Argentina sets deadlines for new tax, customs, social security regularisation
The Argentine tax authority (AFIP), in a release, on 15 August 2024, provided clarification about the "My Facilities" system, which taxpayers must utilise to participate in the regularisation regime for tax, customs, and social security obligations
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UAE releases new corporate tax guide on determining taxable income
The UAE Federal Tax Authority (FTA) has released a new Corporate Tax Guide titled "Determination of Taxable Income" (CTGDTI1)”, which provides detailed guidance on calculating the taxable income base for corporate tax purposes in the UAE. The
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Taiwan: Fines for regulatory violations are not deductible in tax returns
Taiwan's Ministry of Finance has issued a notice stating that fines for regulatory violations cannot be deducted as expenses or losses on annual income tax declaration for profit-seeking enterprises on yesterday, 14 August 2024. The National
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Vietnam proposes changes to corporate income tax rules
The Vietnamese Ministry of Finance has released a draft law proposing changes to the country's corporate income tax (CIT) rule. The draft is expected to be presented to the National Assembly for consideration in October 2024 and ratified in May
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US: IRS urges early registration for 2023 payment, transfer claims
The US Internal Revenue Service released IR-2024-210, which strongly urges qualifying businesses, tax-exempt organisations, and state, local, and Indian tribal governments to complete the pre-filing registration process now for projects placed in
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US: Connecticut joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 9 August 2024, that Connecticut will join the IRS Direct File for Filing Season 2025. The IRS Direct File was made possible by President Biden’s Inflation
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Finland consults Minimum Tax Act amendments
Finland's Ministry of Finance initiated a public consultation on proposed changes to the Minimum Tax Act on Monday, 12 August 2024. The Minimum Tax Act was passed at the end of 2023. It implements the Pillar Two global minimum tax in line with
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Australia: Senate Committee recommends passing Pillar Two global minimum tax legislation
The Australian Senate Economics Legislation Committee released its report regarding the provisions of three legislations aimed at implementing the Pillar Two global minimum tax in Australia. The report recommends that the bills be passed. The
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Italy issues decree for tax collection system reform
Italy’s government has enacted Legislative Decree No. 110 of 29 July, 2024 mandating a comprehensive reorganisation of the tax collection system under Law No. 111 of 9 August 2023. Earlier, the Legislative Decree No. 110 of 29 July, 2024 was
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Romania enforces ex officio changes to taxpayers’ register
Romania has published Order No. 3792/2024 in Official Gazette No. 774, on 7 August 2024,outlining the procedure for amending the Taxpayers' Register ex officio when taxpayers fail to fulfil their obligation to update their information. The tax
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Colombia clarifies currency requirements for foreign branches of local companies
The Colombian tax authority ( DIAN) has issued Ruling 524 on 8 July 2024, which clarifies the currency regulations for foreign branches of Colombian companies. This ruling specifies that transactions conducted by foreign branches in currencies
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Austria generates additional EUR 185 million in tax income from AI
The Austrian Ministry of Finance has announced that the use of artificial intelligence has generated approximately EUR 185 million in tax revenue in 2023 from income tax, corporation tax, and value-added tax. The Predictive Analytics Competence
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Italy enacts decree on tax credits for energy saving investments
Italy’s Ministry of Business and Made in Italy published the Decree of 24 July 2024 in the Official Gazette, on 6 August 2024, introducing a new tax credit aimed at promoting investments in innovative energy-saving technologies for qualifying
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Ukraine enacts ‘White Business Club’ law
Ukraine’s President Volodymyr Zelenskyy signed Law No. 11084 enacting the “White Business Club”. This legislation amends the Tax Code of Ukraine and introduces several tax incentives and benefits for taxpayers exhibiting a strong commitment to
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Russia lowers tax thresholds for monitoring system participation
Russia enacted Law No. 259-FZ, published in the Official Gazette on 8 August 2024, which lowers the financial thresholds for businesses to participate in the country’s tax monitoring system. This system offers taxpayers a streamlined process
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Ireland updates guidance on Pillar Two global minimum tax
Irish Revenue has released eBrief No. 213/24, which provides new guidance on administering the Pillar Two global minimum tax, along with updated information on the implementation of the Pillar Two rules, on 8 August 2024. The Tax and Duty Manual
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Greece imposes special levy on gas-fuelled electricity producers for August
Greece has implemented a new law imposing a special levy on electricity producers that use natural gas as fuel for August 2024. This levy, set at EUR 10 per thermal megawatt-hour of the higher heating value of natural gas, is part of the
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Italy issues decree on tax compliance, preventive composition procedure
Italy’s government has published Legislative Decree No. 10 of 5 August 2024 in the Official Gazette, which implements new measures aimed at enhancing the preventive composition procedure and simplifying tax compliance. The Legislative Decree
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