Australia: Senate releases report on build-to-rent tax incentive bills
Australia’s Senate Economics Legislation Committee has released its report on the Treasury Laws Amendment (Build to Rent) Bill 2024 and the Capital Works (Build to Rent Misuse Tax) Bill 2024. These draft bills propose tax incentives to stimulate
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Taiwan sets new e-invoice and withholding tax deadlines
Taiwan announced new deadlines for e-invoice submissions and revised withholding tax deadlines, following updates approved by the President on 7 August 2024. E-Invoice submission deadlines: The updated regulations require that
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Switzerland to implement Pillar 2 IIR from January 2025, UTPR deferred
The Swiss Federal Council has declared that the Pillar 2 income inclusion rule (IIR) will be effective from 1 January 2025. The Swiss supplementary tax (QDMTT) has been in effect since 1 January 2024, but the undertaxed profits rule (UTPR) will not
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Turkey extends Q2 2024 provisional tax return deadline, eases inflation adjustment rules
Turkey's Revenue Administration announced the publication of Tax Procedure Law Circular No. 173 of 29 August 2024. This extends the tax return submission and payment deadline for the income and corporate provisional tax returns for the second
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Belgium launches prepayment system for pillar two taxes
The Belgian tax authorities Federal Public Service (SPF) announced that the prepayment system for the Domestic Minimum Top-Up Tax (DMTT) and Income Inclusion Rule (IIR) top-up tax was activated on 2 September 2024. Taxpayers who prepay these
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Slovak Republic approves draft bill to revise motor vehicle taxes
The government of the Slovak Republic approved a draft bill amending the Law on Motor Vehicle Tax, which includes two important changes: Reduction of Annual Tax Rates: The bill proposes a reduction in the annual tax rates for vehicles weighing
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Slovak Republic proposes new tax rules for bad debt deductions
The Slovak parliament approved a draft bill on 23 August 2024 for consideration that proposes amendments to the Income Tax Act. The amendments address the rules for tax-deductible provisions concerning bad debts. As per the proposed amendments,
See MoreAustralia revises promoter penalty laws, fines up to AUD 780 million
The Australian Taxation Office (ATO) announced updates to the promoter penalty laws in a release on 28 August 2024. The maximum penalties have significantly increased, now reaching up to AUD 780 million. Promoter penalty laws deter and take
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US: TIGTA urges IRS to review procedures on MNCs tax avoidance strategies
The Treasury Inspector General for Tax Administration (TIGTA) has recommended the Internal Revenue Service (IRS) to reassess its examination procedures to effectively address the tax avoidance strategies employed by large multinational corporations
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Brazil to tax big tech firms if revenue declines
Brazil's Ministry of Finance announced that it plans to present proposals to Congress to tax big tech companies and implement a global minimum tax of 15% for multinational corporations on 2 September 2024. These new tax measures will be enforced
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Taiwan to raise AMT to 15% for large MNEs 2025
The Ministry of Finance in Taiwan has announced draft changes to the alternative minimum tax (AMT) rate as part of its alignment with the Pillar Two global minimum tax framework on 28 August 2024. Under the proposed revisions, set to take effect
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Israel: Central Bank won’t cut interest rates again in 2024
Andrew Abir, Deputy Governor of the Bank of Israel, said that the central bank will not reduce short-term interest rates in its final two policy meetings in 2024 on Wednesday, 28 August. The Governor said that this decision was taken due to
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US: Washington exempts child care businesses from business and occupation tax
The Washington State Department of Revenue published a special notice introducing a new business and occupation (B&O) tax exemption for child care businesses on 26 August 2024. This new exemption goes into effect on 1 October 2024, and aims
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Iceland consults Pillar Two global minimum tax
Iceland’s Ministry of Finance and Economic Affairs has announced plans to introduce an amendment during the autumn parliamentary session on 28 August 2024 proposing a minimum tax rate of 15% for multinational enterprises (MNEs) with annual
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Australia: Tax cuts fail to boost spending in July 2024
Australian retail sales remained unchanged in July, following two months of growth, indicating that recent tax cuts have yet to spur important consumer spending. The Australian Bureau of Statistics (ABS) reported no month-on-month change in July,
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UK plans higher windfall tax on North Sea oil, gas producers
The British government's plan to raise the windfall tax on North Sea oil and gas producers. In late July, the Labour government announced changes to the Energy Profits Levy (EPL), including increasing the tax rate from 35% to 38% starting 1
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UK: Statistics on Creative Industries Tax Relief
On 29 August 2024 HMRC published updated statistics for creative industries tax relief for 2022/23. The statistics relate to the period before the introduction of the new Audio-Visual Expenditure Credit (AVEC) which replaced the current Film,
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Slovak Republic considers extending solidarity contribution for oil, gas sectors
Slovak Republic parliament has accepted a draft bill for consideration proposing to extend the temporary solidarity contribution on the crude petroleum, natural gas, coal, and refinery sectors. Originally set to apply to profits from fiscal years
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