Peru and Switzerland begin talks to revise tax treaty in accordance with OECD standards
Peru and Switzerland officials are set to commence talks on 3–6 June, 2024, aiming to amend their 2012 tax treaty in alignment with OECD BEPS
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Russia proposes progressive tax for corporations, wealthy individuals
Russia's finance ministry has put forth proposals for significant tax changes, including a progressive income tax structure for higher earners and increased corporate taxes, aimed at bolstering budget revenues. The amendments, slated for
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Ireland releases new guidelines on employment status for tax purposes
The Irish Revenue has released eBrief No. 140/24 which provides new guidance on how to determine employment status for tax purposes on 21 May, 2024. The new Tax and Duty Manual (TDM) has been created to outline the implications for determining
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Germany approves Act to facilitate MLI application
The German lower house of parliament (Bundestag) approved a new Act to facilitate the application of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 16 May, 2024. This Act
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Austria, Chile lowers withholding taxes following treaty update
Austria amended its 2012 tax treaty with Chile on 16 May, 2024. The amendments, effective 1 January 2017, will reduce withholding taxes on interest and royalty payments made between residents of both countries. This change follows the activation
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Korea (Rep.) to unveil detailed tax incentives for corporate reforms, semiconductor industry
South Korea's finance minister, Choi Sang-mok, announced plans of introducing detailed tax incentives as part of corporate reforms aimed at increasing the value of listed companies. The government will gather feedback from market participants in
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Scholz and Macron call for urgent EU reforms to boost competitiveness
German Chancellor Olaf Scholz and French President Emmanuel Macron, in a joint Financial Times op-ed, urged the European Union to undertake reforms to enhance competitiveness and secure its way of life. They emphasised the need for decarbonising
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Bangladesh, Japan negotiates trade deal
Bangladesh and Japan have initiated negotiations for a trade deal to ensure continued duty-free export benefits post the Least Developed Country (LDC) graduation of Bangladesh in 2026. The first round of talks for an Economic Partnership
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Bangladesh considers ending tax breaks for investors of infrastructure projects
The Bangladeshi government is reportedly in consideration of ending a decade-long tax break programme for investors of new physical infrastructure projects. This potential policy shift comes as the National Board of Revenue (NBR) prioritises
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Bangladesh debates cashless tax policy change
Bangladesh is reportedly considering a tax policy change to promote cashless transactions. Listed companies on the capital market with less than 10% of their shares available for public trade will see their corporate tax rate increase from 22.5%
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Luxembourg ratifies first income and capital tax treaty with Cape Verde
Luxembourg has announced the publication of the “Law of 22 May 2024” in the Official Gazette, ratifying the pending income and capital tax treaty with Cape Verde. Signed on 13 January, 2022, this treaty is the first between the two
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European Commission releases May 2024 infringements package
The European Commission unveiled its May 2024 infringements package on 23 May, 2024, detailing legal actions against several EU member states for non-compliance with EU law. The process begins with a "letter of formal notice", allowing two months
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Bangladesh possibly faces shortfall in tax collection target
Bangladesh's National Board of Revenue (NBR) is likely to miss its ambitious tax collection target for the fiscal year 2023-24, according to economists and research agencies. Despite a 16% year-on-year growth in collections for the first 10
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Bangladesh may cut tax on essential food supplies
In an effort to combat rising food prices, the Bangladeshi government is said to be considering reducing source tax on essential food commodities. This tax – currently at 2% for essential food supplies such as rice, wheat, onion, edible oil,
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Singapore announces phased implementation of InvoiceNow requirement for GST-registered businesses
The Inland Revenue Authority of Singapore (IRAS) announced on 15 April, 2024, the adoption of InvoiceNow, a system for transmitting invoice data directly to IRAS. This will become mandatory for GST-registered businesses through phases. Starting 1
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Mexico updates criteria for temporary import of ‘sensitive goods’ under 8th rule
The Ministry of Economy in Mexico has revised its guidelines for the temporary importation of "sensitive goods" under the "8th rule". 8th rule goods include elaboration of final products listed in the PROSEC Decree; such as materials, parts,
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Bangladesh: Government likely to announce tax rates for companies and individuals in advance
The Bangladeshi government is rumoured to be considering announcing income tax rates for individuals and companies in advance, ahead of FY25 budget, as part of a new system which will enable taxpayers to make informed investment and tax
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Bangladesh rumoured to reintroduce black money amnesty with 15% tax in FY25
A special opportunity to legalise undisclosed money is expected to return in FY25 in Bangladesh after a four-year hiatus. The local media in the country reported that the government is planning to offer amnesty at a flat 15% tax rate. This
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