US elections: Tax policies to expect in a second term Trump presidency
Since the inception of his political career, Trump had championed the working middle-class, however, his biggest tax reliefs were reserved for corporations and the wealthy. As the US election concludes, it seems like a second term for Donald J Trump is quite inevitable. The Tax Cuts and Jobs Act
Read MoreIsrael announces 2025 state budget, increases VAT rate
Israel’s government passed the budget for 2025 on 1 November 2024. The 2025 budget includes various tax hikes, such as an increase in the standard VAT rate from 17% to 18% and spending cuts on most ministries. The Israeli Cabinet cited that tax
Read MoreEU Council approves digital age VAT package
The Council of the EU has announced that an agreement on the VAT in the Digital Age package was reached during the meeting on 5 November 2024. With new rules on electronic invoices, real-time data reporting, and business carried out through
Read MoreGermany gazettes Fourth Bureaucracy Relief Act to ease VAT obligations
Germany’s parliament enacted the Fourth Bureaucracy Reduction Act, published it in the Official Gazette 29 October 2024, with the aim to shorten document retention periods and simplify various VAT-related obligations. One key aspect of the Act
Read MoreKenya proposes new economic presence and minimum top-up taxes
Kenya's National Assembly presented the Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024 on 1 November 2024. Both Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024
Read MorePhilippines offers tax incentives to British investors under CREATE Act
The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
Read MoreHong Kong announces 2023/24 tax return block extension for tax representatives
Hong Kong’s Inland Revenue Department (IRD) issued the Circular Letter To Tax Representatives Block Extension Scheme For Lodgement of 2023/24 Tax Returns on 4 November 2024, extending the due date for ‘M’ code tax filing
Read MoreBrazil announces new layout for VAT, excise tax returns
Brazil’s tax authorities have revised the layout for the monthly returns for the value-added tax (ICMS) and excise tax (IPI) on 5 November 2024. This updated layout features modifications to validation rules, inclusion of new fields, and
Read MoreNew Zealand concludes trade agreement with the Gulf Cooperation Council
New Zealand and the six-nation Gulf Cooperation Council (GCC) have concluded negotiations on a trade agreement that will open up significant opportunities for New Zealand exporters in the Gulf region, Minister for Trade and Agriculture Todd McClay,
Read MoreCorporate Tax
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UK: HMRC updates online guidance for applying for statutory tax clearances
06 November, 2024
The UK tax authority, HM Revenue & Customs (HMRC), has updated its
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Turkey: Ministry of Treasury and Finance clarifies inflation adjustment procedures
06 November, 2024
Turkey’s Ministry of Treasury and Finance has issued a Circular No. 176
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Malaysia implements new rules for higher capital allowance for ICT equipment, software
06 November, 2024
Malaysia Ministry of Finance published two regulations in the Official
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Germany gazettes Fourth Bureaucracy Relief Act to ease VAT obligations
06 November, 2024
Germany’s parliament enacted the Fourth Bureaucracy Reduction Act,
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Kenya proposes new economic presence and minimum top-up taxes
06 November, 2024
Kenya's National Assembly presented the Tax Laws (Amendment) Bill 2024
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Philippines offers tax incentives to British investors under CREATE Act
06 November, 2024
The Philippines Department of Finance has published a press release about
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Hong Kong announces 2023/24 tax return block extension for tax representatives
06 November, 2024
Hong Kong’s Inland Revenue Department (IRD) issued the Circular Letter
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US: IRS and Treasury Plan to Issue Guidance on Streamlined Approach to Baseline Distribution Activities
05 November, 2024
In the IRS and Treasury Priority Guidance Plan for 2024/25, issued on 3
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Argentina sets tax and customs benefits for new large investment incentive regime
05 November, 2024
Argentina’s tax authority, ARCA (formerly AFIP), announced General
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Italy publishes updated guidance on amended tax residence rules for individuals, companies
05 November, 2024
Italy’s Revenue Agency released the Circular No. 20/E, offering guidance
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Transfer Pricing
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Germany gazettes Fourth Bureaucracy Relief Act to ease VAT obligations
06 November, 2024
Germany’s parliament enacted the Fourth Bureaucracy Reduction Act, published it in the Official Gazette 29 October 2024, with the aim to shorten document retention periods and simplify various VAT-related obligations. One key aspect of the Act is reducing administrative
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US: IRS and Treasury Plan to Issue Guidance on Streamlined Approach to Baseline Distribution Activities
05 November, 2024
In the IRS and Treasury Priority Guidance Plan for 2024/25, issued on 3 October 2024, there is a plan for a new section 482 guidance project to provide guidance for taxpayers consistent with Amount B of Pillar One. The OECD Amount B Guidance outlines the simplified and
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Chile updates tax compliance law, introduces changes to GAAR, transfer pricing, and CFC
04 November, 2024
Chile's Internal Revenue Service (SII) has announced that the Law on Compliance with Tax Obligations (Law No. 21.713) has been published in the Official Gazette on 24 October 2024. General and Special Anti-Avoidance Rules changes The General Anti-Avoidance Rules (GAAR)
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UK considers changes to transfer pricing, advance pricing rules in Autumn Budget 2024
31 October, 2024
UK’s Chancellor of the Exchequer Rachel Reeves, in her Autumn Budget 2025 announcement on 30 October 2024, said her government is considering modernising the country’s transfer pricing rules and the advance pricing agreement system. Reeves said the government will publish
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Netherlands consults draft bill on implementation of DAC8 rules
29 October, 2024
The Netherlands Ministry of Finance has initiated a public consultation on a draft bill regarding the implementation of the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) (DAC8). The consultation will commence from 24 October to 21 November,
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Kazakhstan updates transfer pricing procedures, introduces new local and master file forms
29 October, 2024
Kazakhstan has issued Order No. 633 of 19 September 2024, which updates Order No. 1104 from 24 December 2018 concerning the forms and procedures for submitting local files, master files, and Country-by-Country (CbC) reports; and introduced new forms for local and master
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Singapore gazettes order declaring MCAA-CbC as international tax compliance agreement with Georgia, Albania
29 October, 2024
Singapore has published Order No. S 813 in the Official Gazette on 24 October 2024 which officially recognises the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports as an international tax compliance agreement with Albania and
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European Commission adopts DAC9 proposal to ease company filing under Pillar Two Directive
29 October, 2024
The European Commission has announced it adopted a proposal to amend the Directive on administrative cooperation in the field of taxation (Directive 2011/16/EU – DAC) on 28 October 2024. The goal is to make it easier for companies to fulfil their filing obligations under
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India: Tax authority is required to provide justification when rejecting a taxpayer’s chosen transfer pricing method
28 October, 2024
The Delhi High Court delivered a judgement regarding the tax authority's rejection of SABIC India Pvt. Ltd.'s chosen transfer pricing method, ruling that the tax authority is required to provide justification when rejecting a taxpayer's chosen transfer pricing method,
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Mexico broadens definition of Digital Intermediation Service in tax law amendment
25 October, 2024
The Mexican Tax Administration (SAT) has broadened the definition of Digital Intermediation Service for tax law purposes, issued in the Second Resolution of Modifications to the Miscellaneous Fiscal Resolution for 2024 on 11 October 2024. The Value Added Tax Law regulates the
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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 MoreBangladesh: NBR extends tax return submission deadline amid challenges of new tax Act implementation
On 29 November 2023, the National Board of Revenue (NBR) officially notified an extension of the deadline for submitting individual income tax
Read MoreBangladesh: Budget for FY 2023-24
On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate
Read MoreTurkey revises individual income tax rates for 2024
On 30 December 2023, Turkey released the Income Tax General Communiqué No. 324 in the Official Gazette, which outlines the new individual income tax
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