US: IRS, Treasury propose dual consolidated loss rules
The US Internal Revenue Service (IRS) and the US Department of Treasury have released Rules Regarding Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, in which it proposed regulations that offer guidance on the dual
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Puerto Rico: Nonprofit releases report on Pillar Two global minimum tax
Puerto Rican organisation Espacios Abiertos (Open Spaces) has released a report that quantifies and analyses the effect of the 15% global minimum tax (GMT) and the opportunities and risks that it represents for Puerto Rico. The study also discusses
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Thailand announces new incentives for car parts manufacturing JVs
The Thailand Board of Investment (BOI) approved a series of new incentives to promote investment in joint ventures (JV) between Thai and foreign companies regarding the manufacturing of automotive parts and components for vehicles using all types of
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UK: HMRC revises guidance on multinational, domestic top-up taxes
The UK HMRC released updated guidance on ‘How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax’ on 6 August, 2024. HMRC online service HMRC is developing a new online service to enable businesses to meet their MTT
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South Korea: President reportedly urges National Assembly to scrap financial investment income tax
The office of South Korean President Yoon Suk Yeol has reportedly urged the National Assembly to abandon the current plan to impose a financial investment income tax on capital gains earned by individuals from listed securities on Wednesday, 7
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Nicaragua announces tax incentives for tourism projects
Nicaragua published Law No. 1210 (General Law on Tourism) and Law No. 1211 (Law on Incentives for Tourism Developments), in the Official Gazette on 2 August, 2024. Law No. 1210 introduces new regulations for the tourism sector that will replace
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UK revises late payment interest rates
The UK HMRC has announced a revision of late payment and repayment interest rates following the Bank of England's recent cut to the base rate from 5.25% to 5.0% on 1 August 2024. New interest rates Late payment interest rate: From 20 August,
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Turkey extends Q2 2024 provisional tax return deadline
Turkey's Revenue Administration has announced an extension for the submission of the provisional tax return for the second quarter of the 2024 accounting period. The deadline has been moved from 19 August 2024 to 27 August 2024. Normally,
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Kazakhstan publishes updated tax code draft
Kazakhstan's Ministry of National Economy has updated the draft of its new tax code, introducing several amendments, on 24 July 2024. Key amendments Sector-specific corporate tax rates The draft proposes new sector-specific corporate tax
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Chile issues guidance on optional tax for accumulated profits
Chile’s tax authority (Servicio de Impuestos Internos - SII) published Circular No. 34 of 30 July 2024 in the Official Gazette on 1 July 2024. It offers guidance on the optional substitute tax for final taxes (impuesto sustitutivo de los impuestos
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Australia updates petroleum resource rent tax rules
Australia’s Treasurer Jim Chalmers announced new Petroleum Resource Rent Tax regulations on 6 August, 2024. The Petroleum Resource Rent Tax (PRRT) reform aims to deliver a fairer return to the Australian community from their natural resources.
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Korea proposes 2024 tax law overhaul to boost economy
The Ministry of Economy and Finance of South Korea (ROK) introduced its proposed 2024 Tax Law Amendment Bill on 25 July 2024, aiming to encourage economic activity and enhance the overall health of the public economy. “This year's tax revision
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South Africa consults draft guide on tax incentives for renewable energy investments
The South African Revenue Service (SARS) has published a draft guide concerning allowances and deductions for assets used in generating electricity from specified renewable energy sources. This guide outlines several tax incentives aimed at
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Saudi Arabia extends penalty exemption
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has announced an extension of the penalty exemption initiative until 31 December 2024. ZATCA urges all taxpayers to leverage from the “Cancellation of Fines and Exemption of Penalties
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Angola extends tax compliance deadline for July
Angola’s General Tax Administration (AGT) announced that it has extended the deadline for tax compliance obligations that expire on 31 July of this year to 18 August 2024, due to various computer system constraints. This includes obligations on
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US: Joint Committee details tax incentives for economic development, financing
The US Joint Committee on Taxation (JCT) published the Tax Incentives for Economic Development and Financing, which explains the present-law tax incentives for qualified opportunity zones, the new markets tax credit, the rehabilitation credit for
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Bolivia extends corporate income tax deadlines
Bolivia’s National Tax Service has extended the deadlines for corporate income tax (IUE) until 30 August 2024, published Resolution No. 102400000016 on 27 July 2024. Under Resolution of the Directory (RND) No. 101800000004 of 2 March, 2018, the
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Colombia: DIAN clarifies tax incentives for ZOMAC zones in new ruling
The Colombian tax authority (DIAN) recently issued Ruling 531 on 10 July 2024, clarifying tax incentives for businesses in zones affected by armed conflict (ZOMAC). The ruling details reduced tax rates for new micro and small enterprises in ZOMAC
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