US: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
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Italy introduces tax credit for recycled plastic purchases
Italy's Ministry of Environment and Energy Security published Decree of April 2, 2024 in the official gazette on 21 May, 2024, outlining the implementation of a 36% tax credit for expenses related to purchasing recycled plastic products and
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US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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Italy offers tax credit for investments in simplified logistics zonesÂ
Italy published Decree-Law No. 60 of 7 May 2024 in the Official Gazette on 7 May, 2024, addressing urgent provisions for the European Union's cohesion policy. This decree introduces tax credits for investments in simplified logistics zones (ZLS);
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Taiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the R&D investment tax credit. According to the National Taxation Bureau of Taipei, the Ministry
See MoreUS: Taxpayers Given Greater Access to Energy Tax Credits
Under the provisions of the Inflation Reduction Act of 2022 (IRA) taxpayers have been given greater access to the benefit of the energy tax credits even if they have no federal tax liability. The Act aims to support the expansion of the renewable
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Canada mulls tax credits for clean hydrogen and tech manufacturingÂ
On 20 December 2023, Canada's Department of Finance launched consultations on introducing tax credits for clean hydrogen investment and Clean Technology Manufacturing investment. As detailed in the 2023 Fall Economic Statement, the government is
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Hong Kong passes bill for amending the foreign-sourced income exemption regime
On 29 November 2023, the Legislative Council of Hong Kong announced the passage of the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023. The Bill refines Hong Kong's foreign-sourced income exemption (FSIE) regime
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UK Autumn statement details
The UK’s autumn statement was delivered on 22 November 2023. The significant tax changes are summarised below. National insurance contributions The main rate of Class 1 employee national insurance contributions (NICs) is to be reduced from
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UK: Statistics on Creative Industries Tax Relief
On 24 August 2023 HMRC published updated statistics for creative industries tax relief, showing that GBP 1.66 billion was paid out in tax relief for creative industries in 2021/22. The increase was due mainly to a significant rise in the amount of
See MoreUS: IRS issues practice unit on categorization of income and taxes into proper basket for FTC
On 15 May 2023, the U.S. IRS published a practice unit regarding Foreign Tax Credit - Categorization of Income and Taxes Into Proper Basket. This Practice Unit is revised to address changes from the implementation of the Tax Cuts and Jobs Act (TCJA)
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Hong Kong: IRD publishes updated guidance on foreign-sourced income exemption regime
On 23 December 2022, the Inland Revenue Department of Hong Kong has published updated guidance on the new Foreign-Sourced Income Exemption (FSIE) regime in the Official Gazette. The FSIE which is introduced by the Inland Revenue (Amendment)
See MoreHong Kong welcomes passage of bill on foreign-sourced income exemption regime
On 14 December 2022, the Hong Kong Legislative Council has passed the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022. The bill introduces a new foreign-sourced income exemption (FSIE) regime for passive income
See MoreUS: IRS issues guidance related foreign tax credit
On 22 November 2022, the U.S. Internal Revenue Service issued a guidance relating to the foreign tax credit, including guidance with respect to the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery
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Hong Kong: IRD gazettes taxation on specified foreign-sourced Income bill 2022
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (the Amendment Bill) was gazetted on 28 October 2022 and was introduced into the Legislative Council on 2 November 2022 to provide a new framework for Hong
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UK: Delay in Payment of R&D Tax Credits
It was reported on 17 May 2022 that HMRC has suspended payment of some research and development tax relief claims because it is investigating irregularities. Most R&D tax credit claims will not be affected but some irregular claims are being
See MoreCanada: Public comments of draft tax Proposals for Certain Budget 2021
On 7 February 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced and other tax measures. Specifically, the proposals would implement Budget 2021 measures to: Allow
See MoreUK: How Businesses Understand and Claim R&D Tax Relief
Research commissioned by HMRC looked at how businesses understand and claim research and development (R&D) tax relief, and the results of the research were published on the UK government website on 30 November 2021. The research looked at
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