Greece releases solidarity contribution details for energy, mining sectors
The Greek Public Revenue Authority (AADE) has published an outline of the form and content of the temporary solidarity contribution declaration on 18 September 2024. Greece introduced temporary solidarity contribution targeting companies in the
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Lithuania: Social Democratic Party proposes higher corporate income tax, luxury asset tax
Lithuania’s Social Democratic Party Vilija Blinkevičiūtė, announced her party's tax reform plans in anticipation of the upcoming election on 24 September 2024. She stated that if her party comes to power after the forthcoming parliamentary
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Singapore: IRAS urges timely corporate tax filing, warns of penalties for late returns
About 262,000 companies are expected to file CIT Returns in Singapore this year. The Inland Revenue Authority of Singapore (IRAS) has issued a reminder, on 26 September 2024, to all companies, including those with no business activities or those
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Puerto Rico consults implementation of Pillar Two GloBE rules
Puerto Rico's Department of the Treasury has initiated a Public Consultation on the Implementation of the Pillar Two GloBE Rules in Puerto Rico, set to conclude on 10 October 2024. Pillar Two ensures that particular taxpayers are subject to a
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Costa Rica updates beneficial ownership registry rules, extends 2024 filing deadline
Costa Rica’s General Directorate of Taxation (DGT) and the Costa Rican Institute on Drugs (ICD) updated the regulations governing the beneficial ownership registry; they jointly issued Resolution No. MH-DGT-RES-0020-2024 / DG-336-2024 in the
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Australia consults proposed provision denying deductions for ATO interest charges
The Australian Taxation Office (ATO) announced a proposed provision that will disallow the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years beginning on or after 1 July 2025. After 1 July 2025,
See MoreSingapore: IRAS to organise webinar on taxation of investment holding companies
The Inland Revenue Authority of Singapore (IRAS) will be organising a free webinar on the taxation of investment holding companies on 23 October 2024, according to a release. The online event is tailored for companies whose principal activity is
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UK to consult Multinational Top-up Tax and Domestic Top-up Tax – further draft guidance
HM Revenue & Customs (HMRC) has initiated a public consultation on the third version of UK's Pillar Two global minimum tax rules. Comments must be submitted by 23 October 2024. HMRC released additional draft guidance for consultation
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India scraps tax cases due to higher appeals thresholds
India's Press Information Bureau released a statement from the Ministry of Finance regarding the Supreme Court's resolution of 573 tax cases on 24 September 2024. The measures are expected to significantly reduce the burden of tax litigation and
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UK: HMRC releases corporate tax registration guide for foreign companies
The UK HMRC released guidance on Corporation Tax registration for non-UK residents and non-UK incorporated companies, on 17 September 2024, outlining who is required to register and how a non-UK resident company trading in the UK through a dependent
See MoreUK: HMRC to consult e-invoicing
The Chancellor of HMRC, Rachel Reeves, announced a public consultation on electronic invoicing (e-invoicing) on 23 September 2024. The public consultation will gather input from businesses on how HMRC can support investment in and encourage
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Czech Republic offers tax relief for individuals and businesses due to widespread flooding
The Czech Financial Administration announced several notices – providing information on tax payment deferments, penalty waivers, and various forms of tax relief – for citizens and businesses in light of the significant flooding on 18 September
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US: IRS publishes guidance for tax-exempt bond issuers to claim refunds
The IRS published a guidance (Rev. Proc. 2024-37) for issuers of tax-exempt and other tax-advantaged bonds for claiming refunds of any overpayment of certain amounts paid to the US government on 18 September 2024. The guidance pertains to issuers
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Malaysia unveils tax incentives for Forest City special financial zone
Malaysia’s Deputy Finance Minister Amir Hamzah Azizan introduced proposed tax incentives during the announcement ceremony for the Forest City Special Financial Zone (SFZ) on 20 September 2024. The Forest City is situated within the Iskandar
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Australia: ATO publishes guidance on approved forms for thin capitalisation tests
The Australian Taxation Office has issued guidance regarding the approved form that allows taxpayers to choose between the group ratio test and the third-party debt test. This form is used when making a choice to apply the group ratio test or
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Argentina: Budget Bill 2025 proposes scrapping foreign currency purchase tax
The Argentine National Executive Branch presented the 2025 Budget Bill to Congress, which made no significant changes to the current tax framework except for eliminating the tax on foreign currency purchases (PAIS tax rate) starting 1 January
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Ukraine to align tax legislation with OECD standards
Representatives of the Ministry of Finance of Ukraine and State Tax Service of Ukraine announced that the country will align its tax legislation with OECD standards. Representatives of Ukraine at the invitation of the Organisation for Economic
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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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