UN Tax Committee: Issues in Extractive Industries Taxation
On 15 October 2024 the UN Tax Committee discussed developments in their work on extractive industries taxation. The work of the relevant subcommittee has focused on the energy transition; the valuation of mining products for tax purposes; and tax
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UN Tax Committee: Transfer Pricing Issues
On 16 October 2024 the UN Tax Committee discussed transfer pricing issues. The transfer pricing subcommittee presented for approval a paper on dispute resolution addressing the implementation of advance pricing agreement (APA) programs. The
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El Salvador releases tax havens lists for 2025
El Salvador's Ministry of Finance released the updated General Guide on preferential tax regimes (tax havens) on 27 September 2024, detailing jurisdictions and territories considered tax havens for the 2025 fiscal year, including low and no-tax
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Sweden presents bill to amend Pillar Two rules
The Swedish government has presented a final draft legislation to Parliament, released on 15 October 2024, which recommends amendments to its law for implementing the EU's global minimum tax directive, including the introduction of several Pillar
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OECD publishes tax arbitrage through closely held businesses report
The Organisation for Economic Co-operation and Development (OECD) issued a report on Tax arbitrage through closely held businesses on 7 October 2024. The report explores tax arbitrage incentives and behaviours in OECD countries, and their
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Singapore passes bills for the implementation of global minimum tax on multinational corporations
Singapore's parliament passed two bills on 15 October 2024 – Multinational Enterprise (Minimum Tax) (Bill No.33/2024) and Income Tax (Amendment) Bill (Bill No. 32/2024.) – which introduces a top-up tax (MTT) and a domestic top-up tax (DTT) for
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Singapore: Second Finance Minister outlines key provisions of Income Tax (Amendment) Bill, Multinational Enterprise (Minimum Tax) Bill
Singapore's Second Minister for Finance, Indranee Rajah, presented the Income Tax (Amendment) Bill and the Multinational Enterprise (Minimum Tax) Bill during their second reading in Parliament, on 14 October 2024, with the aim to modernise
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Colombia clarifies Significant Economic Presence rules under corporate income tax regulations
The Colombian tax authority (DIAN) has released new guidance on how companies should interpret the concept of Significant Economic Presence (SEP) under the country’s corporate income tax rules. In Ruling 713, issued on 28 August 2024, DIAN
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US: IRS rules section 246(b) tax limit applies to GILTI, FDII income
The US Internal Revenue Service (IRS) Office of Chief Counsel (OCC) has released a memorandum (AM 2024-002) that examines how the taxable income limitation under the Internal Revenue Code (IRC) section 246(b) applies to both IRC section 951A global
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Kenya: KRA to leverage AI and tech to promote tax compliance
The Kenya Revenue Authority (KRA) Commissioner General (CG) HE Dr Musalia Mudavadi plans to use artificial intelligence (AI), the Internet of things (IoT), big data, and blockchain to improve tax administration, enhance transparency, and tackle tax
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Poland to introduce cash grants amid potential impact of Pillar Two on investment zone incentives
Poland's Ministry of Development and Technology (MRiT) announced plans to reform the country's incentives system by introducing cash grants linked to investment profitability. The cash grant incentive regime aims to maintain Poland's
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Slovak Republic presents draft bill to amend Pillar Two rules
The Slovak Republic’s government presented a draft bill to the Parliament, on 11 September 2024, to amend the Pillar Two global minimum tax rules enacted on 8 December 2023. The proposed amendments cover financial accounting standards for
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Malaysia revises e-invoicing rules, implementation dates
The Inland Revenue Board of Malaysia (IRBM) released updated guidelines on the new electronic invoicing (e-invoicing) requirements on 4 October 2024. These include the new e-Invoice Guideline (Version 4.0) and e-Invoice Specific Guideline (Version
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Saudi Arabia introduces new real estate transaction tax regulations
Saudi Arabia has released updated regulations for its real estate transaction tax (RETT) system, published in the Official Gazette on 11 October 2024. The new rules implement a 5% tax on all real estate disposals, applying to properties without
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Lithuania proposes stricter penalties for failing to submit tax information
The Lithuanian Ministry of Finance has published a draft law on 9 October 2024, amendments to the Code of Administrative Offences, aimed at imposing administrative penalties for failure to submit required information. These changes are designed to
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Portugal proposed reduced corporate tax rates in draft 2025 budget law
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
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Mexico publishes guidance for tax incentives for key sectors in Yucatan’s industrial zones
The Mexican government has published guidelines for granting tax incentives to taxpayers engaged in productive economic activities within the Progreso I and Mérida I industrial welfare zones (industrial parks) in Yucatán state on 26 September
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Dominican Republic consults repeal of tax exemptions on financial transactions
The Dominican Republic’s Directorate General of Internal Revenue has introduced an online consultation forum regarding the proposed rule to repeal the previous administrative exemption granted to specific sectors about the 0.15% excise tax on
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