Turkey raises interest rates for late tax payments, deferred tax
Turkey's Revenue Administration has issued Presidential Decision No. 8484 – which came into force yesterday, 21 May, 2024 – raises the interest rate for late tax payments from 3.5% to 4.5% per month. This development follows a prior increase
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Bangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
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Australia: ATO issues notice on minimum yearly repayments for division 7A loans
The Australian Taxation Office (ATO) published a notice regarding the minimum yearly repayments on a Division 7A loan on Monday, 20 May, 2024. Borrowing money from a private company might appear straightforward, but it's crucial to consider the
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Australia: ATO issues income tax filing requirements for FY 2023/24Â
The Australian Taxation Office (ATO) has issued the Taxation Laws (Requirement to Lodge a Return for the 2024 Year) Instrument 2024. This instrument outlines who must file an income tax return for the year ending 30 June, 2024. Additionally,
See MoreAustralia: ATO issues notice on withholding tax rules for interest, dividend, or royalty payments to non-residents
The Australian Taxation Office (ATO) released a notice regarding the withholding tax requirements for making interest, dividend, or royalty payments to non-residents on Sunday, 19 May, 2024. Taxpayers who have paid interest, dividends, or
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US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
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Iceland proposes capital gains exemption for non-residents
The Icelandic parliament is considering a draft bill that aims to introduce change in its taxation policy. If passed, this legislation will grant an exemption on capital gains derived from the sale of shares in Icelandic companies to
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Vietnam’s Ministry of Finance proposes tax reforms for 2024
The Ministry of Finance in Vietnam is taking steps to improve the economy and support taxpayers. A draft resolution has been accomplished, outlining key changes that will come into effect in the second half of 2024. VAT rate reduction The
See MoreUS: IRS extends tax relief for Iowa taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024. Individuals and households
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Kenya: High Court rules no extra import duties on petroleum products
The Kenyan High Court ruled that the tax authority cannot impose additional import duties on product gains from petroleum products once initial duties have been paid. Such gains should be taxed exclusively under income tax law. The case in
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Singapore: IRAS provides direction on GloBE rules and domestic top-up tax implementation
The Inland Revenue Authority of Singapore (IRAS) has released directives regarding the Global Anti-Base Erosion (GloBE) Rules and Domestic Top-up Tax (DTT). As outlined in Budget 2024, Singapore will adopt the GloBE Income Inclusion Rule (IIR)
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Hong Kong reminds taxpayers and employers of tax reporting obligations
The Hong Kong Inland Revenue Department published a notice reminding taxpayers and employers of their obligations to submit tax-related information. Taxpayers are reminded of their obligations under Sections 51(2), (6), (7) and (8) of the Inland
See MoreUS issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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Malta implements new tax measures in 2024 budget
Malta’s Budget Measures Implementation Act, 2024, is ushering in a series of amendments to various fiscal laws, including the Income Tax Act, Income Tax Management Act, Duty on Documents and Transfers Act, and Value Added Tax (VAT) Act; signalling
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France: Tax Authority updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 31 December, 2023, and 29 June,
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Thailand announces tax and other incentives for PCB manufacturers
Thailand’s Board of Investment (BOI) declared a series of incentives for businesses engaged in the manufacture of printed circuit boards (PCBs). These incentives include: Up to eight years of exemption from corporate income tax.
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Australia: House of Representatives dismiss amendments to small business and charities bill
Australia’s House of Representatives dismissed the Senate's amendments to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023. This bill intends to raise the instant asset write-off threshold from
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