US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
See MoreUS: IRS extends tax relief for Iowa taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024. Individuals and households
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Hong Kong reminds taxpayers and employers of tax reporting obligations
The Hong Kong Inland Revenue Department published a notice reminding taxpayers and employers of their obligations to submit tax-related information. Taxpayers are reminded of their obligations under Sections 51(2), (6), (7) and (8) of the Inland
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US: IRS extends tax relief for Ohio taxpayers impacted by tornadoes
The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a release (IR-2024-141) announced tax relief for individuals and businesses in Ohio affected by tornadoes that began on 14 March, 2024. Taxpayers now have until 3 September,
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Finland: Belarus’ suspension will have no impact on tax treaty
Finland's Ministry of Finance released Notification 48/2024 concerning the ongoing enforcement of the 2007 tax treaty with Belarus on Monday, 13 May, 2024. Belarus has ceased the application of Articles 10, 11, and 13 from 1 June, 2024, to 31
See MoreUS: IRS extends tax relief for Nebraska taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Tuesday, 9 May, 2024, in the release NE-2024-12, declared tax relief for individuals and businesses in Nebraska affected by severe storms, straight-line winds, and tornadoes that occurred on 25 April,
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Pakistan introduces amendments to tax appeals procedures
On Friday, 3 May 2024, Pakistan enacted the Tax Laws (Amendment) Act, 2024 (the Amendment Act). This law substantially modifies the tax appeals procedures for sales tax, federal income tax, and federal excise laws. These reforms aim to
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Singapore: 31 May deadline for FATCA & CRS reporting
Singapore's Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit their Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) returns for the 2023
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Australia: ATO offers tax relief for struggling businesses
The Australian Taxation Office (ATO) published a notice on Thursday, 9 May, 2024, regarding the availability of tax payment relief options for struggling businesses in Australia. According to the ATO, paying the tax bill in full, and on time,
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UK: HMRC urges early filing for 2023/2024 self assessment tax returns
His Majesty's Revenue and Customs (HMRC) published a release on 8 May, 2024, advocating the early filing of self-assessment returns for the 2023/2024 tax year. Customers can file their Self Assessment returns for the 2023 to 2024 tax year between
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UAE: FTA issues guide on registration of natural persons for corporate tax
The UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Registration of Natural Persons - CTGRNP1 on Monday, 6 May, 2024. It is designed to provide general guidance on the registration of natural persons in the UAE for Corporate Tax
See MorePakistan disables half a million SIMs to push for tax compliance
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April, 2024, that they will be disabling the mobile phone SIMs of more than half a million people in the country. These individuals have not filed their income tax returns for the
See MoreUS: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that
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Singapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
The Inland Revenue Authority of Singapore (IRAS) has released an updated guidance on conducting audits and investigations related to Missing Trader Fraud Arrangements. IRAS identifies Missing Trader Fraud arrangements to be one of the key
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Turkey 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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India CBDT extends Form 10A/10AB filing deadline to 30 June 2024
India’s Central Board of Direct Taxes (CBDT) has released Circular No. 07/202 on Saturday, 25 April 2024, which extends the deadline for filing Form 10A/Form 10AB under the Income-tax Act, 1961 (the 'Act') until 30 June 2024. The tax
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Nigeria introduces tax incentives for new oil and gas companies
On 28 February 2024, the Nigerian government published the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024 in the Official Gazette. The announcement outlines various new incentives for the oil and gas sector, which
See MoreTurkey grants short extension for 2023 tax return submissions
Turkey's Revenue Administration has announced an extension for submitting the corporate tax returns for the 2023 accounting period. Accordingly, with Tax Procedure Law Circular No. 167, the standard deadline – originally set for 30 April, 2024
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