Korea (Rep.), Turkey income tax treaty enters into force
The new income tax treaty between Korea (Rep.) and Turkey entered into force on 21 July 2024, replacing the 1983 treaty between the two countries. It aims to enhance tax cooperation and prevent double taxation between the two nations in line with
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Nigeria publishes new withholding tax ratesÂ
Nigeria’s federal government passed a new withholding tax regime on 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. The new withholding tax regime introduces exemptions for small businesses,
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Australia: ATO releases 2024-25 tax withholding schedulesÂ
The Australian Taxation Office (ATO) announced it registered the Taxation Administration (Withholding Schedules Instrument 2024). Effective from 1 July, 2024, this instrument outlines the withholding schedules under the "pay as you go" (PAYG)
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Austria, Chile lowers withholding taxes following treaty update
Austria amended its 2012 tax treaty with Chile on 16 May, 2024. The amendments, effective 1 January 2017, will reduce withholding taxes on interest and royalty payments made between residents of both countries. This change follows the activation
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Colombia clarifies tax obligations for non-resident filers
The Colombian tax authority (DIAN) on 30 April, 2024, released Ruling 305, which tackles various inquiries related to the new regulations affecting non-residents with a Significant Economic Presence (SEP) in Colombia. Key points Ruling 305
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Germany: Government provides a response to inquiries regarding the procedures for dividend WHT exemption and refunds
On 8 April 2024, the German government issued a response to an inquiry from the leading opposition parties in the lower house of parliament regarding the status of dividend withholding tax (WHT) exemption certificates and refund procedures for
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Kenya: KRA raises market and deemed interest rates for fringe benefit tax purposes
On 9 April 2024, the Kenya Revenue Authority (KRA) released a notice concerning the market interest rate for fringe benefit taxation and the deemed interest rate for specific loans from non-residents for the months of April 2024, May 2024, and June
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changesÂ
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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Ireland: Irish Revenue publishes guidance on outbound payment measuresÂ
On 25 March 2024, the Irish Revenue released eBrief No. 096/24 outlining new guidance on Outbound payments defensive measures. This latest guidance has been issued as part of the Finance (No.2) Act 2023. The Finance (No.2) Act 2023 inserted Chapter
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Malaysia grants temporary capital gain tax exemption on foreign capital asset disposalsÂ
On 4 March 2024, Malaysia issued the Income Tax (Exemption) (No. 3) Order 2024, which was published in the Official Gazette. This order grants a capital gains tax exemption to companies, limited liability partnerships, trust bodies, and cooperative
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Ecuador updates withholding tax rate for various entities
On 29 February 2024, the Ecuadorian Official Gazette released Resolution No. NAC-DGERCGC24-00000008, which sets forth withholding percentages for taxpayers to apply at the source. The resolution outlines the introduction of the following withholding
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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
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Denmark implements defensive tax measures targeting EU’s non-cooperative jurisdictions
On 31 January 2024, the Danish Official Gazette published Law No. 107/2024, implementing defensive tax measures targeting non-cooperative tax jurisdictions on the EU list. The law targets tax evasion and avoidance by disallowing deductions for
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Luxembourg implements tax measures to revive construction and housing sectorÂ
On 31 January 2024, the Luxembourg government announced a series of tax measures to revive the construction and housing sector and facilitate access to housing while addressing the cyclical and structural housing problems. The measures also provide
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Ecuador: SRI imposes monthly self-withholding for large taxpayers
On 12 January 2024, Ecuador's Internal Revenue Service (SRI) released Resolution No. NAC-DGERCGC24-00000003. This resolution outlines the withholding tax rates for various economic activities under the newly introduced monthly self-withholding
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On 22 January 2024, the Kenya Revenue Authority released a notice related to the market interest rate for fringe benefit tax purposes and the deemed interest rate for non-resident loans for January, February, and March 2024. The market interest
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Poland releases 2024 thresholds for corporate tax rate and simplified flat-rate tax
Poland has released the thresholds for reduced corporate tax rates, simplified flat-rate tax, and investment incentive deductions for 2024. These thresholds apply to specific schemes and are aimed to benefit small taxpayers. The main details
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Australia: ATO plans draft taxation ruling on royalties
On 17 January 2024, the Australian Taxation Office (ATO) announced that it started consultation on a new Draft Taxation Ruling TR 2024/D1 Income tax: royalties - character of payments in respect of software and intellectual property rights. The new
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