Dominican Republic updates inflation adjustments and exchange rates for fiscal year 2024
The Dominican Republic's Directorate General of Internal Revenue (DGII) has released Resolution No. DDG-AR1-2024-00005, establishing key financial adjustments for the fiscal year ending June 2024. This resolution introduces a general inflation
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Netherlands imposes temporary tax on electricity producers excess income
The Netherlands enacted the Temporary Inframarginal Electricity Tax Act of 17 July 2024, introducing a temporary tax on the surplus income of electricity producers. The Act was published in the Official Gazette on 24 July 2024. On the same
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Argentina establishes public beneficial ownership registry
Argentina’s tax authority, Federal Public Revenue Administration (AFIP), in a release, announced the enactment of the Public Registry of Final Beneficiaries under General Resolution No. 5529/2024 on 19 July 2024. The provisions of the Act are
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Australia: ATO provides guidance on taxable payments annual reports for contractor services
The Australian Taxation Office (ATO) released guidance on 24 July 2024 for businesses that may need to submit a Taxable Payments Annual Report (TPAR) by 28 August 2024 concerning services provided by contractors. Businesses that offer services
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Australia: ATO announces taxation ruling updates for petroleum resource rent tax
The Australian Taxation Office (ATO) has announced an update to its Taxation Ruling TR 2014/9 to incorporate recent clarifications in the law regarding the petroleum resource rent tax (PRRT) on 25 July 2024. This ruling is in response to the
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Cyprus approves all Pillar Two safe harbours, administrative guidance
The Cyprus Ministry of Finance, in a release, announced that Cyprus has agreed to all safe harbours and administrative guidance provided by the BEPS Inclusive Framework concerning the Pillar Two Global Minimum Tax (GloBE rules). The release
See MoreAustralia initiates consultation strengthening the foreign resident capital gains taxÂ
The Australian Treasury launched a public consultation on strengthening the foreign resident capital gains tax regime on 23 July, 2024. Comments to this consultation can be submitted until 20 August, 2024. The government announced a measure in
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Australia initiates consultation for improving foreign resident capital gains withholding tax
The Australian Treasury launched a public consultation on improving the foreign resident capital gains withholding tax regime on 23 July, 2024. The consultation is set to conclude on 5 August, 2024. As part of the 2023–24 Mid-Year Economic and
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Hong Kong extends deadline for 2023-24 tax returns
The Hong Kong Inland Revenue Department (IRD) released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns, on 25 July 2024, extending the deadline for 2023-24 tax returns. Recognising the
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Greece: MoF extends tax return deadlines
Greece’s Ministry of Finance has announced an extension for filing personal and corporate income tax returns, moving the deadline to 2 August 2024 for individuals and 9 August 2024 for legal entities. This decision was made due to technical
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Luxembourg adopts draft grand-ducal regulation on tax credits and minimum taxation
Luxembourg's Council of Ministers took a step by adopting a draft Grand-Ducal regulation concerning tax credits and qualified holdings under the Minimum Taxation Law (MTL) On 24 July 2024, which implements the EU's Minimum Taxation Directive
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UAE: FTA issues tax bulletin for free zone persons
The UAE Federal Tax Authority (FTA) has published a Basic Tax Information Bulletin, regarding the regulations for Free Zone Persons under the UAE Corporate Tax Law. The Corporate Tax Law permits a Qualifying Free Zone Person to benefit from a 0%
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Malaysia updates e-invoicing guidance, confirms implementation timeline
Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,
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India delays Pillar One endorsement until specific concerns are resolved
India's Ministry of Finance has declared it will not endorse Pillar One of the OECD's two-pillar tax solution until specific concerns are resolved. Key issues include the proposed dispute resolution mechanism, which India opposes being subject to
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Italy: Council of Ministers approves decree on minor taxes, tax penalties Â
Italy’s Council of Ministers tentatively approved a legislative decree on 22 July 2024 that outlines a consolidated text on minor state taxes under Article 21 of Law 9 August 2023, no. 111. The text aims to precisely identify the current rules by
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Belarus issues tax incentive guidelines for investments
The Belarus Ministry of Taxes and Duties issued guidance on the tax incentives for implementing investment projects in Belarus. These tax incentives will be granted based on investment agreements and special investment arrangements, specifically
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India: Finance Bill 2024 proposes corporate tax reform, new personal income tax regime
India’s Finance Minister Nirmala Sitharaman presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July, 2024. The Bill includes several proposals aimed at reforming the corporate tax framework. Corporate income tax New
See MoreOECD: Report to the July Meeting of G20 Finance Ministers
On 25 July 2024 the OECD published the report prepared for the meeting of G20 Finance Ministers and Central Bank Governors held in Brazil from 25 to 26 July 2024. The report notes some recent developments in important areas of international tax
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