Ireland: Revenue updates guidance on pre-letting expense deduction for vacant residential properties
The Irish Revenue Commissioners issued Revenue eBrief No. 300/24 on 5 December 2024, providing updated guidance on deducting pre-letting expenses for vacant residential premises. This update reflects changes to Section 97A of the Taxes Consolidation
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UAE: Dubai publishes guidance for foreign bank tax
Dubai has released Administrative Decree No. 107 of 2024, detailing the application of a 20% annual tax on foreign banks' taxable income. The tax applies to all foreign banks operating in Dubai, including those in special development and free
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Russia clarifies loss carry forward rules for IT companies
The Russian Ministry of Finance has released Guidance Letter No. 03-03-06/1/108990 on 25 November 2024, providing clarity on amendments to the loss restriction rules introduced by Federal Law No. 259-FZ. These changes affect IT companies that
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Cyprus announces provisional submission calculation, second provisional tax payment deadline
Cyprus tax authority has reminded taxpayers the deadline for submitting a revised provisional tax calculation (if applicable) and making the second provisional tax payment for the 2024 tax year is 31 December 2024. Taxpayers whose taxable income
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Turkey updates clarification on mutual agreement procedure for double taxation
Turkey's Revenue Administration has issued an updated Guideline on the Mutual Agreement Procedure (MAP) for the elimination of double taxation agreements, effective for requests made from 1 January 2022. The guideline is available in both Turkish
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Taiwan publishes guidance on reclassifying expired claims as income
Taiwan's Ministry of Finance has released a notice offering guidance on how to handle accrued expenses that surpass the statute of limitations for unpaid claims 27 November 2024. The National Taxation Bureau of Taipei, Ministry of Finance, stated
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Ireland: Revenue revises guidance on Interest Limitation Rule
Irish Revenue has published eBrief No. 292/24 updated guidance on the Interest Limitation Rule on 29 November 2024. This includes revisions to sections 8 and 9 of the guidance, reflecting changes introduced by the Finance Act 2024. In sections 8
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Slovenia gazettes amendments to Corporate Income Tax Law
Slovenia published amendments to the Corporate Income Tax Act (ZDDPO-2U) in the Official Gazette on 26 November 2024. The changes, applicable to tax periods starting 1 January 2025, introduce new rules for corporate taxation. Tax loss
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Ireland clarifies interest deductions for connected party loans
Irish Revenue has published a new Tax and Duty Manual – Part 36-00-19 Interest on loans to defray money applied for certain purposes 27 November 2024, providing guidance on section 840A TCA 1997. Section 840A is an anti-avoidance provision
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Switzerland: Federal Council recommends rejecting loss carryforward time limit extension
The Swiss Federal Council announced the adoption of a dispatch proposing legislation to extend the loss carry forward period from seven years to 10 years on 27 November 2024. The draft law responded to a motion submitted by Parliament, motivated by
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Taiwan: Ministry of Finance announces withholding tax system optimisations, effective 1 January 2025
To optimise Taiwan’s income tax withholding system and protect the rights and interests of taxpayers, amendments to the Income Tax Act, announced on 7 August 2024, will be promulgated on 1 January 2025, as approved by the Executive Yuan. The
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US: IRS and Treasury propose rules on taxed earnings, basis adjustments
The US Internal Revenue Service (IRS) and Treasury Department have issued proposed regulations (REG-105479-18) on 2 December 2024, addressing previously taxed earnings and profits (PTEP) of foreign corporations and the associated basis
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US: Congressional Research Service updates report on global intangible low-taxed income
The US Congressional Research Service (CRS) has released an updated report (IF 11943) addressing proposed changes to the taxation of global intangible low-taxed income (GILTI) on 25 November 2024. The updates explain that the proposed changes
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Guatemala proposes simplified tax plans for handicrafts, agriculture
Guatemala’s Congress has passed Decree 31-2024, which includes “The Law for the Integration of the Primary and Agricultural Sector,” on 19 November 2024. This proposal shall establish two streamlined special tax regimes: The production and
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Japan tax revenue expected to reach record high
Japan’s tax revenues are set to hit a record high for the fifth straight year. Projections estimate revenue rising from JYP 69.6 trillion to around JPY 73.4 trillion for the current fiscal year ending in March 2025. The increase, driven by
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Poland announces 2025 investment incentives, thresholds for reduced corporate tax and VAT
Poland has announced new thresholds for various tax regimes for small taxpayers in 2025. These include a reduced corporate tax rate, an investment incentive deduction, a simplified VAT regime, and a flat-rate tax. The new thresholds for reduced
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Russia increases tax deductions for software and database costs starting 2025
The Russian Ministry of Finance has issued Guidance Letter No. 03-03-06/1/96344 on 10 April 2024, clarifying updates to tax deductions for costs related to acquiring and using computer programs and databases. Currently, a 1.5x deduction applies
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OECD report finds tax revenues steady, spending pressures rise
The OECD has released two new reports on 21 November 2024 examining tax levels and consumption tax trends across its member countries. The findings indicate that average tax revenues have remained stable despite increasing spending pressures. The
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