Canada 2024 federal budget includes higher capital gains rate and other tax measures
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal budget. The following are some of the key tax measures of the budget: Capital gains inclusion rate The 2024 Budget proposes increasing the capital gains inclusion rate for income above $250,000 realized on or after 25
Read MoreGermany gazettes order declaring MCAA-CbC
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
Read MoreSaudi Arabia: ZATCA releases guidelines for new RHQ program
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has published guidelines detailing the new Regional Headquarters (RHQ) Program in the country. As per previous reports, the RHQ program offers tax advantages such as a 0% corporate income tax rate
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 2024 tax reform package
On 28 March 2024, Japan's National parliament (Diet) reportedly approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses
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 MoreBolivia issues reminder for corporate tax payments and returns deadline for 2023
On 5 April 2024, Bolivia's National Tax Service (SIN) in a notice notified taxpayers of the upcoming deadline for corporate income tax payments and other necessary returns for the fiscal year ending on 31 December 2023. According to the notice the
Read MoreKenya: KRA raises market and deemed interest rates for fringe benefit tax purposes
On 9 April 2024, the Kenya Revenue Authority (KRA) released a notice concerning the market interest rate for fringe benefit taxation and the deemed interest rate for specific loans from non-residents for the months of April 2024, May 2024, and June
Read MoreCorporate Tax
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Lithuania proposes law to enhance tax benefits for investors in foreign companies
April 23, 2024
The Lithuanian parliament is reviewing Draft Law No. XIVP-2226(2), which
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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
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Bolivia extends deadline for corporate tax filings and statements
April 23, 2024
On 19 April 2024, Bolivia’s tax authority announced a new
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Canada 2024 federal budget includes higher capital gains rate and other tax measures
April 22, 2024
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal
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UAE: FTA issues guidance on business restructuring relief
April 22, 2024
On 17 April 2024, the UAE Federal Tax Authority (FTA) released the
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Finland announces public finance plan for 2025 – 2028
April 19, 2024
On 16 April 2024, the Finnish government declared its public finance plan
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Australia: ATO updates trust tax returns and private rulings forms
April 18, 2024
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide
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Portugal: Government approves comprehensive tax reform program
April 18, 2024
On 10 April 2024, the Portuguese Government approved a government program
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Japan: Parliament approves comprehensive 2024 tax reform package
April 17, 2024
On 28 March 2024, Japan's National parliament (Diet) reportedly approved
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Australia: ATO offers tax returns concessions until 15 May 2024
April 17, 2024
On 17 April 2024, the Australian Taxation Office (ATO) declared a
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Transfer Pricing
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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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India: CBDT signs record number of 125 advance pricing agreements in FY 2023-24
April 19, 2024
The Central Board of Direct Taxes (CBDT) has accomplished a landmark achievement by finalizing a record 125 Advance Pricing Agreements (APAs) during the fiscal year 2023-24 with Indian taxpayers. This figure includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs),
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France publishes updated list of participating and reportable jurisdictions for CRS purposes
April 17, 2024
On 28 March 2024, France's Official Journal No. 0074 published the Order of 15 March 2024, which provides a comprehensive and current list of participating and reportable jurisdictions for Common Reporting Standard (CRS) purposes. Common Reporting Standard is an international
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Kenya: KRA raises market and deemed interest rates for fringe benefit tax purposes
April 13, 2024
On 9 April 2024, the Kenya Revenue Authority (KRA) released a notice concerning the market interest rate for fringe benefit taxation and the deemed interest rate for specific loans from non-residents for the months of April 2024, May 2024, and June 2024. The market interest
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Estonia passes laws for public CbC reporting and partial adoption pillar 2 GloBE rules
April 13, 2024
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 accordance with the Council Directive
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Ireland: Irish Revenue updates tax manuals for outbound payments defensive measures
April 13, 2024
On 11 April 2024, the Irish Revenue issued eBrief No. 119/24 regarding to the updates on the tax and duty manuals related to the new outbound payments defensive measures. The outbound payments defensive measures are included in the Finance (No.2) Act 2023. As previously
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Poland passes law for implementing DAC7
April 12, 2024
On 9 April 2024, Poland's Council of Ministers passed a bill to enact new regulations for exchanging information on income generated from sellers on digital platforms, or DAC7. These rules are outlined in Council Directive (EU) 2021/514, which was enforced in Poland on 22 March
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Switzerland 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 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
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
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