Sweden proposes amendments to align Additional Tax Act with EU global minimum tax directive
The Sweden's Ministry of Finance unveiled a set of proposed amendments to the Act (2023:875) on Additional Tax, aimed at aligning with the EU Council Directive (EU) 2022/2523 on 15 August 2024. This directive seeks to establish a global minimum tax
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UAE clarifies corporate tax for juridical persons in the first tax period
The UAE Federal Tax Authority (FTA) released a public clarification, on 13 August 2024, confirming that the first Tax Period of a newly established company, in respect of a juridical person subject to Corporate Tax, is determined by the first
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Israel to implement Pillar Two QDMTT in 2026
Israel's Ministry of Finance announced its initial plan to implement the qualified domestic minimum top-up tax (QDMTT) in 2026, as part of the OECD Pillar Two international tax reform. The enforcement of QDMTT will eliminate the need for Israeli
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Guatemala launches tool for third-party RTU management for taxpayers
Guatemala’s tax agency, Superintendencia de Administración Tributaria (SAT), has launched a new tool enabling authorised third parties to manage taxpayers' Unified Tax Registry (RTU) through SAT's virtual platform. The tool was introduced
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Poland approves cash basis law for small entrepreneurs
The Polish Council of Ministers approved a draft law allowing small-scale entrepreneurs to use cash-based settlement of revenues and costs on Tuesday, 13 August 2024. This option, referred to as “Cash PIT” will be available to independent
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Canada seeks comments on new entrepreneurs’ incentive
Canada’s Department of Finance has put forward a proposal to enhance the Canadian Entrepreneurs' Incentive as part of recently released draft legislative measures on 12 August, 2024. The Department is seeking public comments on these changes
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Puerto Rico extends deadline for 2023 financial statements filing, property tax filing
Puerto Rico’s Department of State announced on 12 August 2024, that it extended the deadline for filing the 2023 annual report with audited financial statements to those corporations or legal entities that accepted the second extension to
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Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030
The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024. This initiative is aimed at existing manufacturing and agricultural companies that
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Argentina sets deadlines for new tax, customs, social security regularisation
The Argentine tax authority (AFIP), in a release, on 15 August 2024, provided clarification about the "My Facilities" system, which taxpayers must utilise to participate in the regularisation regime for tax, customs, and social security obligations
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UAE releases new corporate tax guide on determining taxable income
The UAE Federal Tax Authority (FTA) has released a new Corporate Tax Guide titled "Determination of Taxable Income" (CTGDTI1)”, which provides detailed guidance on calculating the taxable income base for corporate tax purposes in the UAE. The
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Taiwan: Fines for regulatory violations are not deductible in tax returns
Taiwan's Ministry of Finance has issued a notice stating that fines for regulatory violations cannot be deducted as expenses or losses on annual income tax declaration for profit-seeking enterprises on yesterday, 14 August 2024. The National
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Vietnam proposes changes to corporate income tax rules
The Vietnamese Ministry of Finance has released a draft law proposing changes to the country's corporate income tax (CIT) rule. The draft is expected to be presented to the National Assembly for consideration in October 2024 and ratified in May
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US: IRS urges early registration for 2023 payment, transfer claims
The US Internal Revenue Service released IR-2024-210, which strongly urges qualifying businesses, tax-exempt organisations, and state, local, and Indian tribal governments to complete the pre-filing registration process now for projects placed in
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US: Connecticut joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 9 August 2024, that Connecticut will join the IRS Direct File for Filing Season 2025. The IRS Direct File was made possible by President Biden’s Inflation
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Finland consults Minimum Tax Act amendments
Finland's Ministry of Finance initiated a public consultation on proposed changes to the Minimum Tax Act on Monday, 12 August 2024. The Minimum Tax Act was passed at the end of 2023. It implements the Pillar Two global minimum tax in line with
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Australia: Senate Committee recommends passing Pillar Two global minimum tax legislation
The Australian Senate Economics Legislation Committee released its report regarding the provisions of three legislations aimed at implementing the Pillar Two global minimum tax in Australia. The report recommends that the bills be passed. The
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Italy issues decree for tax collection system reform
Italy’s government has enacted Legislative Decree No. 110 of 29 July, 2024 mandating a comprehensive reorganisation of the tax collection system under Law No. 111 of 9 August 2023. Earlier, the Legislative Decree No. 110 of 29 July, 2024 was
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Romania enforces ex officio changes to taxpayers’ register
Romania has published Order No. 3792/2024 in Official Gazette No. 774, on 7 August 2024,outlining the procedure for amending the Taxpayers' Register ex officio when taxpayers fail to fulfil their obligation to update their information. The tax
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