Poland initiates new consultations on e-invoicing
Poland’s finance minister Andrzej Domański on 12 July, 2024, announced that the Ministry of Finance and the National Revenue Administration are starting a new cycle of consultations on the National e-Invoicing System (KSeF). The meeting titled
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Taiwan-South Korea tax treaty takes effect January 2024, Taiwan’s 35th ADTA
Taiwan's Ministry of Finance has announced that the new income tax treaty with South Korea, which came into effect on 27 December 2023, will be applicable from 1 January 2024. The National Taxation Bureau of the Central Area, Ministry of Finance
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Luxembourg, Rwanda tax treaty takes effect
Luxembourg's Official Gazette has issued a notice confirming the income and capital tax treaty with Rwanda. It signed their first ever income and capital tax treaty, which entered into force on 14 February 2024. The treaty was signed on 29 September
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Egypt, Serbia sign FTA
Egyptian President Abdel-Fattah al-Sisi and Serbian President Aleksandar Vucic oversaw the signing of several key cooperation agreements on Saturday in Cairo, aimed at enhancing bilateral relations across multiple sectors. According to a statement
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Andorra Ratifies First Income Tax Treaty with Lithuania
The Andorran General Council ratified the income tax treaty with Lithuania. The treaty was signed on 17 April 2024. This is the first of its kind between the two countries. Tax treaty ratification is the formal process by which countries
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Sri Lanka releases estimated income tax statement for 2024-25
The Sri Lanka Inland Revenue Department (IRD) has released the Statement of Estimated Income Tax Payable for the year of assessment 2024/2025. It also issued the Statement of Estimated Tax (SET) - Credit Schedule and the Instructions for completing
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Australia: ATO issues local and master file guidance for 2024
The Australian Taxation Office (ATO) issued guidance for the local and master file requirements for 2024 on 15 July, 2024. This guidance applies to reporting periods commencing from 1 January 2023. This guidance includes the Local file
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Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced, on 3 June 2024, the publication of the “Decree of 1 July 2024”. It contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in Article 18
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Mexico mandates new registration requirements for foreign digital service providers
The Mexican tax administration (SAT) has introduced two new requirements for registering foreign digital service providers operating within the country. These measures are aimed at ensuring better compliance and clarity in the operations of such
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Ukraine clarifies residence certificate requirements for withholding tax exemptions
The State Tax Service of Ukraine has issued new guidance detailing the requirements for residence certificates needed to claim withholding tax exemptions or reductions under tax treaties. The guidance is for tax agents making income payments to
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Taiwan: MoF issues notice on calculating interest income for loans
Taiwan's Ministry of Finance has released a notice regarding the calculation of interest income for loans provided either without interest or at a rate below the market standard. The Dajyh Office, National Taxation Bureau of the Central Area,
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Austria approves public CbC reporting
Austria's Federal Council approved the CBCR Publication Act (CBCR-VG) on 11 July 2024, following earlier approval by the National Council. This new law aligns with EU Directive 2021/2101, requiring public disclosure of Country-by-Country (CbC)
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Bangladesh passes Finance Act 2024
The Bangladesh parliament has passed the Finance Bill 2024 on 30 June, 2024, which amends several laws related to individual tax, corporate tax, and vat and supplementary duty. The bill was introduced by Finance Minister Abul Hassan Mahmood Ali,
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Switzerland, Hungary sign protocol to update double taxation agreement
Switzerland and Hungary signed a protocol of amendment to the agreement for the avoidance of double taxation with respect to taxes on income and capital (DTA) on 12 July 2024 at Budapest. It implements the minimum standards for double taxation
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Portugal to approve Pillar Two Directive transposition after public consultation
Portugal’s Minister of Finance Joaquim Miranda Sarmento, has announced the upcoming approval of the project bill for the transposition of the EU's Pillar Two Directive. This decision follows a public consultation period that began on Wednesday,
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Austria passes Tax Amendment Act 2024, introduces changes to VAT
Austria's Federal Council (Bundesrat) approved the Tax Amendment Act 2024 (AbgÄG 2024) on 11 July 2024, following its earlier approval by the National Council (lower house of parliament). The Act introduces several changes, particularly to Value
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Bahamas issues MAP guidance with Japan
The Bahamas Ministry of Finance has released guidance on Mutual Agreement Procedures (MAP) with Japan as per the tax information exchange agreement between the two nations. The guidance details the scope of MAP, eligibility for requesting MAP,
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Germany announces 2025 budget, economic growth initiative
The German government reached an agreement on the 2025 budget, a supplementary budget for 2024, and a growth initiative to support the economy on 5 July 2024. The initiative includes several tax measures. "With this budget, we are creating
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