Slovenia proposes changes corporate income tax law
Slovenia's government has presented a draft bill (EVA: 2024-1611-0039) to the parliament on 25 October 2024, proposing several amendments to the corporate income tax law. Tax loss carry-forward limitation The bill suggests limiting the
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Colombia: National Tax Authority updates reporting requirements for 2025
Colombia’s National Tax Authority (DIAN) has updated rules for submitting certain tax information starting with the 2025 tax year. The changes, detailed in Resolution 000188 of 30 October 2024, expand the list of taxpayers required to report
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UK introduces regulations for second late tax penalty
The UK government has announced new regulations regarding Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024 on 12 November 2024 aimed at tightening penalties for late tax payments. The updated
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UAE: FTA clarifies review process for disputing tax assessments, penalties
The UAE Federal Tax Authority (FTA) has issued Public Clarification TAXP008 on Tax Assessment Reviews, outlining an optional process for challenging tax assessments and administrative penalties, as introduced by Federal Decree-Law No. 28 of 2022, as
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Singapore passes Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024
The Singapore Parliament has passed the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024, which introduces changes to the Development and Expansion Incentive (DEI) programme. The Economic Expansion Incentives (Relief
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Portugal updates indexation coefficients for capital gains tax on 2024 sales
The Portuguese Government has published the indexation coefficients for calculating capital gains or losses applicable to personal and corporate income tax. These coefficients, which were announced in Ordinance 228/2024/1 on 7 November 2024,
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Saudi Arabia urges taxpayers to benefit from the cancellation of fines and exemption of penalties initiative
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a statement urging all taxpayers to take advantage of the “Cancellation of Fines and Exemption of Penalties Initiative,” which is set to conclude on 31 December 2024. Fines
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Netherlands submits third bill to amend Tax Plan 2025, updates funds for joint account regulations
The Netherlands government has presented the third amending bill to the Tax Plan 2025 to the lower house of parliament on 6 November 2024. This bill aims to eliminate an unintended, temporary tax liability for funds held in joint accounts
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Taiwan clarifies conditions for declaring business expenses, losses
Taiwan's Ministry of Finance has released a notice outlining the general conditions for declaring expenses, losses, and business-related expenses or losses on 4 November 2024. The expenses or losses filed by profit-seeking enterprises should be
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Turkey: Ministry of Treasury and Finance clarifies inflation adjustment procedures
Turkey’s Ministry of Treasury and Finance has issued a Circular No. 176 on 1 November 2024 offering detailed explanations on the implementation of inflation adjustment procedures under the Tax Procedure Law (TPL). It addresses various issues
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US: IRS clarifies CFC not eligible for dividends received deduction under section 245A
The US Internal Revenue Service (IRS) issued an Office of Chief Counsel memorandum clarifying that a controlled foreign corporation (CFC) is not eligible for a dividends received deduction under section 245A. This memorandum provides
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Taiwan issues new tax calculation guidelines for foreign companies
Taiwan's Ministry of Finance has released notice for foreign companies on applying the net profit ratio and domestic profit contribution ratio to calculate taxable income and withholding tax before receiving payments for services or business profits
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Turkey: Parliament approves law modifying tax procedure’s inflation adjustment rules
Turkey Parliament has enacted Law No. 7529, introducing amendments to the inflation adjustment provisions of the Tax Procedure Law (TPL) on 24 October 2024. The main part of Law No. 7529 involves several key updates to consumer protection,
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US: IRS updates guidance on foreign-derived intangible income deduction
The US Internal Revenue Service (IRS) issued an updated practice unit titled, ‘IRC Section 250 Deduction: Foreign-Derived Intangible Income (FDII) on 24 October 2024. This revision eliminates references to unavailable resources and replaces the
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South Africa proposes foreign exchange loss rule for non-trading companies
The 2024 Taxation Laws Amendment Bill, introduced in South Africa's Parliament, on 30 October 2024, by allowing them to carry forward foreign exchange losses. This change addresses an existing imbalance in the taxation of foreign exchange gains and
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Dominican Republic mandates corporate taxpayers to designate responsible individual for tax obligations
The Dominican Republic's General Directorate of Internal Revenue (DGII) has released Notice No. 21-24 on 25 October 2024 outlining the requirement for corporate taxpayers to identify the individual who will represent the company or entity before the
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Bangladesh considers phasing out non-refundable minimum tax
The National Board of Revenue (NBR) in Bangladesh is planning to phase out its non-refundable minimum tax system according to local sources, a move aimed at aligning with global tax standards and encouraging investor confidence. The NBR plans to
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Mexico updates list of taxpayers linked to suspected fake transactions
Mexico’s Tax Administration (Servicio de Administración Tributaria, SAT) has revised the final lists of taxpayers suspected of engaging in non-existent transactions under Article 69-B of the Federal Fiscal Code. The tax administration
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