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
See MoreAustralia: ATO offers tax relief for struggling businesses
The Australian Taxation Office (ATO) published a notice on Thursday, 9 May, 2024, regarding the availability of tax payment relief options for struggling businesses in Australia. According to the ATO, paying the tax bill in full, and on time,
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UAE: FTA issues corporate tax guide for investment funds and investment managers
The UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Investment Funds and Investment Managers - CTGIFM1 on Monday, 6 May, 2024, in order to provide general guidance to help persons understand the UAE Corporate Tax treatment for
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Czech Republic: Parliament approves changes to investment companies and investment funds (ICIF) act
The Czech Parliament has approved an amendment to the Investment Companies and Investment Funds (ICIF) Act. This amendment includes a technical amendment to the Income Tax Act and introduces various practical modifications related to
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Slovak Republic consults public regarding draft bill to tax sugary beverages
The Slovak Republic’s Ministry of Finance has proposed a draft bill for public consultation on taxing sugary beverages and drinks with sweeteners. The tax on sweetened soft drinks (TSSD) is classified as an indirect tax on consumption. This
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El Salvador exempts foreign earnings from income tax
El Salvador’s Legislative Decree No. 969 – published on 14 March 2024 in the Official Gazette – broadens the scope of income exempted from income tax, as per Article 3 of the Income Tax Law, which effectively exempts all foreign-sourced
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IMF proposes ending tax rebates for 33 industries in Bangladesh
According to Bangladesh’s National Board of Revenue (NBR) the International Monetary Fund (IMF) has proposed the government to end the tax rebate facility for 33 industries, which has been provided to these sectors for 10 years. The IMF has
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Belarus provides explanations of tax exemption for tech parks’ contributions to innovative development funds
The Belarus Ministry of Taxes and Duties released Letter No. 05-12/1484/2-2-13/01227 dated 26 April 2024 on 30 April, 2024, detailing the income tax deduction allowances for investments into innovative development funds by technology parks and their
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