Netherlands submits third bill to amend Tax Plan 2025, updates funds for joint account regulations
The Netherlands government has presented the third amending bill to the Tax Plan 2025 to the lower house of parliament on 6 November 2024. This bill aims to eliminate an unintended, temporary tax liability for funds held in joint accounts
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Italy updates tax credit form for special economic zone investments
Italy’s tax authorities issued Protocol No. 406943/2024 on 6 November 2024, updating the model form for the supplementary communication required by qualifying taxpayers to receive tax credit benefits for investments made in single special economic
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Luxembourg revises draft law to amend Pillar Two global minimum taxation
The Luxembourg government published a revised draft law on 31 October 2024 amending the Global Minimum Taxation Law, commonly referred to as the Pillar Two law. This revised draft introduces additional amendments to the initial draft published on
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies
Philippine President Ferdinand Marcos Jr. enacted the law “Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act” on 11 November 2024, reducing corporate income tax rates
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Costa Rica sets rules for initial premiums on state debt payments
Costa Rica has issued Resolution MH-DGH-RES-0053-2024 in the Official Gazette on 4 November 2024. This Resolution outlines procedures for paying initial premium payments on state debt installment plans, covering taxes, fees, and contributions
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Hungary announces reporting obligations for taxpayers under global minimum tax
Hungary announced the autumn tax package proposal on 29 October 2024, which includes the reporting obligations for taxpayers under the Global Minimum Tax Act. The latest proposal has no amendments compared to the previous version released for public
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Indonesia extends tax holiday for key industries, adapts global minimum tax
Indonesia has issued Regulation No. 69 of 2024, extending the tax holiday incentives for pioneer industries as outlined in Regulation No. 130/PMK.010/2020. Regulation No. 130/PMK.010/2020 replaces Regulation No. 150/PMK.010/2018 and extends
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Czech Republic updates list of non-cooperative CFC jurisdictions
The Czech Republic Ministry of Finance has released Financial Bulletin No. 9/2024, containing a notice regarding the lists of non-cooperative jurisdictions for various periods about the Czech Republic's controlled foreign company (CFC)
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Poland publishes final consultation on mandatory use of e-invoicing
Poland's Ministry of Finance announced the commencement of final consultations regarding the mandatory implementation of the National e-Invoicing System (Krajowy System e-Faktur - KSeF). The National e-Invoicing System was initially scheduled to
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Ireland approves new global tax reform rules
Ireland's parliament has passed a bill simplifying transfer pricing for marketing and distribution and amending global minimum tax rules on 6 November 2024. This legislation was enacted as part of the Finance Bill 2024, which was approved by both
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UAE urges Resident Juridical Persons to register for corporate tax before end of November
The Federal Tax Authority (FTA) has urged Resident Juridical Persons with Licences issued in October and November, irrespective of the year of issuance, to promptly submit their Corporate Tax registration application no later than 30 November
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Taiwan clarifies conditions for declaring business expenses, losses
Taiwan's Ministry of Finance has released a notice outlining the general conditions for declaring expenses, losses, and business-related expenses or losses on 4 November 2024. The expenses or losses filed by profit-seeking enterprises should be
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Australia: ATO issues guidance on thin capitalisation rules, related provisions
The Australian Taxation Office (ATO) released guidance on 3 November 2024, outlining how the thin capitalisation rules interact with other provisions. The thin capitalisation rules limit the amount of debt deductions you can claim. Regard must
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US Representatives urge delay in reporting rules for beneficial ownership
US Representative Lisa McClain (R-MI) announced that she and 43 other Representatives sent a letter to Treasury Secretary Janet Yellen, on 5 November 2024, regarding beneficial ownership information, requesting a postponement in the implementation
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UK: HMRC updates online guidance for applying for statutory tax clearances
The UK tax authority, HM Revenue & Customs (HMRC), has updated its online guidance regarding the application process for statutory tax clearances on 29 October 2024. A new page titled "Apply for statutory clearance for a transaction" provides
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Turkey: Ministry of Treasury and Finance clarifies inflation adjustment procedures
Turkey’s Ministry of Treasury and Finance has issued a Circular No. 176 on 1 November 2024 offering detailed explanations on the implementation of inflation adjustment procedures under the Tax Procedure Law (TPL). It addresses various issues
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Malaysia implements new rules for higher capital allowance for ICT equipment, software
Malaysia Ministry of Finance published two regulations in the Official Gazette on 30 October 2024 – the Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2024 and the Income Tax (Capital
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