Turkey: 1% VAT rate excludes food and beverage service providers
Turkey's Revenue Administration published a release on Saturday, 27 April, 2024, concerning the Value Added Tax (VAT) rates applicable to food and beverage services. The release “Amendments to the Value Added Tax General Application Communiqué No. 51”, provides clarification that there will
Read MorePakistan disables half a million SIMs to push for tax compliance
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April, 2024, that they will be disabling the mobile phone SIMs of more than half a million people in the country. These individuals have not filed their income tax returns for the
Read MoreUK: HMRC extends tax relief for freeports and investment zones
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30 April, 2024, regarding the extension of tax relief availability for freeport and investment zone special tax sites, extending it from 5 to 10 years. The UK tax authority (HM
Read MoreUS: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that
Read MoreSingapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
The Inland Revenue Authority of Singapore (IRAS) has released an updated guidance on conducting audits and investigations related to Missing Trader Fraud Arrangements. IRAS identifies Missing Trader Fraud arrangements to be one of the key
Read MoreNew Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual 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
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Pakistan disables half a million SIMs to push for tax compliance
May 07, 2024
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April,
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UK: HMRC extends tax relief for freeports and investment zones
May 07, 2024
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30
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South Africa: SARS clarifies tax exemptions for national ships
May 07, 2024
The South African Revenue Service (SARS) issued Interpretation of Note 131
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US: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
May 07, 2024
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6
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US: Proposed bill could affect a taxpayer’s CAMT liability for 2023
May 07, 2024
A new provision was included in the "Inflation Reduction Act of 2022"
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Belgium: Parliament adopts changes to pillar two global minimum tax rules
May 07, 2024
Belgium’s Parliament has adopted the changes to the Pillar Two global
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Singapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
May 06, 2024
The Inland Revenue Authority of Singapore (IRAS) has released an updated
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Mongolia: Parliament approves changes to corporate and personal income tax laws
May 06, 2024
Mongolia’s parliament has approved new changes to corporate income tax
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Turkey extends force majeure for areas hit by 2023 earthquake
May 06, 2024
The Turkish Revenue Administration announced on 26 April 2024 that it had
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UN: Ad Hoc Committee Discusses Issues for Early Protocols
May 05, 2024
Following an earlier Resolution on international tax cooperation and a
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Transfer Pricing
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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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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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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 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 &
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
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