Ireland: Tax appeals commission allows withholding tax deduction on dividends before 2019 Finance Act amendment
The Irish Tax Appeals Commission published a determination regarding the deduction of withholding tax on received foreign dividends on 10 September 2024. The particular issue that falls to be determined was whether foreign withholding taxes,
See MoreOECD: Report on Simplified Peer Review of Colombia under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Colombia under Action 14 of the project on base erosion and profit shifting (BEPS). Under BEPS Action 14, members of the OECD Inclusive Framework have committed to
See MoreOECD: Report on Simplified Peer Review of Lithuania under BEPS Action 14
On 16 September 2024 the simplified peer review report on Lithuania was issued under Action 14 of the project on base erosion and profit shifting (BEPS). Members of the OECD Inclusive Framework have committed to implementing the minimum standard
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Armenia lowers Central Bank refinancing interest rate
Armenia’s Central Bank has lowered the refinancing interest rate from 7.75% to 7.50%. This marks the sixth rate reduction in 2024, following a previous drop of 9.25%. The Central Bank's refinancing rate influences the deductible interest on
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Kenya publishes guidance on PIN registration compliance for individuals, non-individual entities
The Kenya Revenue Authority has released guidance on compliance regarding Personal Identification Number (PIN) registration for individuals and non-individual entities, including companies, trusts, clubs, and similar organisations. The guidance
See MoreOECD: Report on Simplified Peer Review of Serbia under BEPS Action 14
Under Action 14 of the OECD project on base erosion and profit shifting (BEPS), members of the OECD Inclusive Framework have committed to implementing the minimum standard on strengthening the effectiveness and efficiency of dispute resolution
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United Kingdom: NAO Report on Tax Evasion in the Retail Sector
On 9 September 2024 the National Audit Office (NAO) issued a report on tackling tax evasion in high street and online retail. The report examines how well HMRC understands and assesses the risk of tax evasion in retail; and looks at its strategy
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OECD: Further Reviews of Harmful Tax Practices
On 27 August 2024 the OECD released an update on the reviews by the Forum on Harmful Tax Practices of aspects of the tax regimes of some member countries of the Inclusive Framework under Action 5 of the project on base erosion and profit shifting
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US: IRS grants limited relief for underpayment of CAMT-related estimated tax
The US IRS released Notice 2024-66, on 12 September 2024, which provides relief from the addition to tax under section 6655 of the Internal Revenue Code (Code) for underpayment of estimated income tax by a corporation to the extent the amount of any
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Philippines sets 20% corporate tax for companies under enhanced deduction
The Philippine Senate passed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act on 9 September 2024. The Create More Act modifies the Create Act, which was enacted
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Australia outlines impact of debt deduction rules on private groups
The Australian Taxation Office (ATO) has summarised thin capitalisation and how debt deduction creation rules (DDCR) affect private groups on 3 September 2024. New information has been released to help taxpayers understand how the DDCR interacts
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Portugal abolishes extraordinary contribution on local accommodation
Portugal issued Decree-Law No. 57/2024 in the Official Gazette on 10 September 2024, abolishing the extraordinary contribution on local accommodation (CEAL). It also abolished the increased ageing coefficient previously used to calculate the tax
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US: IRS proposes new corporate alternative minimum tax (CAMT) rules
The US Internal Revenue Service (IRS) issued IR-2024-235 on 12 September 2024, proposing regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum
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Italy approves model form for special economic zone investment tax credit
Italy’s tax authorities approved the Protocol No. 350036/2024 on 9 September 2024, introducing a model form for the supplementary communication that eligible taxpayers must submit to obtain the tax credit for investments made in the single
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Chile revises income tax form for select taxpayers
Chile’s Tax Authority (Servicio de Impuestos Internos - SII) has issued Resolution Ex. SII 87-2024 regarding the updates made in tax Form No. 1943 and certificates Nos. 57 and Nos. 58. The revised tax forms include new fill-out instructions for
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Singapore introduces global minimum tax legislation and amendments to income tax act
Singapore has introduced legislation for a previously announced domestic top-up tax, aligning with Pillar 2 global minimum tax. Multinational Enterprise (Minimum Tax) Bill 33/2024, introduced in Parliament on 9 September 2024, mandates that large
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Malaysia ends consultation on extended tax incentives for BioNexus companies
The Inland Revenue Board of Malaysia (IRBM) concluded a brief public consultation regarding a draft public ruling on tax incentives for investments in BioNexus status companies (BSC) on 10 September 2024. The objective of this Public Ruling (PR) is
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Cyprus extends 2019 onwards withholding tax declarations deadline to 31 October 2024
In an announcement, the Cyprus tax authority declared that withholding tax and contribution declarations (TF 7) for the years 2019 and onward may be submitted without penalties until 31 October 2024. After this date, the penalties as per by law will
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