Slovenia proposes amendments to Corporate Income Tax Act
Slovenia's Ministry of Finance announced the Draft Bill on Amendments to the Corporate Income Tax Act on 6 June, 2024. The bill simplifies the interest deduction limitation rules by eliminating the existing thin capitalisation rule while
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Czech Republic amends Income Tax Act following new accounting law
In response to the new draft Accounting Act, the Czech Republic's Ministry of Finance has issued a draft amendment to the Income Tax Act, proposing significant changes set to take effect starting 1 January, 2025. The Key amendments include
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Singapore: MoF launches public consultation on new multinational enterprise tax bill, income tax amendments
On 10 June 2024, The Ministry of Finance (MOF) announced a public consultation on the proposed Multinational Enterprise (Minimum Tax) Bill and associated legislative amendments to the Income Tax Act 1947 (ITA). The consultation period will run
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Saudi Arabia clarifies dispute resolution for zakat, tax, customs
The Saudi Zakat, Tax and Customs Authority (ZATCA) has issued new guidelines outlining how to resolve disputes between taxpayers and the authority. It explains the process for settling disagreements related to zakat, tax, and customs matters. The
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Malaysia updates tax rules for investment holding companies
The Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 2/2024 on 28 May, 2024. This revised and replaced Public Ruling No. 10/2015 of 16 December 2015 regarding the taxation of investment holding organisations. This update
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Taiwan clarifies land expenditure treatment for tax calculation
The Ministry of Finance in Taiwan has issued a notice, on 3 June 2024, stating that expenses related to preparing land for sale should be accounted for as part of the land cost when calculating net income. According to Paragraph 1, Article 24 of
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Colombia: DIAN Increases e-invoicing audits due to extensive non-compliance
The Colombian tax authority (DIAN) has increased audits and inspections related to electronic invoicing (e-invoicing) due to widespread non-compliance with regulations. Under current tax laws, businesses that fail to issue or properly deliver
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US: Washington updates regulation on apportionable income calculation
US state Washington’s Department of Revenue has updated a regulation concerning the calculation of the portion of a business’s apportionable income generated within Washington State. Introduced on 15 May, 2024, this rule will go into force on
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US: IRS revises automatic accounting methods
The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures in April 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax
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Australia: ATO summarises 2024 non-individual tax return changes
The Australian Taxation Office (ATO) released a summary on 30 May, 2024, detailing the updates to non-individual tax return forms and schedules for the 2023–24 income tax period. The Company Tax Return 2024 includes changes related to
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Vietnam implements tougher measures to tackle tax evasion
Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a
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Bangladesh reportedly plans 67% hike in bank excise duty
The Bangladesh government reportedly plans to increase excise duty on high-value bank deposits in the fiscal year 2024-25. Low- and middle-income depositors will maintain current rates, but higher-income individuals will see increased
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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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Kenya: High Court rules no extra import duties on petroleum products
The Kenyan High Court ruled that the tax authority cannot impose additional import duties on product gains from petroleum products once initial duties have been paid. Such gains should be taxed exclusively under income tax law. The case in
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Australia: House of Representatives dismiss amendments to small business and charities bill
Australia’s House of Representatives dismissed the Senate's amendments to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023. This bill intends to raise the instant asset write-off threshold from
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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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Argentina imposes 17.5% foreign currency tax on foreign profits and dividends
AFIP has previously also declared that it had increased the tax on foreign currency purchases (PAIS tax) from 7.5% to 17.5% on 13 December, 2023. The Argentine Tax Authority (AFIP) announced on Friday, 10 May, 2024, in a release the issuance of
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