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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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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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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India scraps tax cases due to higher appeals thresholds
India's Press Information Bureau released a statement from the Ministry of Finance regarding the Supreme Court's resolution of 573 tax cases on 24 September 2024. The measures are expected to significantly reduce the burden of tax litigation and
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UK: HMRC releases corporate tax registration guide for foreign companies
The UK HMRC released guidance on Corporation Tax registration for non-UK residents and non-UK incorporated companies, on 17 September 2024, outlining who is required to register and how a non-UK resident company trading in the UK through a dependent
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UK: HMRC to consult e-invoicing
The Chancellor of HMRC, Rachel Reeves, announced a public consultation on electronic invoicing (e-invoicing) on 23 September 2024. The public consultation will gather input from businesses on how HMRC can support investment in and encourage
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Czech Republic offers tax relief for individuals and businesses due to widespread flooding
The Czech Financial Administration announced several notices – providing information on tax payment deferments, penalty waivers, and various forms of tax relief – for citizens and businesses in light of the significant flooding on 18 September
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Chile updates annual global tax affidavit form
Chile's Internal Revenue Service (SII) has released SII Exempt Resolution No. 84 of 30 August 2024, which includes an updated Form No. 1913 (Annual Affidavit of Global Tax Characterisation) along with filing instructions. The Form No. 1913 is
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Brazil updates reporting requirements for legal entities with tax benefits
Brazil published Normative Instruction No. 2.216 in the Official Gazette, on 5 September 2024, which updates and supersedes the annex of Normative Instruction No. 2.198 from 17 June 2024 (Declaration of Incentives, Waivers, Benefits, and Immunities
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Nigeria to launch e-invoicing for improved tax compliance
Nigeria’s Federal Inland Revenue Service (FIRS) announced it will introduce the FIRS e-invoicing system under the the Tax Administration and Enforcement Act 2007 on 18 September 2024. The FIRS e-invoicing system will be an online digital
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Kenya publishes guidance on PIN registration compliance for individuals, non-individual entities
The Kenya Revenue Authority has released guidance on compliance regarding Personal Identification Number (PIN) registration for individuals and non-individual entities, including companies, trusts, clubs, and similar organisations. The guidance
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OECD: Further Reviews of Harmful Tax Practices
On 27 August 2024 the OECD released an update on the reviews by the Forum on Harmful Tax Practices of aspects of the tax regimes of some member countries of the Inclusive Framework under Action 5 of the project on base erosion and profit shifting
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Chile revises income tax form for select taxpayers
Chile’s Tax Authority (Servicio de Impuestos Internos - SII) has issued Resolution Ex. SII 87-2024 regarding the updates made in tax Form No. 1943 and certificates Nos. 57 and Nos. 58. The revised tax forms include new fill-out instructions for
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Turkey extends Q2 2024 provisional tax return deadline, eases inflation adjustment rules
Turkey's Revenue Administration announced the publication of Tax Procedure Law Circular No. 173 of 29 August 2024. This extends the tax return submission and payment deadline for the income and corporate provisional tax returns for the second
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US: TIGTA urges IRS to review procedures on MNCs tax avoidance strategies
The Treasury Inspector General for Tax Administration (TIGTA) has recommended the Internal Revenue Service (IRS) to reassess its examination procedures to effectively address the tax avoidance strategies employed by large multinational corporations
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US: Maine joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 27 August 2024, that Maine will be the latest state to join the IRS Direct File for Filing Season 2025. Following a successful Pilot Program in 12 states that saw
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US: IRS struggles to tackle tax avoidance by multinational corporations
The US Treasury Inspector General for Tax Administration (TIGTA) issued a partially redacted report on 26 August 2024, highlighting the challenges the US Internal Revenue Service (IRS) encounters in tackling tax avoidance strategies deployed by
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Czech Republic proposes amendment to top-up tax for implementing global minimum tax directive
Czech Republic’s Ministry of Finance released a draft amendment to introduce a top-up tax, aligning with the EU directive on global minimum tax that took effect on 31 December 2023. The amendment to the top-up tax act seeks to clarify specific
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