UAE: FTA clarifies review process for disputing tax assessments, penalties
The UAE Federal Tax Authority (FTA) has issued Public Clarification TAXP008 on Tax Assessment Reviews, outlining an optional process for challenging tax assessments and administrative penalties, as introduced by Federal Decree-Law No. 28 of 2022, as
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EU: European Parliament backs FASTER initiative
The European Parliament's plenary session adopted its opinion on 14 November 2024 after a consultation on the proposed Council Directive for the Faster and Safer Relief of Excess Withholding Taxes (FASTER). The opinion endorses the compromise
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Hungary: Parliament considers new taxes, includes QDMTT prepayment
Hungary's parliament is reviewing Draft Bill T/9724, which proposes new tax measures, including a payment obligation related to Hungary's adoption of the Pillar Two global minimum tax (GloBE) rules under Council Directive (EU) 2022/2523 of 14
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US lowers tax interest rates for Q1 2025
The US Internal Revenue Service (IRS) announced in release IR-2024-290 on 18 November 2024 that interest rates will decrease for the calendar quarter beginning 1 January 2025. For individuals, the rate for overpayments and underpayments will be
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US: FinCEN updates FAQs on beneficial ownership access
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has revised its FAQs on beneficial ownership information reporting requirements on 15 November 2024. These updates include changes to two specific FAQs regarding access to
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Hong Kong publishes advance tax ruling on in-kind dividend in restructuring
The Hong Kong Inland Revenue Department (IRD) has released Advance Ruling Case No. 75 on 30 September 2024, addressing the tax implications of an in-kind dividend involved in a restructuring. Advance Ruling Case No. 75 1. The provisions of the
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Singapore passes Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024
The Singapore Parliament has passed the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024, which introduces changes to the Development and Expansion Incentive (DEI) programme. The Economic Expansion Incentives (Relief
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Latvia gazettes mandatory e-invoicing law
Latvia published the Law on Amendments to the Accounting Law in the State Gazette on 12 November 2024, which requires businesses to use mandatory electronic invoicing (e-invoicing) for all B2B transactions from 1 January 2026. The amendments will
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New Zealand introduces tax policy work programme
New Zealand’s Minister of Revenue has introduced a tax policy work programme on 13 November 2024, which aims to simplify tax and reduce compliance costs, address integrity risks, and improve fiscal sustainability to rebuild the economy. The
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Netherlands issues decree on foreign legal forms comparison
The Netherlands has issued Decree of 9 November 2024 in the Official Gazette on 13 November 2024 addressing the comparison of foreign legal forms. This decree outlines the criteria for assessing whether a foreign legal form is comparable to a
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Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
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Colombia: DIAN mandates certification for third-party debts under thin capitalization rules
The Colombian tax authority (DIAN) issued Ruling 803 of 23 September 2024, released on 1 November 2024, which provides guidance on the necessary certification of third-party debts for interest deduction purposes under the thin capitalization
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Malaysia updates green tech tax incentives for businesses, solar leasing
The Malaysian government is taking a strong stance on renewable energy targets, increasing the share of renewable energy in the electricity generation capacity mix to 70% by 2050; in line with Malaysia’s aspiration to be an inclusive, sustainable,
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Taiwan: Ministry of Finance issues guidelines for businesses changing to a special fiscal year
Taiwan's Ministry of Finance has released a notice outlining the requirements for businesses transitioning from a calendar year to a special fiscal year, including stipulations for tax returns and retained earnings on 12 November 2024. The
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Poland: Senate passes law on global minimum tax rules
Poland’s Senate (upper house of parliament) has approved a legislation for the implementation in accordance with the EU Minimum Tax Directive (Council Directive (EU) 2022/2523) of 14 December 2022. The bill must be presented to the president
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Costa Rica announces new rules for e-invoicing
Costa Rica has published the ‘Executive Decree No. 44739-H—Regulation of Electronic Receipts for Tax Purposes’ in the Official Gazette on 8 November 2024. The key points of the decree are as follows: New definitions, including
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Canada: Parliamentary Budget Officer says AMT changes to cut income tax revenues by CAD 598m
The Canadian Parliamentary Budget Officer (PBO) has presented updates on 7 November 2024 regarding Canada's Alternative Minimum Tax (AMT) changes outlined in the 2024 Budget. Budget 2024 introduced amendments to the Alternative Minimum Tax (AMT)
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Italy introduces tax credit for investments in southern economic zone
Italy issued Ministerial Decree on 18 September 2024, which was published in the Official Gazette on 11 November 2024, outlining the regulations for a tax credit for specific investments in the "Special Economic Zone for Southern Italy—Single
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