Argentina lowers interest rates for late tax payments
Argentina has lowered the interest rate on late tax payments from 1 June to 31 July, 2024. New late payment rates The compensatory interest rate for general late payments has been reduced to 6.41% per month for the period from 1 June to 31
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US: IRS extends tax relief for Texas residents impacted by adverse weather
The US Internal Revenue Service (IRS), on Tuesday, 28 May, 2024, in a release (TX-2024-13) announced tax relief for individuals and businesses in Texas affected by severe storms, straight-line winds, tornadoes, and flooding that began on 26 April,
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Korea (Rep.) to unveil detailed tax incentives for corporate reforms, semiconductor industry
South Korea's finance minister, Choi Sang-mok, announced plans of introducing detailed tax incentives as part of corporate reforms aimed at increasing the value of listed companies. The government will gather feedback from market participants in
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Spain conducts second public consultation on global minimum tax implementation
Spain’s Ministry of Finance is conducting a second public consultation on the implementation of the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The consultation is set to conclude on 31 May,
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UK: HMRC issues update on Belarus tax treaty suspension
The UK HMRC has released an update regarding the tax treaty with Belarus. The UK urges Belarus to reverse its suspension of the treaty, and affirms that it remains in effect and that the UK continues to adhere to its terms. Earlier, Belarus
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Bangladesh possibly faces shortfall in tax collection target
Bangladesh's National Board of Revenue (NBR) is likely to miss its ambitious tax collection target for the fiscal year 2023-24, according to economists and research agencies. Despite a 16% year-on-year growth in collections for the first 10
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Argentina: President Milei vows significant tax cuts if congress backs reforms
Argentina’s President Javier Milei announced on Saturday, 25 May, 2024, his intention to implement a "significant" tax reduction plan if Congress approves the legislation to scale back the state’s intervention in the economy. Milei proposes a
See MoreBangladesh may cut tax on essential food supplies
In an effort to combat rising food prices, the Bangladeshi government is said to be considering reducing source tax on essential food commodities. This tax – currently at 2% for essential food supplies such as rice, wheat, onion, edible oil,
See MoreUS: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
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UAE: FTA calls for juridical persons to register for corporate tax by May
The UAE Federal Tax Authority (FTA), in a release published on Tuesday, 23 May, 2024, called for juridical persons licensed in January and February to submit their corporate tax registration applications by 31 May, 2024. The registration deadline
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Australia: Queensland proposes law to prevent coal royalty rate cuts without legislative approval
Australia’s Queensland government proposed the Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024 to the state Parliament on 23 May, 2024. This legislation aims to amend the Mineral Resources Act 1989 by ensuring that coal
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Australia introduces draft legislation extending fringe benefit tax exemption for electric vehicles in the Senate
The “Treasury Laws Amendment (Extending the FBT Exemption for Plug-In Hybrid Electric Vehicles) Bill 2024” draft legislation has been introduced in the Senate in Australia. If passed, this will extend fringe benefits tax exemption for plug-in
See MoreUS: IRS extends transitional relief for certain dividend equivalent rules
The US Internal Revenue Service (IRS) has declared that the Treasury and IRS plan to amend section 871(m) regulations, as stated in Notice 2024-44. This amendment will postpone the effective and applicability dates of specific provisions. This
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Spain initiates consultation on draft bill on Pillar Two global minimum tax
The Spanish government released draft legislation to implement the OECD’s Pillar Two global minimum tax under the EU Minimum Tax Directive 2022/2523 on 19 December, 2023. The Directorate-General for Taxation is now inviting comments from taxpayers
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Treaty on global minimum tax on multinationals fails to conclude
Italy's Economy Minister Giancarlo Giorgetti announced today, May 24, 2024, that the agreement on a global minimum tax on multinationals will not be concluded by June, as initially anticipated. The agreement will not receive approval from all
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Italy introduces tax credit for recycled plastic purchases
Italy's Ministry of Environment and Energy Security published Decree of April 2, 2024 in the official gazette on 21 May, 2024, outlining the implementation of a 36% tax credit for expenses related to purchasing recycled plastic products and
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UK: HMRC issues guidance for Pillar Two registration
The UK HMRC released practical guidance on Pillar Two registration requirements for multinational groups in the UK on 20 May, 2024. This guidance features a notice detailing the procedure for registering for Pillar Two Top-up Taxes in the UK. It
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Australia: ATO provides clarification on R&D tax incentive offset rates
The Australian Taxation Office (ATO) released a revised guidance providing an explanation regarding the R&D tax incentive offset rates for a qualifying entity on Tuesday, 21 May, 2024. The research and development (R&D) tax incentive
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