Saudi Arabia extends penalty exemption
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has announced an extension of the penalty exemption initiative until 31 December 2024. ZATCA urges all taxpayers to leverage from the “Cancellation of Fines and Exemption of Penalties
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Angola extends tax compliance deadline for July
Angola’s General Tax Administration (AGT) announced that it has extended the deadline for tax compliance obligations that expire on 31 July of this year to 18 August 2024, due to various computer system constraints. This includes obligations on
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US: Joint Committee details tax incentives for economic development, financing
The US Joint Committee on Taxation (JCT) published the Tax Incentives for Economic Development and Financing, which explains the present-law tax incentives for qualified opportunity zones, the new markets tax credit, the rehabilitation credit for
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Bolivia extends corporate income tax deadlines
Bolivia’s National Tax Service has extended the deadlines for corporate income tax (IUE) until 30 August 2024, published Resolution No. 102400000016 on 27 July 2024. Under Resolution of the Directory (RND) No. 101800000004 of 2 March, 2018, the
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Colombia: DIAN clarifies tax incentives for ZOMAC zones in new ruling
The Colombian tax authority (DIAN) recently issued Ruling 531 on 10 July 2024, clarifying tax incentives for businesses in zones affected by armed conflict (ZOMAC). The ruling details reduced tax rates for new micro and small enterprises in ZOMAC
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Turkey enacts tax reform law, includes Pillar Two global minimum tax
The Turkish Revenue Administration has officially published Law No. 7524 in the Official Gazette, on 2 August 2024, introducing significant tax reforms aimed at aligning with international standards. This legislation encompasses various measures,
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Malaysia updates e-invoicing guidelines
Malaysia’s Inland Revenue Board (IRBM) released updates regarding electronic invoicing (e-invoicing) guidelines on 30 July, 2024. These include revised versions of the e-invoice guideline (version 3.2) and the e-invoice specific guideline (version
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Italy clarifies tax rules on capital gains for non-resident entities
Italian tax authorities published Circular No. 17/E of 29 July 2024, clarifying the tax treatment of qualifying capital gains earned by non-resident entities. The Circular was released following the amendments introduced by the Budget Law for
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Australia: ATO releases withholding tax guidance for payments to non-residents
The Australian Taxation Office (ATO) has published guidance regarding withholding tax obligations related to specific payments made to non-residents on 1 August, 2024. The guidance provides clarification, ensuring taxpayers are aware of their
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Australia initiates consultation on draft law extending SME amended returns period to 4 years
The Australian Treasury has announced a public consultation on a draft legislation entitled “Treasury Laws Amendment Bill: Self-amendments by small and medium businesses” on 26 July, 2024. The consultation is set to conclude on 9 August,
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Greece: MoF proposes 3% tax discount for early lump-sum payments
The Greek Ministry of Finance (MoF) has proposed extending the 3% discount for lump-sum personal income tax (PIT) payments until 2 August 2024. Originally, the discount was only available for payments made by the initial filing deadline of 31
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Russia publishes federal law with major tax reforms
Russia officially published Federal Law No. 176-FZ on 12 July 2024, introducing a set of tax reforms effective from 2025. Key changes include a corporate tax rate hike to 25% and new progressive individual income tax rates reaching up to 22%. The
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Vietnam proposes new corporate income tax law
Vietnam's Ministry of Finance has proposed a new Corporate Income Tax Law ("Draft CIT Law"), which aims to modernise the tax framework and align it with international standards. The draft is set for consultation in October 2024 and is expected to be
See MoreAustralia: Guidance on Thin Capitalisation Rules Published Online
Following the enactment of the new thin capitalisation laws in April 2024, the ATO has developed web guidance to assist taxpayers in applying the new rules, which are effective for income years commencing on or after 1 July 2023. Under the rules,
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US: New Jersey introduces tax credits for AI businesses
New Jersey’s Governor Phil Murphy has signed Bill S3432/A4558, which introduces the Next New Jersey Program on 25 July 2024. The Next New Jersey Program is aimed at attracting fresh investments into the state's artificial intelligence (AI)
See MoreAustralia: ATO to form pillar two tax working group
The Australian Taxation Office (ATO) has announced the formation of a working group to facilitate consultations on the implementation of the Pillar Two global minimum tax in Australia for multinational companies. Applications to join this group
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Singapore clarifies CIT rebate and cash grant details 2024
The Inland Revenue Authority of Singapore (IRAS) released updated guidance clarifying the CIT Rebate for the Year of Assessment 2024 and the CIT Rebate Cash Grant On 24 July 2024. As announced in Budget 2024, to help companies manage rising
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France updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 30 June 2024 and 29 September
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