Indonesia extends tax holiday for key industries, adapts global minimum tax
Indonesia has issued Regulation No. 69 of 2024, extending the tax holiday incentives for pioneer industries as outlined in Regulation No. 130/PMK.010/2020. Regulation No. 130/PMK.010/2020 replaces Regulation No. 150/PMK.010/2018 and extends
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Czech Republic updates list of non-cooperative CFC jurisdictions
The Czech Republic Ministry of Finance has released Financial Bulletin No. 9/2024, containing a notice regarding the lists of non-cooperative jurisdictions for various periods about the Czech Republic's controlled foreign company (CFC)
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Poland publishes final consultation on mandatory use of e-invoicing
Poland's Ministry of Finance announced the commencement of final consultations regarding the mandatory implementation of the National e-Invoicing System (Krajowy System e-Faktur - KSeF). The National e-Invoicing System was initially scheduled to
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Ireland approves new global tax reform rules
Ireland's parliament has passed a bill simplifying transfer pricing for marketing and distribution and amending global minimum tax rules on 6 November 2024. This legislation was enacted as part of the Finance Bill 2024, which was approved by both
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UAE urges Resident Juridical Persons to register for corporate tax before end of November
The Federal Tax Authority (FTA) has urged Resident Juridical Persons with Licences issued in October and November, irrespective of the year of issuance, to promptly submit their Corporate Tax registration application no later than 30 November
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Taiwan clarifies conditions for declaring business expenses, losses
Taiwan's Ministry of Finance has released a notice outlining the general conditions for declaring expenses, losses, and business-related expenses or losses on 4 November 2024. The expenses or losses filed by profit-seeking enterprises should be
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Australia: ATO issues guidance on thin capitalisation rules, related provisions
The Australian Taxation Office (ATO) released guidance on 3 November 2024, outlining how the thin capitalisation rules interact with other provisions. The thin capitalisation rules limit the amount of debt deductions you can claim. Regard must
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US Representatives urge delay in reporting rules for beneficial ownership
US Representative Lisa McClain (R-MI) announced that she and 43 other Representatives sent a letter to Treasury Secretary Janet Yellen, on 5 November 2024, regarding beneficial ownership information, requesting a postponement in the implementation
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UK: HMRC updates online guidance for applying for statutory tax clearances
The UK tax authority, HM Revenue & Customs (HMRC), has updated its online guidance regarding the application process for statutory tax clearances on 29 October 2024. A new page titled "Apply for statutory clearance for a transaction" provides
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Turkey: Ministry of Treasury and Finance clarifies inflation adjustment procedures
Turkey’s Ministry of Treasury and Finance has issued a Circular No. 176 on 1 November 2024 offering detailed explanations on the implementation of inflation adjustment procedures under the Tax Procedure Law (TPL). It addresses various issues
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Malaysia implements new rules for higher capital allowance for ICT equipment, softwareÂ
Malaysia Ministry of Finance published two regulations in the Official Gazette on 30 October 2024 – the Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2024 and the Income Tax (Capital
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Germany gazettes Fourth Bureaucracy Relief Act to ease VAT obligations
Germany’s parliament enacted the Fourth Bureaucracy Reduction Act, published it in the Official Gazette 29 October 2024, with the aim to shorten document retention periods and simplify various VAT-related obligations. One key aspect of the Act
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Kenya proposes new economic presence and minimum top-up taxes in Tax Laws Bill 2024
Kenya's National Assembly presented the Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024 on 1 November 2024. Both Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024
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Philippines offers tax incentives to British investors under CREATE Act
The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
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Hong Kong announces 2023/24 tax return block extension for tax representatives
Hong Kong’s Inland Revenue Department (IRD) issued the Circular Letter To Tax Representatives Block Extension Scheme For Lodgement of 2023/24 Tax Returns on 4 November 2024, extending the due date for ‘M’ code tax filing
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US: IRS and Treasury Plan to Issue Guidance on Streamlined Approach to Baseline Distribution Activities
In the IRS and Treasury Priority Guidance Plan for 2024/25, issued on 3 October 2024, there is a plan for a new section 482 guidance project to provide guidance for taxpayers consistent with Amount B of Pillar One. The OECD Amount B Guidance
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Argentina sets tax and customs benefits for new large investment incentive regime
Argentina’s tax authority, ARCA (formerly AFIP), announced General Resolution 5590/2024 on 23 October 2024, which outlines the application of tax and customs benefits under the new Special Incentive Scheme for Large Investments (Régimen de
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Italy publishes updated guidance on amended tax residence rules for individuals, companies
Italy’s Revenue Agency released the Circular No. 20/E, offering guidance on tax residency for individuals, companies, and other entities on 4 November 2024. The guidance follows the revisions introduced by Legislative Decree No. 209 of 27
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