US: California grants tax relief for Los Angeles wildfire victims
California Governor Newsom announced that the California Franchise Tax Board (FTB) will provide state disaster tax relief for taxpayers and businesses affected by the recent wildfires in Los Angeles on 11 January 2025. “California is taking
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Peru announces 2024 tax return deadlines
Peru has issued Superintendency Resolution No. 000304-2024/SUNAT of 30 December 2024 on 31 December 2024 outlining the submission deadlines for annual tax returns for the 2024 tax year. This includes extended deadlines for submitting annual income
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US: Treasury, IRS update rules on intragroup transactions and consolidated federal returns
The US Department of Treasury and the Internal Revenue Service (IRS) have issued proposed regulations (RIN 1545-BJ87) to provide clarity on the treatment of certain liabilities in intragroup transactions under IRC Section 351. This document
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Cyprus updates beneficial owners register framework
Cyprus’ Department of the Registrar of Companies and Intellectual Property (DRCIP) have announced several amendments to The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, which was published on 6 December
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Norway mandates beneficial owner registration for local companies, legal entities
Norway has issued a new legislation on 12 December 2024 mandating Norwegian companies and legal entities to register their beneficial owners in the Register of Beneficial Owners. The legislation will take effect on 31 July 2025, although
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US: President Biden enacts 2023 Tax Relief Act, VETT Act for disaster victims and veterans
The US President Biden has signed The Federal Disaster Tax Relief Act of 2023 (H.R. 5863) and the VSO Equal Tax Treatment Act VETT Act (H.R. 1432) on 12 December 2024. These two bills provide significant tax relief measures to support disaster
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Australia: ATO cautions taxpayers on schemes avoiding division 7A compliance
The Australian Taxation Office (ATO) has issued a new taxpayer alert (TA2024/2) on 12 December 2024 targeting arrangements designed to bypass Division 7A requirements. The arrangements involve a profitable private company guaranteeing a loan made
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US: IRS enhances business tax account (BTA) with new features for corporate officials
The US Internal Revenue (IRS) in a release (FS-2024-31) has announced the expansion of its Business Tax Account (BTA), a convenient online self-service tool, to include C corporations on 12 December 2024. This expansion allows designated
See MoreUS: FinCEN delays beneficial ownership reporting deadline after court ruling
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an update on its BOI webpage, clarifying that reporting companies are not currently obligated to file beneficial ownership information. However, they may choose
See MoreAustralia: ATO publishes draft guidance on ‘capital raised for the purpose of funding franked distributions’
The Australian Taxation Office (ATO) released PCG 2024/D4 on 4 December 2025, outlining its compliance approach to the issue of "capital raised for the purpose of funding franked distributions." This is related to Schedule 5 of the Treasury Laws
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Cyprus announces provisional submission calculation, second provisional tax payment deadline
Cyprus tax authority has reminded taxpayers the deadline for submitting a revised provisional tax calculation (if applicable) and making the second provisional tax payment for the 2024 tax year is 31 December 2024. Taxpayers whose taxable income
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UAE: Corporate tax returns, payable settlements due by end of December 2024
The Federal Tax Authority (FTA) called on businesses subject to Corporate Tax to file their returns and pay their dues for their respective tax periods within the stipulated legal timeframes. As part of its commitment to supporting and
See MoreUS: IRS and Treasury propose rules on taxed earnings, basis adjustments
The US Internal Revenue Service (IRS) and Treasury Department have issued proposed regulations (REG-105479-18) on 2 December 2024, addressing previously taxed earnings and profits (PTEP) of foreign corporations and the associated basis
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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Guatemala proposes simplified tax plans for handicrafts, agriculture
Guatemala’s Congress has passed Decree 31-2024, which includes “The Law for the Integration of the Primary and Agricultural Sector,” on 19 November 2024. This proposal shall establish two streamlined special tax regimes: The production and
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Sri Lanka: IRD launches e-services for 2023/24 tax returns
The Sri Lanka Inland Revenue Department (IRD) has announced the launch of its "e-services" platform for the electronic filing of annual tax returns for the assessment year 2023/2024. Taxpayers must submit their returns electronically by 30 November
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UAE issues ruling on foreign partnerships, family foundations, unincorporated entities
The UAE Ministry of Finance has released Ministerial Decision No. 261 of 2024, addressing the regulations surrounding unincorporated partnerships, foreign partnerships, and family foundations. Unincorporated partnerships Under Article 3 of
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Colombia issues ruling on taxation for non-resident entities with significant economic presence
Colombia’s tax authority, DIAN, recently issued Ruling 890 on 17 October 2024, offering guidance on several tax matters for non-residents with a significant economic presence (SEP) in Colombia. Earlier, on 27 November 2023, the Colombian Ministry
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