Saudi Arabia: ZATCA provides tax guidance on software payments
On 4 February 2024, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced guidelines regarding the taxation of 29 types of software payments. These payments result from transactions between non-residents and residents of Saudi Arabia
See More
Slovenia enacts adjustments to permanent establishment and interest limitation regulations
On 9 February 2024, Slovenia officially released the Act amending the Corporate Income Tax Act (ZDDPO-2T) in the Official Gazette. The provisions outlined in the legislation encompass: Preventing PE status misuse: New rules limit on strategies
See More
El Salvador notifies delinquent tax payment interest rates for 2024
El Salvador’s Ministry of Finance released a notice detailing the applicable interest rates for delinquent tax payments from 1 February 2024 to 31 July 2024. The notice specified the annual interest rate of 7.53%, which has been raised to 11.53%
See More
Australia: ATO publishes eligibility thresholds for small business concessions
On 16 February 2024, the Australian Taxation Office (ATO) published a release that outlines the eligibility thresholds for small businesses for concessions. As per the release, small business owners may be eligible for concessions on the amount of
See More
Costa Rica imposes new audited financial statement rules for large firms
On 15 February 2024, Costa Rica's Ministry of Finance published Resolution No. MH-DGT-RES-0002-2024 of 7 February 2024 in the Official Gazette. This resolution outlines new guidelines for submitting audited financial statements by taxpayers
See More
India releases income tax return forms for assessment year 2024-25
India's Central Board of Direct Taxes (CBDT) has introduced new income tax return (ITR) forms, ITR-1 to ITR-6, for diverse taxpayers in the fiscal year 2023-24 (1 April 2023 to 31 March 2024), aligned with the assessment year 2024-25. Notifications
See More
Malaysia: IRBM releases Software Development Kit (SDK) for e-Invoicing
On 9 February 2024, the Inland Revenue Board of Malaysia (IRBM) published the Software Development Kit (SDK) for e-Invoicing. The e-Invoice Software Development Kit (SDK) is a collection of tools, libraries, and resources providing a set of
See More
Puerto Rico unveils new tax return for exempt businesses
Puerto Rico's Treasury Department released a new income tax return for businesses that earn income under various tax exemption incentive decrees. Previously, different tax return forms were needed depending on specific tax exemptions, which included
See More
Egypt preparing draft for new income tax law
Egypt’s Minister of Finance for Tax Policy and Reforms has announced plans to draft a new iteration of the Income Tax Law. The details of the new law has been fully published, but the main proposals of the new law include: A focus on
See MoreUS: Taxpayers Given Greater Access to Energy Tax Credits
Under the provisions of the Inflation Reduction Act of 2022 (IRA) taxpayers have been given greater access to the benefit of the energy tax credits even if they have no federal tax liability. The Act aims to support the expansion of the renewable
See More
Japan submits tax reform bill 2024 to parliament
On 2 February 2024, the Japanese Cabinet submitted the tax reform bill 2024 to parliament. The bill covers various tax measures. Key measures of the bill include: Driving Domestic Growth: The introduction of new tax credit incentives is
See More
Colombia amends tax Form 490 to include SEP corporate income tax payments
On January 25, 2024, Colombia's tax authority released Resolution No. 4, which amends the tax Form 490 to include bimonthly advance payments for significant economic presence (SEP) corporate income tax. The initial payment is scheduled for March
See More
UK: HMRC announces public consultation on draft guidance on new rules for R&D tax reliefs
On 9 February 2024, the UK HMRC announced the public consultation on the draft guidance, which provides modifications to the Research and Development (R&D) tax reliefs that are expected to be implemented on 1 April 2024. The deadline for
See More
Kazakhstan: National Bank lowers the base interest rate to 14.75%
On 22 January 2024, the central bank of Kazakhstan, the National Bank of Kazakhstan, announced in an update that it reduced the base interest rate from 15.25% to 14.75%. The new base interest rate will be effective from 26 February 2024. Previously,
See More
Estonia passes draft law for delaying pillar 2 global minimum tax and public CbC reporting
On 8 February 2024, Estonia's Ministry of Finance, in a release announced that it passed the draft legislation to postpone the implementation of the Pillar 2 global minimum tax until the year 2030. Until that time, the companies that fall within the
See More
Ukraine mandates reporting of controlled foreign companies (CFCs)
On 6 February 2024, the State Tax Service of Ukraine issued a release outlining the mandatory reporting of controlled foreign companies. The State Tax Service of Ukraine informs that the campaign for submission by controlling persons of Reports on
See More
World Tax Brief: February 2024
Argentina Incentives: The Argentine Executive Branch proposed a bill introducing a new "Incentive Regime for Large Investments”. It aims to provide predictability and stability for investors committing to large projects, offering tax and
See More
Hong Kong revises eligible debt instruments for profits tax concessions
On 6 February 2024, the Hong Kong Inland Revenue Department (IRD) released the updated lists of Qualifying Debt Instruments (QDIs) at the end of 31 December 2023. The lists include: Qualifying Debt Instruments issued before 1 April 2018
See More