New Zealand introduces tax policy work programme
New Zealand’s Minister of Revenue has introduced a tax policy work programme on 13 November 2024, which aims to simplify tax and reduce compliance costs, address integrity risks, and improve fiscal sustainability to rebuild the economy. The
See More
Netherlands issues decree on foreign legal forms comparison
The Netherlands has issued Decree of 9 November 2024 in the Official Gazette on 13 November 2024 addressing the comparison of foreign legal forms. This decree outlines the criteria for assessing whether a foreign legal form is comparable to a
See More
Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
See More
Colombia: DIAN mandates certification for third-party debts under thin capitalization rules
The Colombian tax authority (DIAN) issued Ruling 803 of 23 September 2024, released on 1 November 2024, which provides guidance on the necessary certification of third-party debts for interest deduction purposes under the thin capitalization
See More
Malaysia updates green tech tax incentives for businesses, solar leasing
The Malaysian government is taking a strong stance on renewable energy targets, increasing the share of renewable energy in the electricity generation capacity mix to 70% by 2050; in line with Malaysia’s aspiration to be an inclusive, sustainable,
See More
Taiwan: Ministry of Finance issues guidelines for businesses changing to a special fiscal year
Taiwan's Ministry of Finance has released a notice outlining the requirements for businesses transitioning from a calendar year to a special fiscal year, including stipulations for tax returns and retained earnings on 12 November 2024. The
See More
Poland: Senate passes law on global minimum tax rules
Poland’s Senate (upper house of parliament) has approved a legislation for the implementation in accordance with the EU Minimum Tax Directive (Council Directive (EU) 2022/2523) of 14 December 2022. The bill must be presented to the president
See More
Costa Rica announces new rules for e-invoicing
Costa Rica has published the ‘Executive Decree No. 44739-H—Regulation of Electronic Receipts for Tax Purposes’ in the Official Gazette on 8 November 2024. The key points of the decree are as follows: New definitions, including
See More
Canada: Parliamentary Budget Officer says AMT changes to cut income tax revenues by CAD 598m
The Canadian Parliamentary Budget Officer (PBO) has presented updates on 7 November 2024 regarding Canada's Alternative Minimum Tax (AMT) changes outlined in the 2024 Budget. Budget 2024 introduced amendments to the Alternative Minimum Tax (AMT)
See More
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
See More
South Africa: National Treasury consults urban development zone tax incentive
The National Treasury of South Africa has invited interested parties to participate in the urban development zone (UDZ) tax incentive online survey on 6 November 2024. The consultation is set to conclude on 29 November 2024. The objective of
See More
Portugal updates indexation coefficients for capital gains tax on 2024 sales
The Portuguese Government has published the indexation coefficients for calculating capital gains or losses applicable to personal and corporate income tax. These coefficients, which were announced in Ordinance 228/2024/1 on 7 November 2024,
See More
Bangladesh: NBR lowers capital gains tax rate
The National Board of Revenue (NBR) issued a notification outlining amendments to the capital gains tax provisions under the Income Tax Act 2023 (ITA 12), lowering the rate to 15% for gains above BDT 5 million, on 4 November 2024 Capital gains
See More
Saudi Arabia urges taxpayers to benefit from the cancellation of fines and exemption of penalties initiative
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a statement urging all taxpayers to take advantage of the “Cancellation of Fines and Exemption of Penalties Initiative,” which is set to conclude on 31 December 2024. Fines
See More
US: IRS to host free webinar for businesses on beneficial ownership reporting deadline of 1 January 2024
The US Internal Revenue Service (IRS), in the release IR-2024-288 on 12 November 2024, announced a free one-hour webinar scheduled for 19 November 2024 aimed at assisting businesses that must report beneficial ownership information to the Treasury
See More
Ireland: Parliament passes Finance Bill 2024
Ireland’s Senate passed the Finance Bill 2024 on 6 November 2024. Earlier, on 5 November 2024, the lower house of parliament approved the Finance Bill 2024, which outlines various tax measures as part of the Budget 2025. The Finance Bill
See More
UAE: FTA publishes new corporate tax guide
The UAE Federal Tax Authority (FTA) released a new Corporate Tax Guide on Tax Returns—CTGTXR1—on 12 November 2024, providing general guidance on filing and completing a return. This guide should be read by anyone required to file a tax return
See More
Turkey updates electronic ledger rules, filing deadlines
The Turkish Ministry of Treasury and Finance, alongside the Ministry of Trade, has issued a revised General Communiqué on Electronic Ledger (No. 5) on 8 November 2024, updating the previous regulations to enhance tax compliance. The new rules,
See More