India: Access to foreign booking systems by domestic entities does not establish a taxable presence
The Delhi Bench of India's Income-tax Appellate Tribunal (ITAT) on 9 February, 2024, delivered a landmark decision asserting that granting domestic travel agents access to a computer reservation system located abroad does not establish a fixed place
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India: Tribunal rules zero CoA of bonus shares for capital gain
The Bangalore bench of the Tribunal recently made a significant ruling regarding the computation of capital gains for taxpayers; the Cost of Acquisition (CoA) of bonus shares, for the purpose of calculating capital gains, is zero. This decision
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Bangladesh: NBR conditionally reduces corporate tax
In a strategic move aimed at fostering economic growth while maintaining fiscal prudence, the National Board of Revenue (NBR) has announced a targeted reduction in corporate tax rates. This reduction comes with stringent conditions, reflecting a
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Taiwan announces tax relief for Hualien businesses affected by earthquake
The National Taxation Bureau of the Northern Area has announced proactive measures to support businesses affected by the 3 April, 2024, Hualien earthquake. In response to the significant impact on tourism-related industries and operational
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Slovenia & Armenia update tax treaty to combat profit shifting
Slovenia's Ministry of Finance has released an updated tax treaty with Armenia, incorporating provisions from the Multilateral Convention (MLI) to combat tax avoidance. This revised agreement aims to close loopholes and prevent companies from
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Russia: MoF clarifies tax exemption for CFC amid treaty suspensions
The Guidance Letter No. 03-12-11/2/11449, published by the Russian Ministry of Finance (MoF) on 12 February, 2024, addresses the tax exemption applicable to profits of Controlled Foreign Companies (CFCs) situated in jurisdictions with which Russia
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Singapore: 31 May deadline for FATCA & CRS reporting
Singapore's Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit their Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) returns for the 2023
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EU drafts VAT reform for the digital era
The European Commission unveiled on Wednesday, 8 May, 2024, an updated draft of the Value Added Tax (VAT) in the Digital Age (ViDA) package, aimed at modernising EU VAT rules. This proposal, if adopted, will bring significant changes in three key
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Denmark proposes tax reform to align with global standards
Denmark's parliament is considering a draft law L 186 in order to strengthen the country's minimum tax regime and align it with international standards. The proposal, submitted by the Tax Ministry on 30 April, 2024, aims to ensure full compliance
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Saudi Arabia: ZATCA introduces changes to real estate transaction tax regulations
The Zakat, Tax, and Customs Authority (ZATCA), on 3 May, 2024, unveiled significant amendments to the real estate transaction tax (RETT) regulations, marking a pivotal shift in property transaction dynamics. The Key changes include: Expanded
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Sweden considers new permanent residency rules for taxation
Sweden's Ministry of Finance announced, on 3 May, 2024, a significant update regarding permanent residency criteria for tax purposes. Following the release of a memorandum by the Tax Agency in November, 2023, proposing a redefinition of permanent
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Turkey extends and adjusts reduced withholding tax rates until July 2024
Turkey's Revenue Administration has introduced Presidential Decision No. 8434, which brings significant adjustments to the withholding tax rates applied to various forms of income, particularly those from Turkish lira (TRY) deposit accounts. This
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Taiwan introduces instalment option for settling significant supplementary taxes
On 7 May 2024, the Ministry of Finance in Taiwan released a notification regarding instalment alternatives for settling significant supplementary taxes. The notification states: The National Taxation Bureau of the Northern Area (NTBNA), MOF
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Bangladesh and Thailand set sight on FTA in 2024
Bangladesh and Thailand have set their sights on a Free Trade Agreement (FTA) by the end of 2024, according to a joint announcement following a meeting in Bangkok on 26 April, 2024. Thai Prime Minister Srettha Thavisin, at the joint press
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Taiwan: Ministry of Finance relaxes taxation for CFC
The Ministry of Finance in Taiwan has released a notification regarding eased taxation regulations concerning profits from Controlled Foreign Corporations (CFCs) invested in enterprises situated in non-low-tax jurisdictions that are acknowledged
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European Commission initiates public consultation to evaluate Directive on Administrative Cooperation
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness,
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Pakistan disables half a million SIMs to push for tax compliance
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April, 2024, that they will be disabling the mobile phone SIMs of more than half a million people in the country. These individuals have not filed their income tax returns for the
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UK: HMRC extends tax relief for freeports and investment zones
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30 April, 2024, regarding the extension of tax relief availability for freeport and investment zone special tax sites, extending it from 5 to 10 years. The UK tax authority (HM
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