Italy approves tax credit model form for SEZ investments in agriculture, forestry, fisheries
Italy’s tax authorities have sanctioned the model form for tax credit required for eligible businesses in the agriculture, forestry, fishery, and aquaculture sectors in the Single Special Economic Zone (Single SEZ). This form is essential for
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US: Congressional Research Service (CRS) reviews TCJA changes to cost recovery, R&D tax credit
The US Congressional Research Services (CRS) has published a new "In Focus" report, “How the "Tax Cuts and Jobs Act" (TCJA, P.L. 115-97) Changed Cost Recovery and the Tax Credit for Research” on 13 November 2024. Tax benefits for investments
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US: Treasury Department finalises rules for expanding clean energy tax credits
The US Department of the Treasury and the IRS, in a press release on 19 November 2024, issued final regulations that will expand the reach of the Biden-Harris Administration’s Inflation Reduction Act by helping entities that co-own clean energy
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US: Treasury Department’s CDFI Fund to grant USD 10b in NMTC authority for 2024-25
The US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund), on 19 November 2024, released the Notice of Allocation Availability (NOAA) for the next round of the New Markets Tax Credit Program (NMTC
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Italy introduces tax credit for investments in southern economic zone
Italy issued Ministerial Decree on 18 September 2024, which was published in the Official Gazette on 11 November 2024, outlining the regulations for a tax credit for specific investments in the "Special Economic Zone for Southern Italy—Single
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Italy updates tax credit form for special economic zone investments
Italy’s tax authorities issued Protocol No. 406943/2024 on 6 November 2024, updating the model form for the supplementary communication required by qualifying taxpayers to receive tax credit benefits for investments made in single special economic
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Malaysia implements new rules for higher capital allowance for ICT equipment, software
Malaysia Ministry of Finance published two regulations in the Official Gazette on 30 October 2024 – the Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2024 and the Income Tax (Capital
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US: Treasury publishes final rules on clean energy production tax credits
The US Treasury Department and the IRS published the final rules for the advanced manufacturing production tax credit under Internal Revenue Code (IRC) section 45X in the federal register on 28 October 2024. The final regulations ( RIN
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US: IRS and Treasury release final rules for advanced manufacturing investment credit
The US Department of the Treasury and the Internal Revenue Service (IRS) announced in the IR-2024-275, on 22 October 2024, the final regulations that provide guidance regarding the implementation of the Advanced Manufacturing Investment Credit,
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Austria enacts Inflation Relief Bill 2025
Austria published the Bill on Inflation Relief for Taxpayers in 2025, known as the Progressionsabgeltungsgesetz 2025 in the Official Gazette (BGBl. I Nr. 144/2024), on 9 October 2024. This Act adjusts the main tariff components and deductible
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Poland to introduce cash grants amid potential impact of Pillar Two on investment zone incentives
Poland's Ministry of Development and Technology (MRiT) announced plans to reform the country's incentives system by introducing cash grants linked to investment profitability. The cash grant incentive regime aims to maintain Poland's
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US: Treasury announces over USD 2 billion in credit transfers for Inflation Reduction Act Phase Four
The US Treasury released a speech outlining the implementation of phase four, along with a press release announcing a significant milestone for clean vehicles on 1 October 2024. Phase Four of Implementation of the Inflation Reduction Act’s
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Brazil extends tax incentives for semiconductor industry
Brazil has extended the tax incentives for the semiconductor and information and communication technology sectors until 31 December 2029, published in Law No. 14.968, dated 11 September 2024 in the Official Gazette. The incentives include the
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Panama introduced procedure to allow transfer of tax credits
Panama’s tax administration (Dirección General de Ingresos, DGI) introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another
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UN publishes draft guidance on carbon offsets, carbon credits in transfer pricing
The UN Subcommittee on Transfer Pricing published an advanced unedited version of the guidance Interstitial Guidance on Transfer Pricing of Carbon Offsets and Carbon Credits on 28 August 2024. The draft is an updated version of a document
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US proposes new regulations for electric vehicle charging stations
The Department of Treasury and Internal Revenue Service released IR-2024-240 on 18 September 2024, announcing proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended
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US: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
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Finland consults tax credits for major industrial investments in net-zero transition
Finland's Ministry of Finance has initiated a public consultation regarding a tax credit aimed at large industrial investments that facilitate the transition to a net-zero (climate-neutral) economy. The government decided on the preparation of the
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