Estonia approves income tax treaty with Qatar
Estonia approved the income tax treaty with Qatar on Thursday, 30 May, 2024. The treaty will enhance the tax cooperation between the two nations and will come into force once ratification instruments are exchanged. The tax treaty aims to
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New Zealand announces 2024 budget, major adjustments made to individual tax brackets
New Zealand’s 2024 budget was made public on Sunday, 30 May, 2024. It does not contain any major tax measures but proposes adjustments to the individual income tax brackets. The start date has been pushed from July to August. Delivered by
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Russia clarifies conditions for 0% tax rate for IT companies
The Russian Ministry of Finance recently issued Guidance Letter No. 03-03-06/1/28535 on 29 March 2024, which sheds light on the conditions governing the application of a reduced corporate tax rate of 0% for IT companies utilising their own computer
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Japan updates CRS FAQs
Japan's National Tax Agency updated its FAQs on the common reporting standard (CRS) for automatic exchange of financial account information concerning non-residents on 9 April 2024. The revised FAQ includes new guidance on reporting requirements
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Vietnam implements tougher measures to tackle tax evasion
Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a
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Singapore: IRAS introduces new exchange rate tool for taxpayers
The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations. This tool simplifies the process of calculating average exchange rates for
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Germany seeks feedback on draft global minimum tax return
The German Ministry of Finance published a consultation on draft global minimum tax return on 28 May, 2024. Companies impacted by the global minimum tax (Pillar Two) can now provide their feedback regarding the draft. Germany adopted the global
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Oman, Ireland sign tax treaty
Officials from Ireland and Oman signed an income tax treaty on 30 May, 2024, marking the first agreement of its kind between the two nations. The agreement was signed by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, and Gerard
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France ends tax treaties with Burkina Faso, Mali, Niger
The French National Assembly recently confirmed that tax treaties with Burkina Faso, Mali, and Niger have ceased to apply. The 1965 treaty with Burkina Faso ended in France on 8 November, 2023, aligning with its termination in Burkina
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Saudi Arabia mandates E-Invoicing for high-revenue taxpayers by December 2024
The Zakat, Tax and Customs Authority (ZATCA) Saudi Arabia announced on 24 May, 2024, the criteria for the 12th group of taxpayers will be required to comply during the implementation of the second phase of the electronic invoicing (e-invoicing)
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Japan clarifies global minimum tax rules with new guidance
Japan's National Tax Agency has released an explanation of its administrative guidance related to the Income Inclusion Rule (J-IIR), part of the country's 2023 tax reform measures to implement Pillar Two global minimum tax. The J-IIR ensures
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Turkey is in the final stages of adopting the Pillar Two global minimum tax
Turkey is in the final stages of adopting the Pillar Two global minimum tax, according to a report published in Anadolu Agency, a state-owned Turkish news agency. Mehmet Şimşek, Treasury and Finance Minister, emphasised the significance of
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New Zealand implements tax relief for individuals with lower and middle incomes
The New Zealand government presented its budget today, 30 May, 2024, which outlined economic assistance for the middle-income citizens who are grappling with the challenges of escalating living expenses, soaring mortgage rates, and unprecedented
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Bangladesh reportedly plans 67% hike in bank excise duty
The Bangladesh government reportedly plans to increase excise duty on high-value bank deposits in the fiscal year 2024-25. Low- and middle-income depositors will maintain current rates, but higher-income individuals will see increased
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Ireland updates guidance on relief from stamp duty and property transfers for associated companies
The Irish Revenue has released eBrief No. 142/24 on 21 May, 2024, which provides an updated guidance on the associated companies relief for stamp duty on conveyances and transfers of property between associated corporate bodies. Revenue eBrief
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Cambodia and France conduct second phase of tax treaty talks
Cambodian and French officials recently held a second round of negotiations for an income tax treaty from 23–25 April, 2024. If an agreement is finalised, signed, and ratified, it will be a first between the two
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OECD updates guidelines on dividend treatment in CbC reporting
The OECD has issued updated guidelines on Country-by-Country (CbC) reporting, focusing on the treatment of dividends within the "profit (loss) before income tax" category. This move aims to enhance transparency and consistency in CbC reporting,
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