Taiwan: Fines for regulatory violations are not deductible in tax returns
Taiwan's Ministry of Finance has issued a notice stating that fines for regulatory violations cannot be deducted as expenses or losses on annual income tax declaration for profit-seeking enterprises on yesterday, 14 August 2024. The National
See More
Colombia clarifies currency requirements for foreign branches of local companies
The Colombian tax authority ( DIAN)Â has issued Ruling 524 on 8 July 2024, which clarifies the currency regulations for foreign branches of Colombian companies. This ruling specifies that transactions conducted by foreign branches in currencies
See More
Austria generates additional EUR 185 million in tax income from AI
The Austrian Ministry of Finance has announced that the use of artificial intelligence has generated approximately EUR 185 million in tax revenue in 2023 from income tax, corporation tax, and value-added tax. The Predictive Analytics Competence
See More
Russia lowers tax thresholds for monitoring system participation
Russia enacted Law No. 259-FZ, published in the Official Gazette on 8 August 2024, which lowers the financial thresholds for businesses to participate in the country’s tax monitoring system. This system offers taxpayers a streamlined process
See More
South Korea: President reportedly urges National Assembly to scrap financial investment income tax
The office of South Korean President Yoon Suk Yeol has reportedly urged the National Assembly to abandon the current plan to impose a financial investment income tax on capital gains earned by individuals from listed securities on Wednesday, 7
See More
Chile issues guidance on optional tax for accumulated profits
Chile’s tax authority (Servicio de Impuestos Internos - SII) published Circular No. 34 of 30 July 2024 in the Official Gazette on 1 July 2024. It offers guidance on the optional substitute tax for final taxes (impuesto sustitutivo de los impuestos
See More
France updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 30 June 2024 and 29 September
See More
Dominican Republic updates inflation adjustments and exchange rates for fiscal year 2024
The Dominican Republic's Directorate General of Internal Revenue (DGII) has released Resolution No. DDG-AR1-2024-00005, establishing key financial adjustments for the fiscal year ending June 2024. This resolution introduces a general inflation
See More
Australia: ATO provides guidance on taxable payments annual reports for contractor services
The Australian Taxation Office (ATO) released guidance on 24 July 2024 for businesses that may need to submit a Taxable Payments Annual Report (TPAR) by 28 August 2024 concerning services provided by contractors. Businesses that offer services
See More
Australia initiates consultation for improving foreign resident capital gains withholding tax
The Australian Treasury launched a public consultation on improving the foreign resident capital gains withholding tax regime on 23 July, 2024. The consultation is set to conclude on 5 August, 2024. As part of the 2023–24 Mid-Year Economic and
See More
Italy: Council of Ministers approves decree on minor taxes, tax penalties Â
Italy’s Council of Ministers tentatively approved a legislative decree on 22 July 2024 that outlines a consolidated text on minor state taxes under Article 21 of Law 9 August 2023, no. 111. The text aims to precisely identify the current rules by
See More
Belgium releases e-invoicing FAQs, compiles approved software list
Belgium’s Federal Public Service of Finance (FPS Finance) released details about the forthcoming mandatory e-invoicing requirement on 11 July 2024. This e-invoicing obligation will apply for business-to-business (B2B) transactions, starting 1
See More
Sri Lanka releases estimated income tax statement for 2024-25
The Sri Lanka Inland Revenue Department (IRD) has released the Statement of Estimated Income Tax Payable for the year of assessment 2024/2025. It also issued the Statement of Estimated Tax (SET) - Credit Schedule and the Instructions for completing
See More
Ukraine clarifies residence certificate requirements for withholding tax exemptions
The State Tax Service of Ukraine has issued new guidance detailing the requirements for residence certificates needed to claim withholding tax exemptions or reductions under tax treaties. The guidance is for tax agents making income payments to
See More
Taiwan: MoF issues notice on calculating interest income for loans
Taiwan's Ministry of Finance has released a notice regarding the calculation of interest income for loans provided either without interest or at a rate below the market standard. The Dajyh Office, National Taxation Bureau of the Central Area,
See More
Malaysia revises tax rules on foreign income, exempts dividends
The Inland Revenue Board of Malaysia (IRBM) has published amended technical guidelines – Tax Treatment In Relation To Income Received From Abroad (Amendment) – on 20 June 2024. This guidance provides clarification regarding the tax treatment
See More
US: Pennsylvania passes tax bill to double net loss limit
The US State of Pennsylvania’s Governor Josh Shapiro signed a tax bill - Senate Bill 654 - into law on 11 July, 2024. This bill follows the state’s federal tax code that proposes to gradually increase the net operating loss carryover limit
See More
Hong Kong publishes FAQ on foreign debt interest income
The Hong Kong Inland Revenue Department (IRD) has published a frequently asked question (FAQ) regarding the tax treatment of Interest Income from Foreign Debt Instruments. Is the interest income derived by a fund, family-owned investment holding
See More