Malaysia consults on tax treatment of local ships
The Inland Revenue Board of Malaysia (IRBM) initiated a public consultation on a draft ruling regarding the tax treatment of Malaysian ships and the exemption of shipping income for qualifying residents. The consultation is open for comments from
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Poland approves cash accounting scheme for eligible entrepreneurs
Poland’s parliament approved a new "Cash PIT" regime aimed at individual entrepreneurs who operate their businesses independently and whose revenue did not surpass the PLN 1 million (EUR 250,000) threshold in the previous tax year. The scheme
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Australia issues law companion ruling on corporate collective investment vehicle regime
The Australian Taxation Office (ATO) released the Law Companion Ruling (LCR) 2024/1 - The Corporate Collective Investment Vehicle Regime on 2 October 2024. Effective from 1 July 2022, this Ruling is about amendments made to the taxation law to
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New Zealand issues draft guidance on loss carry forward rules
The New Zealand Inland Revenue has issued draft guidance interpreting the loss carry forward rules established in 2020, known as the business continuity test (BCT). This new draft aims to clarify anti-avoidance provisions not addressed in the
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US: IRS publishes list of entities, branches with qualified intermediary status
The US Internal Revenue Service (IRS) published its list of entities and branches that have achieved qualified intermediary (QI) status under the Foreign Account Tax Compliance Act (FATCA). The Qualified Intermediary (QI) Program administers
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Uruguay extends CIT and Net Wealth Tax exemptions, updates definition of Shared Services Centre
The Ministry of Economy and Finance in Uruguay updated the definition of “Shared Services Centre” and extended tax exemptions for Corporate Income Tax (CIT) and Net Wealth Tax, through the publishing of Decree No. 257/024 in the Official
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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
See MoreUS: 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
See MoreAustralia 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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