Bangladesh: NRB reportedly raising source tax on educational institutions, cell phone companies
Bangladesh’s National Board of Revenue (NRB) is reportedly planning to increase the source tax on the interest income of educational institutions and Bangladesh Telecommunication Regulatory Commission (BTRC) from mobile phone companies in the 2025
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Australia: ATO summarises 2024 non-individual tax return changes
The Australian Taxation Office (ATO) released a summary on 30 May, 2024, detailing the updates to non-individual tax return forms and schedules for the 2023–24 income tax period. The Company Tax Return 2024 includes changes related to
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Russia clarifies conditions for 0% tax rate for IT companies
The Russian Ministry of Finance recently issued Guidance Letter No. 03-03-06/1/28535 on 29 March 2024, which sheds light on the conditions governing the application of a reduced corporate tax rate of 0% for IT companies utilising their own computer
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Vietnam implements tougher measures to tackle tax evasion
Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a
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Singapore: IRAS introduces new exchange rate tool for taxpayers
The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations. This tool simplifies the process of calculating average exchange rates for
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Hong Kong cuts tax reserve certificate interest rate
The Hong Kong Inland Revenue Department, on Friday, 31 May, 2024, announced a change in the rate of interest payable on Tax Reserve Certificates in a legal notice published in the Government Gazette. The notice includes a reduction in the annual
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US: IRS extends tax relief for Massachusetts taxpayers impacted by storms and floods
On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September,
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Germany seeks feedback on draft global minimum tax return
The German Ministry of Finance published a consultation on draft global minimum tax return on 28 May, 2024. Companies impacted by the global minimum tax (Pillar Two) can now provide their feedback regarding the draft. Germany adopted the global
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OECD: Governments recommit to sign First Pillar of a global tax deal by June
The OECD said, on Thursday, 30 May, 2024, that governments around the world had recommitted to introducing the first pillar of a global tax deal on highly profitable multinationals at the G20 Inclusive Framework on Base Erosion and Profit Shifting
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Japan clarifies global minimum tax rules with new guidance
Japan's National Tax Agency has released an explanation of its administrative guidance related to the Income Inclusion Rule (J-IIR), part of the country's 2023 tax reform measures to implement Pillar Two global minimum tax. The J-IIR ensures
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Turkey is in the final stages of adopting the Pillar Two global minimum tax
Turkey is in the final stages of adopting the Pillar Two global minimum tax, according to a report published in Anadolu Agency, a state-owned Turkish news agency. Mehmet Şimşek, Treasury and Finance Minister, emphasised the significance of
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Belgium announces deadline for first Pillar Two global minimum tax registration
Belgium's Federal Public Service (SPF) Finances, in a release, announced, on Wednesday, 29 May, 2024, the publication of the Royal Decree of 15 May 2024. It establishes new notification requirements for large multinational and domestic groups that
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Bangladesh reportedly plans 67% hike in bank excise duty
The Bangladesh government reportedly plans to increase excise duty on high-value bank deposits in the fiscal year 2024-25. Low- and middle-income depositors will maintain current rates, but higher-income individuals will see increased
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Chile extends SME tax rate cuts for 2023/24
Chile implemented a reduced corporate tax rate of 10% for qualifying SMEs under the Pro Pyme regime as part of Law No. 21.256 of 2020 in response to the COVID-19 pandemic. The reduced rate, initially effective from 2020 to 2022, was extended by Law
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US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
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US proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
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Russia proposes progressive tax for corporations, wealthy individuals
Russia's finance ministry has put forth proposals for significant tax changes, including a progressive income tax structure for higher earners and increased corporate taxes, aimed at bolstering budget revenues. The amendments, slated for
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