Taiwan issues new tax calculation guidelines for foreign companies
Taiwan's Ministry of Finance has released notice for foreign companies on applying the net profit ratio and domestic profit contribution ratio to calculate taxable income and withholding tax before receiving payments for services or business profits
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Spain to abolish energy sector windfall tax while extending tax on banks
The Spanish government is reportedly set to finalise an agreement that will terminate the windfall tax on the energy sector and extend the windfall tax on the banking sector. Earlier, the Spanish government has issued the “Law 38/2022” which
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Hong Kong lowers tax reserve certificate interest
The Hong Kong Inland Revenue Department announced on 1 November 2024 that starting from 4 November 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.7167% against the current rate of 0.8000%, i.e., the new rate
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Turkey: Parliament approves law modifying tax procedure’s inflation adjustment rules
Turkey Parliament has enacted Law No. 7529, introducing amendments to the inflation adjustment provisions of the Tax Procedure Law (TPL) on 24 October 2024. The main part of Law No. 7529 involves several key updates to consumer protection,
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Australia: ATO releases 2022-23 corporate tax transparency report
The Australian Taxation Office (ATO) has published its Corporate Tax Transparency Report for 2022-2023, featuring data on the specified population on 1 November 2024. This year's Corporate tax transparency report analyses aggregated data from the
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US: IRS updates guidance on foreign-derived intangible income deduction
The US Internal Revenue Service (IRS) issued an updated practice unit titled, ‘IRC Section 250 Deduction: Foreign-Derived Intangible Income (FDII) on 24 October 2024. This revision eliminates references to unavailable resources and replaces the
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Netherlands clarifies minimum tax to have little effect on incentives, cautions on new tax credits
The Netherlands State Secretary for Finance, in a letter to the parliament, stated that the global minimum tax would have limited effects on current tax incentives but highlighted that the newly introduced tax credits under Pillar Two could pose
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Chile updates tax compliance law, introduces changes to GAAR, transfer pricing, and CFC
Chile's Internal Revenue Service (SII) has announced that the Law on Compliance with Tax Obligations (Law No. 21.713) has been published in the Official Gazette on 24 October 2024. General and Special Anti-Avoidance Rules changes The General
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South Africa proposes foreign exchange loss rule for non-trading companies
The 2024 Taxation Laws Amendment Bill, introduced in South Africa's Parliament, on 30 October 2024, by allowing them to carry forward foreign exchange losses. This change addresses an existing imbalance in the taxation of foreign exchange gains and
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Dominican Republic mandates corporate taxpayers to designate responsible individual for tax obligations
The Dominican Republic's General Directorate of Internal Revenue (DGII) has released Notice No. 21-24 on 25 October 2024 outlining the requirement for corporate taxpayers to identify the individual who will represent the company or entity before the
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Germany: Lower House of Parliament passes Annual Tax Act 2024
Germany’s Lower House of Parliament of Germany (Bundestag) passed the Annual Tax Act 2024 on 18 October 2024. The Bundestag has implemented 59 changes to the draft law based on the Finance Committee's recommendation. The Annual Tax Act 2024
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US: Congressional Research Service reviews mortgage interest deduction
The Congressional Research Service (CRS) released the In Focus report (IF 12789 ) at the US Library of Congress on 22 October 2024. This report analysed the mortgage interest deduction, highlighting policy options that Congress may
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Bangladesh considers phasing out non-refundable minimum tax
The National Board of Revenue (NBR) in Bangladesh is planning to phase out its non-refundable minimum tax system according to local sources, a move aimed at aligning with global tax standards and encouraging investor confidence. The NBR plans to
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UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
See MoreUS: Treasury publishes final rules on clean energy production tax credits
The US Treasury Department and the IRS published the final rules for the advanced manufacturing production tax credit under Internal Revenue Code (IRC) section 45X in the federal register on 28 October 2024. The final regulations ( RIN
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India extends income tax return deadline for AY 2024-25
The India' Central Board of Direct Taxes (CBDT) has announced an extension for filing the return of income for the assessment year (AY) 2024-25 on 26 October 2024. The deadline, originally set for 31 October 2024, is now extended to 15 November
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Mexico updates list of taxpayers linked to suspected fake transactions
Mexico’s Tax Administration (Servicio de Administración Tributaria, SAT) has revised the final lists of taxpayers suspected of engaging in non-existent transactions under Article 69-B of the Federal Fiscal Code. The tax administration
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Slovak Republic gazettes bill amending corporate tax and VAT, and bill introducing financial transaction tax
The Slovak Republic has gazetted the bill that amends various tax laws, including corporate tax and VAT rate changes, and the bill enacting the financial transaction tax. The bills are aimed at improving the country’s public finances. The
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