Malaysian 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 policies were published, and three guidelines of the Royal Malaysian Customs Department (“RMCD”)
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Finland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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Netherlands releases spring memorandum 2024 and tax plan for 2025
On 15 April 2024, the Dutch government released the Spring Memorandum 2024, highlighting an update on the budget allocations for 2024 and beyond. The document details several proposed tax measures, such as - the energy tax rates on natural gas for
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Australia: ATO updates trust tax returns and private rulings forms
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide detailing the upcoming modifications to the annual tax return form for trust income reporting, effective from 1 July 2024. ATO also announced updating its application forms for
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Malta enacts 2024 budget act with full intellectual property expense deduction
On 2 April 2024, Malta released the Budget Measures Implementation Act 2024 which includes a main income tax provision for deducting expenditures of a capital nature on intellectual property or intellectual property rights. This Act applies from the
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Bolivia updates export tax refund regulations
On 10 April 2024, Bolivia announced Supreme Decree No. 5145, which introduces a new modality of export tax refund. The Decree aims to streamline the process of submitting tax refund requests. The key aspects of the Decree are: The deadline
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Malaysia releases tax guidelines for foreign capital asset disposals
On 27 March 2024, the Inland Revenue Board of Malaysia (IRBM) released guidelines about the Tax Treatment on Gains from the Disposal of Foreign Capital Assets Received from Outside Malaysia. The key points of the guidelines are as
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Estonia passes laws for public CbC reporting and partial adoption pillar 2 GloBE rules
On 10 April 2024, Estonia’s parliament passed the Act supplementing the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act (379 SE). This law outlines the requirements for the implementation of public CbC reporting in
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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US: IRS proposes regulations for excise tax for stock repurchases
On 9 April 2024, the US Internal Revenue Service (IRS) released the proposed regulations offering guidance on the new excise tax on corporate stock repurchases made after 31 December 2022. The Inflation Reduction Act imposed a new excise tax on
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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 details of these provisions are included in the Finance (No. 2) Act 2023. The two enhancements are:
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Sri Lanka publishes guidance on tax residency certificates
On 1 April 2024, the Sri Lanka Inland Revenue Department (IRD) issued a notice to taxpayers outlining the necessary procedures to secure a tax residence certificate (TRC). The requirements include: a) A request for TRC should be made to the
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New Zealand releases Taxation Act 2024 with source rule amendments for 2023-24
On 28 March 2024, New Zealand officially published the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 in the Official Gazette. This legislation received royal assent on 28 March 2024 with various measures.
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UAE: FTA issues guidance on qualifying group relief
On 3 April 2024, the UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Qualifying Group Relief - CTGQGR1. This group relief permits the transfer of assets or liabilities between two taxable persons within the same qualifying group
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on the Norwegian Continental Shelf. It is also proposed that tax
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
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Malaysia proposes capital gains tax and e-invoicing changes
On 26 March 2024, Malaysia’s lower house of Parliament (Dewan Rakyat) passed the Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024. The bills include the following proposed tax-related changes: Capital
See MoreUN Tax Committee Discusses Health Tax Guidance
On 22 March 2024 the UN Tax Committee discussed the latest output from the work program of the health subcommittee which is producing a handbook on health taxes for developing countries. Health taxes can apply to tobacco, alcohol, sugar-sweetened
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