Chile passes tax compliance bill with income, VAT, transfer pricing measures
Chile’s Senate has approved the Tax Compliance Bill on 24 September 2024, which will be presented to the Lower House for final approval. The newly approved tax measures include modifications to the general anti-avoidance rule (GAAR), statute of
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Poland: Lower parliament evaluates draft law to enact Pillar Two global minimum tax
Poland's Sejm (lower house of parliament) is currently reviewing a draft law, submitted on 25 September 2024, to implement the Pillar Two global minimum tax in accordance with Council Directive (EU) 2022/2523 from 14 December 2022. The draft law
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Cyprus sets deadline for ultimate beneficial owners information
The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has declared that all companies and partnerships registered under the Companies Law, including European Public Limited Liability Companies, should log into the UBO
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Brazil extends tax incentives for semiconductor industry
Brazil has extended the tax incentives for the semiconductor and information and communication technology sectors until 31 December 2029, published in Law No. 14.968, dated 11 September 2024 in the Official Gazette. The incentives include the
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Panama introduced procedure to allow transfer of tax credits
Panama’s tax administration (Dirección General de Ingresos, DGI) introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another
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UN publishes draft guidance on carbon offsets, carbon credits in transfer pricing
The UN Subcommittee on Transfer Pricing published an advanced unedited version of the guidance Interstitial Guidance on Transfer Pricing of Carbon Offsets and Carbon Credits on 28 August 2024. The draft is an updated version of a document
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Lithuania moves towards full implementation of Pillar Two global minimum tax
Seimas, the Lithuanian parliament is reviewing a draft law to fully implement the Pillar Two global minimum tax, in line with Council Directive (EU) 2022/2523 of 14 December 2022. According to the draft, the law for full implementation is set to
See MoreOECD: Latest Edition of Tax Policy Reforms
On 30 September 2024 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This annual publication provides comparative information on tax reforms in a number of countries. The latest report looks at the
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El Salvador passes tax incentives for major real estate projects
El Salvador’s Congress (Legislative Assembly of El Salvador) approved a decree titled “Special Provisions for the Promotion and Granting of Tax Incentives to Foster the Development of High-Rise Real Estate Projects” on 23 September
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Uruguay extends CIT and Net Wealth Tax exemptions, updates definition of Shared Services Centre
The Ministry of Economy and Finance in Uruguay updated the definition of “Shared Services Centre” and extended tax exemptions for Corporate Income Tax (CIT) and Net Wealth Tax, through the publishing of Decree No. 257/024 in the Official
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Greece releases solidarity contribution details for energy, mining sectors
The Greek Public Revenue Authority (AADE) has published an outline of the form and content of the temporary solidarity contribution declaration on 18 September 2024. Greece introduced temporary solidarity contribution targeting companies in the
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Lithuania: Social Democratic Party proposes higher corporate income tax, luxury asset tax
Lithuania’s Social Democratic Party Vilija Blinkevičiūtė, announced her party's tax reform plans in anticipation of the upcoming election on 24 September 2024. She stated that if her party comes to power after the forthcoming parliamentary
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Singapore: IRAS urges timely corporate tax filing, warns of penalties for late returns
About 262,000 companies are expected to file CIT Returns in Singapore this year. The Inland Revenue Authority of Singapore (IRAS) has issued a reminder, on 26 September 2024, to all companies, including those with no business activities or those
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Puerto Rico consults implementation of Pillar Two GloBE rules
Puerto Rico's Department of the Treasury has initiated a Public Consultation on the Implementation of the Pillar Two GloBE Rules in Puerto Rico, set to conclude on 10 October 2024. Pillar Two ensures that particular taxpayers are subject to a
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Costa Rica updates beneficial ownership registry rules, extends 2024 filing deadline
Costa Rica’s General Directorate of Taxation (DGT) and the Costa Rican Institute on Drugs (ICD) updated the regulations governing the beneficial ownership registry; they jointly issued Resolution No. MH-DGT-RES-0020-2024 / DG-336-2024 in the
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Australia consults proposed provision denying deductions for ATO interest charges
The Australian Taxation Office (ATO) announced a proposed provision that will disallow the deduction of general interest charges (GIC) and shortfall interest charges (SIC) for income years beginning on or after 1 July 2025. After 1 July 2025,
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Singapore: IRAS to organise webinar on taxation of investment holding companies
The Inland Revenue Authority of Singapore (IRAS) will be organising a free webinar on the taxation of investment holding companies on 23 October 2024, according to a release. The online event is tailored for companies whose principal activity is
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UK to consult Multinational Top-up Tax and Domestic Top-up Tax – further draft guidance
HM Revenue & Customs (HMRC) has initiated a public consultation on the third version of UK's Pillar Two global minimum tax rules. Comments must be submitted by 23 October 2024. HMRC released additional draft guidance for consultation
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