Russia: Central bank maintains key interest rate at 16%
On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)Â
The US Internal Revenue Service (IRS) has published Notice 2024-33, providing relief from penalties for underpayment of estimated income tax due to a portion of a corporation's Corporate Alternative Minimum Tax (CAMT) liability. This penalty relief
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Algeria extends deadline for 2023 tax returns and transfer pricing documentation
On 21 April 2024, the Directorate General of Taxes in Algeria announced via a communiqué an extension for the deadline to submit annual tax returns (G4 and G11) and the annual personal income declaration (G1) for the fiscal year 2023. As per the
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Lithuania proposes law to enhance tax benefits for investors in foreign companies
The Lithuanian parliament is reviewing Draft Law No. XIVP-2226(2), which aims to broaden the definition of eligible shares for capital gains tax exemptions and loss carryforward from the sale of shares in foreign companies. Currently, these tax
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Australia: ATO releases discussion paper on thin capitalization rules for foreign bank branches
On 17 April 2024, the Australian Taxation Office (ATO) published a discussion paper regarding the safe harbor formula for calculating the minimum capital requirements for inward investing deposit-taking institutions (ADIs) under the thin
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Bolivia extends deadline for corporate tax filings and statements
On 19 April 2024, Bolivia’s tax authority announced a new directive—RND No. 102400000011, in which it clarified the extension of the deadline for the submission of various reports and statements related to corporate income tax (Impuesto sobre
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Canada 2024 federal budget includes higher capital gains rate and other tax measures
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal budget. The following are some of the key tax measures of the budget: Capital gains inclusion rate The 2024 Budget proposes increasing the capital gains inclusion rate
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UAE: FTA issues guidance on business restructuring reliefÂ
On 17 April 2024, the UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Business Restructuring Relief - CTGBRR1. The relief permits certain restructuring transactions to occur in a tax-neutral manner without activating corporate
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Italy simplifies income tax and withholding compliance with new return deadlines
On 11 April 2024, Italy’s Revenue Agency announced it released Circular 8/E to clarify the simplification of tax return compliance under Legislative Decree No. 1 of January 2024 or the "Compliance Decree." The Circular provides simplification
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Finland announces public finance plan for 2025 – 2028Â
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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Australia: ATO updates trust tax returns and private rulings forms
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide detailing the upcoming modifications to the annual tax return form for trust income reporting, effective from 1 July 2024. ATO also announced updating its application forms for
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Portugal: Government approves comprehensive tax reform program
On 10 April 2024, the Portuguese Government approved a government program incorporating several measures related to corporate and individual income taxes. The program covers the following topics: Corporate Tax Rate Reduction: A planned
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Japan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
See MoreAustralia: ATO offers tax returns concessions until 15 May 2024
On 17 April 2024, the Australian Taxation Office (ATO) declared a concession for tax returns which will conclude on 15 May 2024. This concession allows individual, partnership and trust tax returns to be lodged by 5 June 2024 without penalties,
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Greece extends tax payment options with incentives for the tax year 2023
On 5 April 2024, Greece enacted legislation to establish income tax payment terms for the tax year 2023. Greek authorities are offering taxpayers with extended payment options for 2023. This applies to both individuals and entities operating as
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Malta enacts 2024 budget act with full intellectual property expense deduction
On 2 April 2024, Malta released the Budget Measures Implementation Act 2024 which includes a main income tax provision for deducting expenditures of a capital nature on intellectual property or intellectual property rights. This Act applies from the
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New Zealand issues 2024 international tax disclosure exemption
On 3 April 2024, the New Zealand Inland Revenue published a determination concerning the 2024 international tax disclosure exemption. This eases the obligation of taxpayers to report their interests in foreign entities for the income year that
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Australia: ATO announces availability of 2024 reportable tax position schedule
On 14 April 2024, the Australian Taxation Office (ATO) released the reportable tax position schedule 2024, which provides detailed guidance for filing returns. According to the guidance, companies are obligated to file a completed reportable tax
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