US: IRS extends tax relief for individuals and businesses impacted by severe weather in Iowa
The US Internal Revenue Service (IRS), in a release—IA-2024-08 on 27 June 2024, announced tax relief for individuals and businesses in Iowa that were affected by severe storms, flooding, straight-line winds, and tornadoes that began on 16 June,
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US: New Jersey proposes increasing corporate tax rate to 11.5%
Lawmakers of New Jersey are poised to approve a proposed corporate income tax rate increase for the state's largest companies. New Jersey Governor Phil Murphy proposed the increase, intending to use the increased tax revenue to fund the state’s
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Australia: ATO issues guidance on pending domestic and global minimum tax
The Australian Taxation Office (ATO) has issued guidance on implementing the OECD/G20 Two Pillar Solution, also known as the Global and Domestic Minimum Tax, for multinational businesses in Australia on 24 June, 2024. Although this measure has
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in southern New Mexico
The US Internal Revenue Service (IRS), in release NM-2024-05 published on 26 June 2024, announced a relief for individuals and businesses in southern New Mexico that were affected by the South Fork Fire, Salt Fire, and flooding that began on 17
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US: IRS extends tax relief for individuals and business impacted by severe weather in Oklahoma
The US Internal Revenue Service (IRS), in a release—OK-2024-02 on 25 June 2024, announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on 19 May,
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US: IRS extends tax relief for individuals and business impacted by severe weather in Florida
The US Internal Revenue Service (IRS), in a release—FL-2024-06 on 25 June 2024, announced tax relief for individuals and businesses in Florida affected by severe storms, straight-line winds, tornadoes, and flooding that began on 10 May,
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Malaysia updates tax investigation framework
The Inland Revenue Board (IRB) of Malaysia has unveiled its updated tax investigation framework for 2024, which includes more comprehensive investigative procedures amongst other methods. The new framework aims for a fair, transparent and
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Germany publishes final guidance on Tax Haven Defence Act
The German Ministry of Finance (MoF) published Letter No. 2024/0299051, outlining principles for implementing the Tax Haven Defense Act on 14 June, 2024. This final guidance, now expanded to 34 pages from the initial 31-page draft, offers valuable
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Netherlands proposes Box Three tax reform
The Netherlands’ Ministry of Finance announced on 19 June, 2024, that it had submitted draft legislation to reform the taxation of Box Three income, which includes taxable income from taxable earnings from savings and investments. The draft
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Latvia publishes law for partial adoption of Pillar Two GloBE rules
Latvia published the Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups in the Official Gazette on 20 June, 2024. The law went into effect starting 21 June, 2024. As previously reported, Latvia had chosen to postpone the
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Norway: MOF seeks feedback on tax distribution rule under Pillar Two GloBE rules
Norway’s Ministry of Finance initiated a public consultation regarding the proposed implementation of the tax distribution rule (Undertaxed Profits Rule - UTPR) under Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project on 19
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Portugal extends deadline for business tax filings
Portugal's Secretary of State for Fiscal Affairs announced a new directive, Order No. 29/2024-XXIV, on 14 June, 2024, granting businesses an extension to file their Simplified Business Information and Annual Declaration of Accounting and Tax
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US: Arkansas passed bill to reduce corporate tax, individual income tax
The state of Arkansas announced the enactment of Senate Bill 1 during its 94th General Assembly, introducing significant personal income tax and corporate income tax reductions. The bill lowers corporate income taxes by changing the top rate from
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India: GST Council waives interest, penalty on tax demands for FY18–20
The Goods and Services Tax (GST) Council approved several compliance measures in its 53rd meeting on 22 June, 2024, aiming to reduce tax litigation and enhance business operations. The Council waived interest and penalty for tax demand notices
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Turkey reportedly preparing to implement Pillar Two global minimum tax
Turkey's Revenue Administration has reportedly introduced draft legislation featuring measures for the implementation of the Pillar 2 global minimum tax. The global minimum tax will align with the GloBE rules approved by the BEPS Inclusive
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US: IRS releases updated research credit form to ease taxpayer burden
The US Internal Revenue Service (IRS) announced the release of draft Form 6765, Credit for Increasing Research Activities, also known as the Research Credit, on 21 June, 2024. The IRS received helpful comments from various external stakeholders
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Canada implements legislation for global minimum tax, digital service tax
Canada's Department of Finance announced that the Fall Economic Statement Implementation Act, 2023 (Bill C-59) and the Budget Implementation Act, 2024, No. 1 (Bill C-69) received royal assent on 20 June, 2024. The key measures from the 2023 Fall
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Australia: ATO updates PAYG withholding tax tables
The Australian Taxation Office (ATO) declared updates to the Pay As You Go Withholding (PAYGW) tax tables, which will take effect on 1 July 2024. Employers are reminded to ensure that their payroll software is updated with the new rates to
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