Turkey extends submission, payment deadlines for Q2 income and corporate tax
Turkey's Revenue Administration has extended the return submission and payment deadline for the second quarter tax period of the 2024 accounting period for income and corporate tax from 19 August 2024 to 27 August 2024. The announcement was made
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Switzerland extends special rules on withholding tax for too-big-to-fail instruments
The Swiss Federal Council approved a temporary extension of the special rules on withholding tax for too-big-to-fail (TBTF) instruments to 31 December 2031. This ensures that banks can continue to obtain capital from within Switzerland on
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Colombia clarifies reporting obligations for overseas assetsÂ
Colombia’s National Tax Authority (DIAN) has clarified that overseas assets and shares held in a foreign company owned by Colombian companies must be reported in the tax return. The clarification was published in Opinion 100208192-628 of 2024
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US: Interest rates on overpaid and underpaid tax steady for Q4 2024
The US Internal Revenue Service (IRS) announced in a release IR-2024-220 on Wednesday, 21 August 2024, that interest rates will remain the same for the calendar quarter beginning 1 October 2024. For individuals, the rate for overpayments and
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Turkey publishes regret declaration guideÂ
Turkey's Revenue Administration published a Regret Declaration Guide on Wednesday, 21 August 2024, outlining the regret and correction scheme. The scheme enables taxpayers to voluntarily disclose illegal activities that have led to tax losses. By
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Canada consults global minimum tax, capital gain inclusion rate draft legislation
Canada’s Department of Finance invites public feedback on draft legislative proposals to implement the 2024 Budget and other previously announced tax measures. These proposals include changes such as introducing a global minimum tax and increasing
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Germany publishes draft law to amend global minimum tax
The German Ministry of Finance has released a discussion draft for a proposed amendment to the law implementing Council Directive (EU) 2022/2523 on establishing a global minimum level of taxation – lowering the low tax threshold for foreign
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India enacts 2024 Finance (No. 2) Act, amends long-term capital gains tax
The Government of India enacted the Finance (No. 2) Act, 2024, on 16 August 2024, after receiving Presidential assent. The bill has already been passed by the parliament's Lower House (Lok Sabha) and the Upper House (Rajya Sabha). This legislation
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Oman introduces incentives to develop capital market
Oman's Financial Services Authority (FSA) has launched the Capital Market Incentive Programme (CMIP), on 11 August 2024, aimed at enhancing the investment and business environment in the Sultanate. The initiative is part of a broader strategy to
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US: CRS reviews marginal effective tax rates on investment, expiring tax cuts
The Congressional Research Service (CRS) released a report (R48153) on 13 August 2024, examining tax rate differences by asset, sector, and source of finance. The report also evaluates the relative incentives for investment. The Tax Cuts and Jobs
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Colombia offers interest, penalty relief for delayed returns and payments
The Colombian tax authority (DIAN) announced on 8 August 2024, that it is extending the deadline for submitting income tax returns of natural or similar persons, assets abroad, gasoline and diesel fuel, and withholding tax without interest and
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Panama extends CRS filing deadline
Panama’s tax administration (Dirección General de Ingresos—DGI) has extended the common reporting standard (CRS) filing deadline for the fiscal year 2023 until 2 September 2024. The previous reporting deadline was set for 31 July
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US: Kamala Harris promises to increase corporate tax rate
US Vice President Kamala Harris, during her campaign on the first day of the Democratic National Convention in Chicago, on Monday, 19 August 2024, said that she will increase the corporate tax rate from 21% to 28%. However, Harris has committed
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Taiwan issues guidance on claiming foreign tax credits for overseas income
Taiwan's Ministry of Finance (MoF) has released a notice offering guidance on how to claim foreign tax credits. With the globalisation of the economy, it has become more common for domestic profit-seeking enterprises to earn overseas income.
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Singapore updates e-Tax guide on filing of income tax computations in functional currencies other than Singapore Dollars
The Inland Revenue Authority of Singapore (IRAS) has released the second edition of its e-Tax Guide on Filing Income Tax Computations in Currencies Other Than Singapore Dollars. This guide explains the rules for filing income tax computations in
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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 periodÂ
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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