US: IRS proposes regulations for excise tax for stock repurchases
On 9 April 2024, the US Internal Revenue Service (IRS) released the proposed regulations offering guidance on the new excise tax on corporate stock repurchases made after 31 December 2022. The Inflation Reduction Act imposed a new excise tax on
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Sri Lanka publishes guidance on tax residency certificates
On 1 April 2024, the Sri Lanka Inland Revenue Department (IRD) issued a notice to taxpayers outlining the necessary procedures to secure a tax residence certificate (TRC). The requirements include: a) A request for TRC should be made to the
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UAE: FTA issues guidance on qualifying group relief
On 3 April 2024, the UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Qualifying Group Relief - CTGQGR1. This group relief permits the transfer of assets or liabilities between two taxable persons within the same qualifying group
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US: IRS offers tax relief for Rhode Island taxpayers impacted by storms and floods
On 4 April 2024, the US Internal Revenue Service announced a tax relief for individuals and businesses in parts of Rhode Island affected by severe storms and flooding that began on 9 January 2024. These taxpayers now have until 15 July 2024, to file
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US: IRS offers tax relief for Maine taxpayers impacted by storms and floods
On 4 April 2024, the US Internal Revenue Service (IRS) announced a tax relief for individuals and businesses in parts of Maine affected by severe storms and flooding that began on 9 January 2024. These taxpayers now have until 15 July 2024, to file
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Turkey begins corporate tax declaration period for 2023
On 1 April 2024, the Revenue Administration of Turkey announced the beginning of the corporate tax declaration period for fiscal year 2023. Corporate taxpayers can submit their 2023 corporate tax returns electronically through the Digital Tax Office
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UAE: FTA introduces EmaraTax application and 15 new corporate tax services
On 1 April 2024, the UAE Federal Tax Authority (FTA) published a release related to the introduction of its EmaraTax application. The EmaraTax application offers 15 smart services to facilitate compliance with corporate tax requirements. The FTA
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Belgium proposes reforming investment deduction regime
The Belgian government passed a draft law to overhaul the investment deduction system. Effective 1 January 2025, the reforms pertain to tax deductions for investments, which are categorized into three groups. The standard amortization for tax
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UK: Treasury launches public consultation on tax relief for visual effects costs
On 27 March 2024, the UK HM Treasury launched a public consultation regarding additional tax relief for visual effects costs. At the Spring Budget 2024, the government announced that UK visual effects costs in film and high-end programs would
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Belarus introduces new 25% tax rate for foreign organizations with permanent establishments (PEs)
On 20 March 2024, the Belarusian Ministry of Taxes and Duties released Letter No. 4-2-21/00850 on March 20, 2024, addressing the tax obligations of foreign entities with permanent establishments (PEs) conducting business in the Republic of Belarus.
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Malaysia proposes capital gains tax and e-invoicing changes
On 26 March 2024, Malaysia’s lower house of Parliament (Dewan Rakyat) passed the Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024. The bills include the following proposed tax-related changes: Capital
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Portugal extends CIT return and payment deadline for 2023
On 14 March 2024, the Secretary of State for Fiscal Affairs in Portugal issued Order No. 176/2024-XXIII, this extends the deadline for submitting the corporate tax return (CIT) and making the final payment for the tax period of 2023 until 15 July
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US: IRS extends tax relief for Hawaii taxpayers impacted by wildfires
On 27 March 2024, the US Internal Revenue Service, in a release—IR-2024-82—announced various tax-filing and tax-payment deadlines for individuals and businesses affected by the 8 August 2023 wildfires in Hawaii had been postponed until 7 August
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US: IRS announces tax relief for Alaska taxpayers impacted by storms
On 25 March 2024, the US Internal Revenue Service (IRS) announced tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides, and mudslides that began on
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UAE: FTA offers corporate tax registration at government service centers
On 20 March 2024, the UAE Federal Tax Authority, in a release, announced it made the service available to submit Corporate Tax registration requests through 23 Government Service Centres located across the UAE. The FTA explained in the press
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Hong Kong releases circular on block extension scheme for 2023/24 tax returns
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives regarding the Block Extension Scheme for the Lodgement of 2023/24 Tax Returns. According to the letter, the Block Extension Scheme will be accessible
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Spain releases 2023 personal income and wealth tax returns forms
On 22 March 2024, the Spanish Tax Agency published Order HAC/265/2024 in the Official Gazette. This announcement introduces the personal income tax and wealth tax return forms (modelos) for the fiscal year 2023. These are as follows: Form
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Saudi Arabia: ZATCA encourages taxpayers to benefit from penalty exemption initiative
On 12 March 2024, the Saudi Zakat, Tax, and Customs Authority (ZATCA) in a release urged all taxpayers to leverage from the "Cancellation of Fines and E-invoicing of Penalties Initiative." This initiative will end on 30 June 2024. ZATCA has
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