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
See More
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
See More
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
See More
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
See More
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
See More
Argentina imposes 17.5% foreign currency tax on foreign profits and dividendsÂ
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 More
Australia: 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,
See More
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
See More
Czech Republic: Parliament approves changes to investment companies and investment funds (ICIF) actÂ
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
See More
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
See More
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
See More
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
See More
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
See MoreRussia: Parliament considers overhauling simplified taxation system for businesses
The Russian parliament is currently considering a draft bill that aims to modify the thresholds governing the application of the simplified taxation system for legal entities. Key provisions under consideration include: Employee Threshold
See More
Lithuania proposes law to enhance tax benefits for investors in foreign companies
The Lithuanian parliament is reviewing Draft Law No. XIVP-2226(2), which aims to broaden the definition of eligible shares for capital gains tax exemptions and loss carryforward from the sale of shares in foreign companies. Currently, these tax
See More
Pakistan: FBR introduces special method for tax payments by traders and shopkeepers
The Pakistan Federal Board of Revenue (FBR) has introduced a new tax procedure called the "Tajir Dost (Special) Procedure 2024" aimed at taxing small traders and shopkeepers. This procedure applies starting from 1 April 2024, with advance tax
See More
Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on ​​the Norwegian Continental Shelf. It is also proposed that tax
See More
Pakistan introduces new regulations for withholding agents and online business integration
The Pakistan Federal Board of Revenue (FBR) issued new regulations requiring withholding agents to update their profiles and integrate approved software for transactions subject to withholding tax. The rules, introduced for the Synchronized
See More