Latvia approves 2025 Budget draft law: Increase of EUR 583.2 billion projected revenue
Latvia’s Cabinet of Ministers approved the draft law on the 2025 State Budget and the budgetary framework for 2025, 2026 and 2027 with various tax amendments on 15 October 2024. The consolidated national budget revenue for 2025 is planned at EUR 15.1 billion and the estimated expenditures are
Read MoreOECD launches second BEPS Action 5 review, releases initial BEPS Action 14 peer reviews
The Organisation for Economic Cooperation and Development (OECD) announced a second series of peer reviews for BEPS Action 5 and released the initial two batches of BEPS Action 14 peer reviews. These are part of the streamlined mutual agreement
Read MorePortugal proposed reduced corporate tax rates in draft 2025 budget law
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
Read MoreUS: IRS rules section 246(b) tax limit applies to GILTI, FDII income
The US Internal Revenue Service (IRS) Office of Chief Counsel (OCC) has released a memorandum (AM 2024-002) that examines how the taxable income limitation under the Internal Revenue Code (IRC) section 246(b) applies to both IRC section 951A global
Read MoreUS: IRS to handle 400,000 employee retention credit claims
The US Internal Revenue Service (IRS) has issued the ERC claims update in a news release (IR-2024-263) on October 10, 2024, stating it is processing about 400,000 claims, representing approximately USD10 billion in eligible claims. Work on the
Read MoreUS: Senator Wyden presses Pfizer to comply with pharma tax investigation
US Senate Finance Committee Chair Ron Wyden (D-OR), in a release, on 3 October 2024 announced that Pfizer is the sole company unwilling to cooperate with the Finance Committee's investigation into how major pharmaceutical firms utilise offshore tax
Read MoreUS: IRS releases 2022 tax gap projections of USD 696 billion
The Internal Revenue Service in a news release (IR-2024-262) on 10 October 2024 announced the tax gap projections for tax year 2022, a detailed analysis showing the nation’s projected gross tax gap of USD 696 billion. This reflects the difference
Read MoreKenya: KRA to leverage AI and tech to promote tax compliance
The Kenya Revenue Authority (KRA) Commissioner General (CG) HE Dr Musalia Mudavadi plans to use artificial intelligence (AI), the Internet of things (IoT), big data, and blockchain to improve tax administration, enhance transparency, and tackle tax
Read MorePoland to introduce cash grants amid potential impact of Pillar Two on investment zone incentives
Poland's Ministry of Development and Technology (MRiT) announced plans to reform the country's incentives system by introducing cash grants linked to investment profitability. The cash grant incentive regime aims to maintain Poland's
Read MoreCorporate Tax
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Singapore: Second Finance Minister outlines key provisions of Income Tax (Amendment) Bill, Multinational Enterprise (Minimum Tax) Bill
17 October, 2024
Singapore's Second Minister for Finance, Indranee Rajah, presented the
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Colombia clarifies Significant Economic Presence rules under corporate income tax regulations
17 October, 2024
The Colombian tax authority (DIAN) has released new guidance on how
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US: IRS rules section 246(b) tax limit applies to GILTI, FDII income
17 October, 2024
The US Internal Revenue Service (IRS) Office of Chief Counsel (OCC) has
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Kenya: KRA to leverage AI and tech to promote tax compliance
17 October, 2024
The Kenya Revenue Authority (KRA) Commissioner General (CG) HE Dr Musalia
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Poland to introduce cash grants amid potential impact of Pillar Two on investment zone incentives
17 October, 2024
Poland's Ministry of Development and Technology (MRiT) announced plans to
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Slovak Republic presents draft bill to amend Pillar Two rules
17 October, 2024
The Slovak Republic’s government presented a draft bill to the
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Malaysia revises e-invoicing rules, implementation dates
17 October, 2024
The Inland Revenue Board of Malaysia (IRBM) released updated guidelines on
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Saudi Arabia introduces new real estate transaction tax regulations
17 October, 2024
Saudi Arabia has released updated regulations for its real estate
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Lithuania proposes stricter penalties for failing to submit tax information
17 October, 2024
The Lithuanian Ministry of Finance has published a draft law on 9 October
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Portugal proposed reduced corporate tax rates in draft 2025 budget law
17 October, 2024
Portugal’s Finance Minister submitted the draft Budget Law for 2025
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Transfer Pricing
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Peru approves retroactive application of APAs
16 October, 2024
The Peruvian Executive Branch has announced the approval of Legislative Decree No. 1662, dated 24 September 2024, which modifies the Advance Pricing Agreement (APA) provision in the income tax law to permit the retroactive application (roll-back) of APAs in specific
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Singapore updates CbC reporting list of jurisdictions, adds Albania and Georgia
16 October, 2024
The Inland Revenue Authority of Singapore (IRAS) has updated its list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports on 11 October 2024. The recent update adds Albania and Georgia to
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Cyprus revises transfer pricing FAQs
14 October, 2024
The Cyprus Tax Department announced that it updated its Frequently Asked Questions (FAQs) (English version) on transfer pricing on 24 September 2024. New questions are added from 25 through 43. The main question is 25, which highlights that companies do not need to consider
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Chile: Parliament passes tax compliance bill
10 October, 2024
Chile’s Chamber of Deputies have passed the Tax Compliance Bill (Proyecto de Ley de Cumplimiento de las Obligaciones Tributarias). Earlier, Chile’s Senate approved the Tax Compliance Bill on 24 September 2024 which included key changes to general anti-avoidance rules
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Argentina gets first financial data exchange from the US
10 October, 2024
Argentina’s federal tax authority (AFIP) announced that it received its first exchange of financial account information from the US on 2 October 2024. Similarly, Argentina has issued a statement stating that it sent financial information regarding US citizens who hold
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US: Treasury releases list of boycott countries
10 October, 2024
The US Treasury published a notice in the Federal Register regarding the current list of countries that may necessitate participation in or cooperation with an international boycott on 1 October 2024. The countries identified include Iraq, Lebanon, Syria, Kuwait, Qatar, Saudi
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European Commission releases revised list of non-cooperative tax jurisdictions, removes Antigua and Barbuda
10 October, 2024
The European Commission (EC) announced that European Union (EU) member states have updated the list of non-cooperative tax jurisdictions. The update confirmed that Antigua and Barbuda have been removed from Annex I (the blacklist), while Armenia and Malaysia have been removed
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Ukraine clarifies corporate tax rules for German entities under transfer pricing provisions
09 October, 2024
The Ministry of Finance of Ukraine has issued a clarification concerning the corporate taxes of the Federal Republic of Germany and their relevance to Ukrainian tax law, particularly in the context of transfer pricing regulations on 30 September 2024. This clarification stems
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Italy clarifies DAC7 platform and seller definitions
09 October, 2024
Italy’s tax authorities issued Law Principle No. 3/2024, on 3 October 2024, clarifying the definitions of "platform" and "seller" to enforce the data reporting obligations for qualifying platform operators, as established by Legislative Decree No. 32/2023. This decree
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Slovak Republic: Parliament rejects plan to shorten property capital gains tax exemption to three years
09 October, 2024
The Slovak Republic parliament rejected a draft bill that proposed income tax exemptions on capital gains from the sale of immovable property for individuals and a suggestion to reduce the minimum holding period to three years. Earlier, on 16 August 2024, the Slovak
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Most Read
Namibia announces 2024/25 budget with new tax measures
On 28 February 2024, Namibia delivered the 2024/25 Budget. The key tax provisions in the budget statement include: Individual income tax The
Read MoreIreland releases pre-filing notification forms for R&D corporation tax credit
Irish Revenue has published eBrief No. 239/24, announcing the release of pre-filing notification forms for the R&D Corporation Tax Credit on 13
Read MoreColombia increases UVT value for 2024
On 28 November 2023, the Colombian tax authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) issued Resolution No. 000187 of 28 November
Read MoreUS: Treasury releases list of boycott countries
The US Treasury published a notice in the Federal Register regarding the current list of countries that may necessitate participation in or
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