IMF proposes ending tax rebates for 33 industries in Bangladesh
According to Bangladesh’s National Board of Revenue (NBR) the International Monetary Fund (IMF) has proposed the government to end the tax rebate facility for 33 industries, which has been provided to these sectors for 10 years. The IMF has stipulated that the tax rebate privileges must end by
Read MoreAustria considering draft law for greater transparency from large companies
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
Read MoreIndia CBDT extends Form 10A/10AB filing deadline to 30 June 2024
India’s Central Board of Direct Taxes (CBDT) has released Circular No. 07/202 on Saturday, 25 April 2024, which extends the deadline for filing Form 10A/Form 10AB under the Income-tax Act, 1961 (the 'Act') until 30 June 2024. The tax
Read MoreAustralia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
The Australian Parliament has recently approved the following bills, which are awaiting Royal Assent. The bills are as follows: The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill of 2023
Read MoreChile passes tax compliance bill with updated GAAR rules
On 10 April 2024, Chile's Chamber of Deputies passed the Tax Compliance Bill, which includes numerous tax measures aimed at improving tax compliance in Chile. The newly approved Bill also changes the Chilean tax code. The Senate must approve the
Read MoreBolivia extends deadline for corporate tax filings and statements
On 19 April 2024, Bolivia’s tax authority announced a new directive—RND No. 102400000011, in which it clarified the extension of the deadline for the submission of various reports and statements related to corporate income tax (Impuesto sobre
Read MoreAustralia: 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
Read MoreJapan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
Read MoreBolivia 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
Read MoreCorporate Tax
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IMF proposes ending tax rebates for 33 industries in Bangladesh
May 03, 2024
According to Bangladesh’s National Board of Revenue (NBR) the
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India CBDT extends Form 10A/10AB filing deadline to 30 June 2024
May 03, 2024
India’s Central Board of Direct Taxes (CBDT) has released Circular No.
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OECD: Annual Report 2024 of Tax Inspectors Without Borders
May 02, 2024
On 29 April 2024 the Annual Report 2024 of Tax Inspectors Without Borders
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Poland releases draft bill for pillar two global minimum tax
May 02, 2024
Poland’s government has published the draft bill for the implementation
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Nigeria introduces tax incentives for new oil and gas companies
May 02, 2024
On 28 February 2024, the Nigerian government published the Oil and Gas
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Turkey grants short extension for 2023 tax return submissions
May 02, 2024
Turkey's Revenue Administration has announced an extension for submitting
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Iceland plans to adopt global minimum tax rules pillar two
April 30, 2024
On 16 April 2024, Iceland published the Fiscal Strategy Plan for
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Philippines extends withholding tax transition period for online platform payments to suppliers
April 30, 2024
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR)
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Russia: Parliament considers overhauling simplified taxation system for businesses
April 30, 2024
The Russian parliament is currently considering a draft bill that aims to
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Australia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
April 26, 2024
The Australian Parliament has recently approved the following bills, which
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Transfer Pricing
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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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Germany gazettes order declaring MCAA-CbC
April 23, 2024
On 27 March 2024, the German Official Gazette published a regulation that revises the list of jurisdictions involved in the Multilateral Competent Authority Agreement (MCAA) for exchanging country-by-country (CbC) reports. The regulation comes into force and becomes effective on
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Australia: ATO releases discussion paper on thin capitalization rules for foreign bank branches
April 23, 2024
On 17 April 2024, the Australian Taxation Office (ATO) published a discussion paper regarding the safe harbor formula for calculating the minimum capital requirements for inward investing deposit-taking institutions (ADIs) under the thin capitalization rules. The document
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Albania: Tax Administration announces CRS reporting deadline
April 22, 2024
On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024. AEOI-CRS refers to the
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Oman: Tax authority issues important notice on CRS reporting and re-registration
April 19, 2024
On 9 April 2024, the Oman Tax Authority issued an announcement regarding the accessibility of its Automatic Exchange of Information (AEOI) system for submitting Common Reporting Standard (CRS) reports. The Tax Authority has issued a reminder to financial institutions (FIs) to
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Most Read
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
Read MoreSwitzerland releases Q&A guidance on application of transfer pricing rules
On February 23, 2024, the Swiss Federal Tax Authorities (SFTA) published the Q&A guidance regarding the application of transfer pricing
Read MoreIreland 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 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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