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 policies were published, and three guidelines of the Royal Malaysian Customs Department (“RMCD”) has been subjected to substantial updates. This
Read MoreFinland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
Read MoreOman: Tax authority issues important notice on CRS reporting and re-registration
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
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 MoreParaguay eases penalties for unregistered vouchers and extends 2023 financial statements deadline
On 27 March 2024, Paraguay's National Directorate of Tax Revenues (Dirección Nacional de Ingresos Tributarios - DNIT) released General Resolution DNIT No. 07/24. This Resolution offers penalty relief for adhering to the electronic voucher
Read MoreCorporate Tax
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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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Malta enacts 2024 budget act with full intellectual property expense deduction
April 16, 2024
On 2 April 2024, Malta released the Budget Measures Implementation Act
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New Zealand issues 2024 international tax disclosure exemption
April 16, 2024
On 3 April 2024, the New Zealand Inland Revenue published a determination
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Australia: ATO announces availability of 2024 reportable tax position schedule
April 15, 2024
On 14 April 2024, the Australian Taxation Office (ATO) released the
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Ecuador passes pro-tourism law to boost employment and investment
April 15, 2024
On 1 April 2024, Ecuador's National Assembly declared the approval of the
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US: Idaho reduces tax rates for companies and individual taxpayers
April 15, 2024
On 29 March 2024, the governor of Idaho, the 43rd state of the US,
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Transfer Pricing
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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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Ireland: Irish Revenue publishes guidance on outbound payment measures
April 10, 2024
On 25 March 2024, the Irish Revenue released eBrief No. 096/24 outlining new guidance on Outbound payments defensive measures. This latest guidance has been issued as part of the Finance (No.2) Act 2023. The Finance (No.2) Act 2023 inserted Chapter 5 outbound payments defensive
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Czech Republic announces draft legislation for enacting DAC8
April 09, 2024
On 25 March 2024, the Czech Republic government announced the release of the Draft Bill amending the Act on International Cooperation in Tax Administration and Other Related Acts to implement Council Directive (EU) 2023/2226 of 17 October 2023. This legislation mandates the
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Hungary releases 2024 audit plan with targets transfer pricing
April 08, 2024
Hungary's National Tax and Customs Administration (NAV) has released its audit strategy for the 2024 calendar year, highlighting transfer pricing as its key area of focus among other sectors. The new transfer pricing reporting obligation introduced in the last tax year,
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Ireland 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
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
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