Saudi Arabia extends cancellation of fines and exemption of financial penalties initiative
The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 31 December, 2024. ZATCA stated
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India increases windfall tax on petroleum
India's government has announced an increase in the windfall tax on petroleum, raising it to INR 6,000 per metric ton starting 2 July 2024. This decision, detailed in a recent notification, marks a sharp rise from the previous rate of INR
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Singapore issues new guidance for corporate income tax filing season 2024
The Inland Revenue Authority of Singapore (IRAS) has issued new guidance for the Corporate Income Tax Filing Season 2024 detailing filing of the corporate income tax return, preparing a tax computation, filing status, the tax bill, and tax
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Germany: Federal cabinet approves annual tax Act 2024 with extensive tax law amendments
The Federal Cabinet approved the Annual Tax Act 2024 (JStG 2024) on 5 June 2024. Similar to the 17 May 2024 proposal, it includes numerous amendments across various tax laws. The draft will now go to the German Federal Council (Bundesrat) for
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Lithuania implements notification rules for Pillar Two global minimum tax
Lithuania has published Order No. 2024-11391 on 21 June, 2024, in the Official Gazette, detailing procedures for submitting mandatory information notices concerning the implementation of the Pillar Two global minimum tax under Council Directive (EU)
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Argentina approves reform bills with major investment incentives
Argentina's House of Representatives announced it approved the Law of Bases and Starting Points for the Freedom of Argentines (Ley de Bases y Puntos de Partida para la Libertad de los Argentinos) on Friday, 28 June 2024. The law introduces a new
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Australia consults tax incentives for hydrogen and critical minerals production
Australia’s government has published two consultation papers requesting comments on its proposed tax incentives on hydrogen and critical minerals production. The deadline for receiving feedback on the both is set for 12 July, 2024. Both
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Portugal approves tax reform to boost capital market, affordable housing
Portugal's parliament has passed a tax reform package designed to invigorate the capital market and promote affordable housing. This legislation, approved on 14 June 2024, awaits presidential ratification and gazetting. The first major aspect
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UAE: Companies licensed in March-April must register for corporate tax by June 2024
The UAE Federal Tax Authority (FTA) issued a release on 23 June, 2024, reminding juridical persons licensed in March and April to register for corporate tax by 30 June, 2024. Previously, the FTA, in a release on 23 May 2024, called for juridical
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in Mississippi
The US Internal Revenue Service (IRS), in a release—IR-2024-176 on 27 June 2024, announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on 8
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US: IRS extends tax relief for individuals and businesses impacted by severe weather in Iowa
The US Internal Revenue Service (IRS), in a release—IA-2024-08 on 27 June 2024, announced tax relief for individuals and businesses in Iowa that were affected by severe storms, flooding, straight-line winds, and tornadoes that began on 16 June,
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US: New Jersey proposes increasing corporate tax rate to 11.5%
Lawmakers of New Jersey are poised to approve a proposed corporate income tax rate increase for the state's largest companies. New Jersey Governor Phil Murphy proposed the increase, intending to use the increased tax revenue to fund the state’s
See MoreAustralia: ATO issues guidance on pending domestic and global minimum tax
The Australian Taxation Office (ATO) has issued guidance on implementing the OECD/G20 Two Pillar Solution, also known as the Global and Domestic Minimum Tax, for multinational businesses in Australia on 24 June, 2024. Although this measure has
See MoreUS: IRS extends tax relief for individuals and businesses impacted by severe weather in southern New Mexico
The US Internal Revenue Service (IRS), in release NM-2024-05 published on 26 June 2024, announced a relief for individuals and businesses in southern New Mexico that were affected by the South Fork Fire, Salt Fire, and flooding that began on 17
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The US Internal Revenue Service (IRS), in a release—OK-2024-02 on 25 June 2024, announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on 19 May,
See MoreUS: IRS extends tax relief for individuals and business impacted by severe weather in Florida
The US Internal Revenue Service (IRS), in a release—FL-2024-06 on 25 June 2024, announced tax relief for individuals and businesses in Florida affected by severe storms, straight-line winds, tornadoes, and flooding that began on 10 May,
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Malaysia updates tax investigation framework
The Inland Revenue Board (IRB) of Malaysia has unveiled its updated tax investigation framework for 2024, which includes more comprehensive investigative procedures amongst other methods. The new framework aims for a fair, transparent and
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Germany publishes final guidance on Tax Haven Defence Act
The German Ministry of Finance (MoF) published Letter No. 2024/0299051, outlining principles for implementing the Tax Haven Defense Act on 14 June, 2024. This final guidance, now expanded to 34 pages from the initial 31-page draft, offers valuable
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