US: IRS extends tax relief for individuals and businesses impacted by severe weather in Mississippi
The US Internal Revenue Service (IRS), in a release—IR-2024-176 on 27 June 2024, announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on 8
See MoreUS: IRS extends tax relief for individuals and business impacted by severe weather in Oklahoma
The US Internal Revenue Service (IRS), in a release—OK-2024-02 on 25 June 2024, announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on 19 May,
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US: IRS extends tax relief for individuals and business impacted by severe weather in Florida
The US Internal Revenue Service (IRS), in a release—FL-2024-06 on 25 June 2024, announced tax relief for individuals and businesses in Florida affected by severe storms, straight-line winds, tornadoes, and flooding that began on 10 May,
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Australia: ATO updates PAYG withholding tax tables
The Australian Taxation Office (ATO) declared updates to the Pay As You Go Withholding (PAYGW) tax tables, which will take effect on 1 July 2024. Employers are reminded to ensure that their payroll software is updated with the new rates to
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Vietnam: Government extends tax payment deadlines in 2024
The Vietnam government released Decree No. 64/2024/ND-CP on 17 June 2024, outlining extensions to tax payment deadlines for various taxes including individual income tax, VAT, corporate income tax, and land rental taxes in 2024. The decree
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Russia issues tax guidance on interest payments to French residents
The Russian Ministry of Finance has issued Guidance Letter No. 03-08-05/11484 on 12 February 2024, outlining the taxation of interest payments to French residents following the suspension of the Russia-France tax treaty under Decree No. 585 on 8
See MoreUS: IRS extends tax relief for Arkansas taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – AR-2024-01 – published on 6 June 2024, announced tax relief for individuals and businesses in parts of Arkansas that were affected by severe storms, straight-line winds, tornadoes, and
See MoreUS: IRS extends tax relief for West Virginia taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – IR-2024-160 – published on 7 June 2024, announced tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, tornadoes, landslides and
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Cyprus: Withholding tax declarations due by July
In an announcement on 4 June 2024, the Cyprus tax authority declared that the withholding tax and contributions declaration (TF 7) can be submitted without an administrative fine until 31 July 2024. After this deadline, penalties as per the law
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Turkey adjusts tax debt instalments in force majeure extension
Turkey's Revenue Administration has released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in response
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Bangladesh possibly faces shortfall in tax collection target
Bangladesh's National Board of Revenue (NBR) is likely to miss its ambitious tax collection target for the fiscal year 2023-24, according to economists and research agencies. Despite a 16% year-on-year growth in collections for the first 10
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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
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Council of the EU agrees to adopt new withholding tax procedures
The Council of the European Union agreed to adopt new regulations for withholding tax procedures under the Council Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) on Tuesday, 14 May 2024. Due to the changes the Council
See MoreAustralia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
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Turkey extends and adjusts reduced withholding tax rates until July 2024
Turkey's Revenue Administration has introduced Presidential Decision No. 8434, which brings significant adjustments to the withholding tax rates applied to various forms of income, particularly those from Turkish lira (TRY) deposit accounts. This
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Taiwan introduces instalment option for settling significant supplementary taxes
On 7 May 2024, the Ministry of Finance in Taiwan released a notification regarding instalment alternatives for settling significant supplementary taxes. The notification states: The National Taxation Bureau of the Northern Area (NTBNA), MOF
See MoreTurkey extends force majeure for areas hit by 2023 earthquake
The Turkish Revenue Administration announced on 26 April 2024 that it had extended the state of force majeure for regions affected by the 6 February 2023 earthquakes. Initially set from 6 February 2023 to 31 July 2023, the state of force majeure
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Philippines extends withholding tax transition period for online platform payments to suppliers
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
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