation-adjusted amounts
The US Internal Revenue Service (IRS) published on Thursday, 9 May, 2024, the Rev. Proc. 2024-25, in which it detailed the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the 2025 calendar
Read MoreEU drafts VAT reform for the digital era
The European Commission unveiled on Wednesday, 8 May, 2024, an updated draft of the Value Added Tax (VAT) in the Digital Age (ViDA) package, aimed at modernising EU VAT rules. This proposal, if adopted, will bring significant changes in three key
Read MoreTaiwan introduces instalment option for settling significant supplementary taxes
On 7 May 2024, the Ministry of Finance in Taiwan released a notification regarding instalment alternatives for settling significant supplementary taxes. The notification states: The National Taxation Bureau of the Northern Area (NTBNA), MOF
Read MoreSlovak Republic consults public regarding draft bill to tax sugary beverages
The Slovak Republic’s Ministry of Finance has proposed a draft bill for public consultation on taxing sugary beverages and drinks with sweeteners. The tax on sweetened soft drinks (TSSD) is classified as an indirect tax on consumption. This
Read MorePhilippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
Read MoreCanada: New federal budget proposal may impact charities
Canada’s 2024 federal budget proposal may affect charities due to amendments made to the donation receipt requirements, and modification to the communication process between Canada Revenue Agency (CRA) and charitable organisations. The budget
Read MoreCorporate Tax
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Singapore: 31 May deadline for FATCA & CRS reporting
May 10, 2024
Singapore's Inland Revenue Authority (IRAS) issued on 6 May, 2024, a
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Denmark proposes tax reform to align with global standards
May 10, 2024
Denmark's parliament is considering a draft law L 186 in order to
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Australia: ATO offers tax relief for struggling businesses
May 10, 2024
The Australian Taxation Office (ATO) published a notice on Thursday, 9
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US: Overpaid and underpaid tax interest rates for Q3 2024 remain unchanged
May 10, 2024
The US Internal Revenue Service (IRS) announced on Thursday, 9 May, 2024,
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Nigeria: Executive order offers petroleum sector tax incentives
May 10, 2024
Nigeria’s Federal Inland Revenue Service (FIRS) has released two
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Sweden considers new permanent residency rules for taxation
May 09, 2024
Sweden's Ministry of Finance announced, on 3 May, 2024, a significant
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Turkey extends and adjusts reduced withholding tax rates until July 2024
May 09, 2024
Turkey's Revenue Administration has introduced Presidential Decision No.
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Taiwan introduces instalment option for settling significant supplementary taxes
May 09, 2024
On 7 May 2024, the Ministry of Finance in Taiwan released a notification
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Italy introduces CFC substitute tax measures
May 09, 2024
Italy’s Revenue Agency has published provisions for Controlled Foreign
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Algeria eases criteria for reinvestment of tax savings
May 09, 2024
The Algerian government has eased restrictions for reinvesting tax savings
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Transfer Pricing
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US: IRS releases 2025 HSA inflation-adjusted amounts
May 10, 2024
The US Internal Revenue Service (IRS) published on Thursday, 9 May, 2024, the Rev. Proc. 2024-25, in which it detailed the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the 2025 calendar year. The Rev. Proc. 2024-25
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European Commission initiates public consultation to evaluate Directive on Administrative Cooperation
May 08, 2024
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness, efficiency, and ongoing relevance of
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Albania signs multilateral competent authority agreement on exchange of CbC reports
May 06, 2024
The Organisation for Economic Co-operation and Development (OECD) updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), on 30 April 2023, showing that the Albania joined the agreement on 11
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Filing deadline approaches for CbCR in Dominican Republic
May 06, 2024
The Country-by-Country Report (CbCR) must be filed in the Dominican Republic by 31 May 2024. The General Norm 08-2021 was released by The Dominican Republic's Tax Administration (DGII) on the CbCR in October 2021. The provisions established in General Norm 08-2021 apply to
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Austria considering draft law for greater transparency from large companies
May 03, 2024
The Austrian National Council is considering a new law that would require large companies to publicly disclose their financial activities. The draft – titled “CBCR Publication Act – CBCR-VG (327/ME)” – was submitted by the Federal Ministry of Justice on 3 April
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Australia ATO introduces change to CbC local file reporting from 2025
May 03, 2024
The Australian Taxation Office (ATO) released a notice announcing changes to the Country-by-Country (CbC) Local file reporting on Wednesday, 1 May 2024. These changes will take effect starting 1 January 2025. The key points of the notice include: Starting on or after 1
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Slovak Republic releases 2023 transfer pricing documentation guidelines
May 02, 2024
Slovak Republic's Ministry of Finance has issued guidelines (MF/020061/2022-724) outlining the requirements for transfer pricing documentation for 2023. These guidelines categorise transfer pricing documentation into three types: Full-scope documentation Full-scope
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Ireland: Irish Revenue makes changes to bilateral advance pricing agreement guidelines
April 30, 2024
On 26 April 2024, the Irish Revenue published eBrief No. 127/24 outlining the updated Tax and Duty Manual Part 35-02-07 Bilateral Advance Pricing Agreement Guidelines. The updated Guidelines take into account international best practices in relation to bilateral Advance Pricing
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Poland enacts public country-by-country (CbC) reporting
April 24, 2024
On 16 April 2024, Poland’s President has signed into law the legislation enacting the EU public country-by-country (CbC) reporting directive (EU Directive 2021/2101). This law will go into effect 14 days following its official promulgation. The new regulations will be
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Algeria extends deadline for 2023 tax returns and transfer pricing documentation
April 24, 2024
On 21 April 2024, the Directorate General of Taxes in Algeria announced via a communiqué an extension for the deadline to submit annual tax returns for the fiscal year 2023. As per the communiqué, the deadline for filing the 2023 tax return has been extended to 31 May 2024
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Ireland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The
Read MoreMalaysian Service Tax Regime: New policies and guidelines impact Repair & Maintenance, Logistics, Brokerage, and F&B Industries
Over the last three weeks, there has been significant developments with regards to the Malaysian service tax regime, namely three new service tax
Read MoreTaiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the
Read MoreSingapore: IRAS publishes updated e-tax guide on tax treatment of pharmaceutical R&D and IP expenditure
On 20 March 2024, the Singaporean Inland Revenue Authority (IRAS) released a revised e-Tax Guide titled “Tax Treatment of Research &
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