Malaysia announces timeline and FAQ for Pillar Two global minimum tax implementation
The Inland Revenue Board of Malaysia (IRBM) announced that it has updated its guidance page regarding the implementation of the Pillar Two global minimum tax rules. Two new key additions to the page include the implementation timeline of global
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Bangladesh proposes corporate tax cuts to boost cashless transactions
The Bangladesh government has announced plans to reduce corporate income tax by 2.5% points to promote digital financial transactions today, 6 June, 2024. This tax incentive aims to encourage businesses to comply with a new condition mandating
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Turkey adjusts tax debt instalments in force majeure extension
Turkey's Revenue Administration has released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in response
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Greece introduces new tax procedures with Law 5104/2024
The Greek government has enacted Law 5104/2024 which introduces new codes of tax procedures. The law is effective from 19 April, 2024, but some provisions will be enacted later in the year. The revisions include digital notifications for
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Colombia: DIAN Increases e-invoicing audits due to extensive non-compliance
The Colombian tax authority (DIAN) has increased audits and inspections related to electronic invoicing (e-invoicing) due to widespread non-compliance with regulations. Under current tax laws, businesses that fail to issue or properly deliver
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Spain approves draft bill for Pillar Two global minimum tax implementation
Spain's Council of Ministers, on 4 June, 2024, passed the draft bill for implementing the Pillar Two global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The bill includes the introduction of the Pillar Two income
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US: Washington updates regulation on apportionable income calculation
US state Washington’s Department of Revenue has updated a regulation concerning the calculation of the portion of a business’s apportionable income generated within Washington State. Introduced on 15 May, 2024, this rule will go into force on
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Thailand unveils tax breaks to stimulate domestic tourism during off-season
In a bid to boost tourism during the traditionally slower months, Thailand's government has implemented tax incentives to encourage domestic travel. The measures were approved by the cabinet on Tuesday, 4 June, 2024. Companies organising
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Italy announces decree on Pillar Two transitional safe harbour rules
Italy’s Ministry of Finance announced the ‘TSH decree’, which was published in the official gazette on 28 May, 2024. This decree implements the Pillar Two transitional safe harbour (TSH) rules, as stipulated in Article 39 of Legislative
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US: IRS revises automatic accounting methods
The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures in April 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax
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Bangladesh: NRB reportedly raising source tax on educational institutions, cell phone companies
Bangladesh’s National Board of Revenue (NRB) is reportedly planning to increase the source tax on the interest income of educational institutions and Bangladesh Telecommunication Regulatory Commission (BTRC) from mobile phone companies in the 2025
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Australia: ATO summarises 2024 non-individual tax return changes
The Australian Taxation Office (ATO) released a summary on 30 May, 2024, detailing the updates to non-individual tax return forms and schedules for the 2023–24 income tax period. The Company Tax Return 2024 includes changes related to
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Russia clarifies conditions for 0% tax rate for IT companies
The Russian Ministry of Finance recently issued Guidance Letter No. 03-03-06/1/28535 on 29 March 2024, which sheds light on the conditions governing the application of a reduced corporate tax rate of 0% for IT companies utilising their own computer
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Vietnam implements tougher measures to tackle tax evasion
Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a
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Singapore: IRAS introduces new exchange rate tool for taxpayers
The Inland Revenue Authority of Singapore (IRAS) has launched a new exchange rate search function tool in XLSX format to aid taxpayers in preparing their tax computations. This tool simplifies the process of calculating average exchange rates for
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Hong Kong cuts tax reserve certificate interest rate
The Hong Kong Inland Revenue Department, on Friday, 31 May, 2024, announced a change in the rate of interest payable on Tax Reserve Certificates in a legal notice published in the Government Gazette. The notice includes a reduction in the annual
See MoreUS: IRS extends tax relief for Massachusetts taxpayers impacted by storms and floods
On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September,
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