OECD updates GloBE return, guidance, Q&A
On 15 January 2025, A key part of the OECD/G20 BEPS Project addressed the tax challenges arising from the digitalisation of the economy. In October 2021, over 135 jurisdictions joined a ground breaking plan to update key elements of the
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Saudi Arabia: Shura Council approves tax treaty with Iceland
Saudi Arabia's Shura Council has approved the income tax treaty with Iceland on 13 January 2025. This follows after officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The agreement aims to
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EU Tax Observatory issues publishes paper on global minimum tax, profit shifting
The EU Tax Observatory has released a working paper titled Global Minimum Tax and Profit Shifting in October 2024 offering an in-depth analysis of tax data from the Slovak Republic. The findings suggest that the Pillar Two global minimum tax could
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Kenya introduces tax amnesty for periods up to 31 December 2023
The Kenya Revenue Authority (KRA) has released a public notice informing taxpayers that the Tax Procedures (Amendment) Act 2024 has introduced a tax amnesty on interest, penalties or fines on tax debt for periods up to 31 December 2023. The tax
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IMF Report looks at Australia’s Economic Position
On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth
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Indonesia introduces regulations for Pillar Two global minimum tax
Indonesia's Ministry of Finance has introduced Regulation No. 136 of 2024, implementing Pillar Two global minimum tax rules in the country. The regulations apply to MNE groups with annual consolidated revenue of at least EUR 750 million in two of
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Hong Kong extends filing 2023/24 lodgement tax returns for year-end dates between January and March 2024 accounting year
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns on 15 January 2025. According to the letter, recognising the genuine
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US: California grants tax relief for Los Angeles wildfire victims
California Governor Newsom announced that the California Franchise Tax Board (FTB) will provide state disaster tax relief for taxpayers and businesses affected by the recent wildfires in Los Angeles on 11 January 2025. “California is taking
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Portugal introduces tax incentive for research and innovation
Portugal has published Ordinance No. 352/2024/1 23 December 2024, which regulates the tax incentive for scientific research and innovation (IFICI) included in the 2024 Budget Law. The Ordinance entered into force on 24 December 2024. The
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US: Treasury and IRS publish guidance on tax dispute resolution under 2019 Taxpayer First Act
The US Treasury Department and Internal Revenue Service (IRS) have issued final regulations (T.D. 10030) that offer detailed guidance on resolving federal tax disputes through the IRS Independent Office of Appeals in accordance with the Taxpayer
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India: CBDT releases 6th annual report on APA programme
India’s Central Board of Direct Taxes (CBDT) has published its 6th Annual Report on the country’s Advance Pricing Agreement (APA) programme for the fiscal year 2023-24. A record 125 APAs were signed, marking the highest number in a single
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US: IRS announces tax filing season date for 2025
The US Internal Revenue Service (IRS) issued IR-2025-08 on 10 January 2025, announcing that the nation’s 2025 tax season will start on 27 January 2025. The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed
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Romania: Senate approves amending protocol to tax treaty with Malta
The Romanian Senate has approved Draft Law No. L611/2024, ratifying the amending protocol to the 1995 Malta-Romania Income Tax Treaty on 16 December 2024. The protocol has been submitted to the President for approval and promulgation. The
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Italy outlines state budget for 2025, lowers corporate tax for reinvestment
Italy has enacted Law No. 207 of 30 December 2024, outlining the 2025 State Budget along with the multi-year financial plan for 2025-2027. The law was published in the Official Gazette on 31 December 2024 and took effect on 1 January 2025. The
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India grants tax collection at source exemption for IFSC on goods
India's Central Board of Direct Taxes (CBDT) issued Notification No. 6/2025, providing rules for an exemption from tax collection at source (TCS) on goods purchased by units of an International Financial Services Centre (IFSC), effective from 1
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Slovak Republic publishes guidance on VAT rate reduction for accommodation services
The Slovak Republic’s Financial Administration has released guidance detailing changes to the reduced VAT rate for accommodation services, which took effect on 1 January 2025. The guidance outlines how the new rate applies to advance payments,
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Taiwan: MOF extends business tax payment deadline
Taiwan's Ministry of Finance (MOF) has announced an extension for the business tax payment deadline to 24 February 2025. The extension applies to both the quarterly period ending 31 December 2024 and the monthly period for January 2025. This
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Australia: ATO issues guidance for local file and master file, private property and construction sector company transfer pricing for 2025
The Australian Taxation Office (ATO) has published updated guidance on the local and master file requirements – which applies to reporting periods beginning on or after 1 January 2024 –, and transfer pricing guidance for the private property and
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