India scraps tax cases due to higher appeals thresholds
India's Press Information Bureau released a statement from the Ministry of Finance regarding the Supreme Court's resolution of 573 tax cases on 24 September 2024. The measures are expected to significantly reduce the burden of tax litigation and
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US: IRS publishes guidance for tax-exempt bond issuers to claim refunds
The IRS published a guidance (Rev. Proc. 2024-37) for issuers of tax-exempt and other tax-advantaged bonds for claiming refunds of any overpayment of certain amounts paid to the US government on 18 September 2024. The guidance pertains to issuers
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Brazil updates reporting requirements for legal entities with tax benefits
Brazil published Normative Instruction No. 2.216 in the Official Gazette, on 5 September 2024, which updates and supersedes the annex of Normative Instruction No. 2.198 from 17 June 2024 (Declaration of Incentives, Waivers, Benefits, and Immunities
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Malta updates income tax deduction rules for capital expenditure on intellectual property
The government of Malta has issued a legal notice revising the local rule on deductions for capital expenditure related to intellectual property or intellectual property rights for income tax purposes on 13 September 2024. The provisions of these
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Russia extends foreign currency withdrawal restrictions
The Central Bank of Russia (CBR) has extended the restrictions on cash withdrawals of foreign currency for another six months, until 9 March 2025. The decision follows due to current sanctions against Russia which prevent domestic financial
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Poland issues goodwill depreciation guidelines
Poland’s Ministry of Finance issued a guidance, on 12 September 2024, clarifying that goodwill acquired through non-monetary means – such as acquiring a business by extinguishing a loan – cannot be depreciated for corporate income tax purposes
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Australia proposes draft law to simplify small business taxes, enhance foreign capital gains compliance
Australia’s government has proposed a new legislation to alleviate the administrative burden of tax processes for small businesses while enhancing capital gains withholding compliance for foreign residents. The draft legislation, ‘The
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Japan proposes tax reform to ease foreign tax credit rules
The Japanese Financial Services Agency (FSA) has presented a tax reform proposal to the Ministry of Finance, which includes relaxing the rules for foreign tax credits in Japan. The proposal explains that Japan typically uses the credit method to
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United Kingdom: NAO Report on Tax Evasion in the Retail Sector
On 9 September 2024 the National Audit Office (NAO) issued a report on tackling tax evasion in high street and online retail. The report examines how well HMRC understands and assesses the risk of tax evasion in retail; and looks at its strategy
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US: IRS grants limited relief for underpayment of CAMT-related estimated tax
The US IRS released Notice 2024-66, on 12 September 2024, which provides relief from the addition to tax under section 6655 of the Internal Revenue Code (Code) for underpayment of estimated income tax by a corporation to the extent the amount of any
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Australia outlines impact of debt deduction rules on private groups
The Australian Taxation Office (ATO) has summarised thin capitalisation and how debt deduction creation rules (DDCR) affect private groups on 3 September 2024. New information has been released to help taxpayers understand how the DDCR interacts
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Italy approves model form for special economic zone investment tax credit
Italy’s tax authorities approved the Protocol No. 350036/2024 on 9 September 2024, introducing a model form for the supplementary communication that eligible taxpayers must submit to obtain the tax credit for investments made in the single
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South Africa releases guide on revised tax rates and levies
The South African Revenue Service (SARS) released an updated version of the Guide for Tax Rates/Duties/Levies (Issue 17) on 29 August 2024. This guide compiles current and historical insights into the various taxes, duties, and levies collected by
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Slovak Republic approves draft bill to revise motor vehicle taxes
The government of the Slovak Republic approved a draft bill amending the Law on Motor Vehicle Tax, which includes two important changes: Reduction of Annual Tax Rates: The bill proposes a reduction in the annual tax rates for vehicles weighing
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Slovak Republic proposes new tax rules for bad debt deductions
The Slovak parliament approved a draft bill on 23 August 2024 for consideration that proposes amendments to the Income Tax Act. The amendments address the rules for tax-deductible provisions concerning bad debts. As per the proposed amendments,
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US: Washington exempts child care businesses from business and occupation tax
The Washington State Department of Revenue published a special notice introducing a new business and occupation (B&O) tax exemption for child care businesses on 26 August 2024. This new exemption goes into effect on 1 October 2024, and aims
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Australia: Tax cuts fail to boost spending in July 2024
Australian retail sales remained unchanged in July, following two months of growth, indicating that recent tax cuts have yet to spur important consumer spending. The Australian Bureau of Statistics (ABS) reported no month-on-month change in July,
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El Salvador to grant tax exemption for fintech, digital finance firms
El Salvador's Ministry of Economy has reportedly presented a draft bill to the Legislative Assembly, proposing new tax incentives for fintech and digital financial service companies. The bill, titled “Law for the Promotion of Fintech Entities
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