Bangladesh: NBR extends tax return submission deadline amid challenges of new tax Act implementation
On 29 November 2023, the National Board of Revenue (NBR) officially notified an extension of the deadline for submitting individual income tax returns and corporate tax returns for the assessment year (AY) 2023-2024. As per Notification No.
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US: IRS introduces new measures to ensure tax payment by major corporations
On 20 October 2023, the US IRS announced new initiatives funded by the Inflation Reduction Act. These initiatives. These new initiatives aim to ensure that large corporations pay their outstanding taxes and intensify IRS efforts in pursuing
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Chile declares revised tax return deadlines for 2024
On 4 October 2023, the Chilean federal tax agency published Resolution No. 116 with revised filing deadlines of different forms for the 2024 tax year. The deadlines of forms are as follows: March 1: Forms 1811, 1822, 1834, 1891, 1900, 1902,
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Dominican Republic: DGII publishes updated monthly withholding tax form
On 3 October 2023, the Dominican Republic's Directorate General of Internal Revenue (DGII) published Notice 21-23, introducing enhancements to Form IR-17. These adjustments primarily focus on refining the monthly reporting and payment procedures for
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El Salvador: MoF extends tax amnesty up to 30 September 2023
The Ministry of Finance of El Salvador has introduced a new tax amnesty regime allowing taxpayers to settle their outstanding tax and customs obligations up to 30 September 2023. The El Salvador tax authorities will waive all incurring interest,
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Greece extends tax filing deadlines in areas impacted by September floods
On 25 September 2023, the Greek government extended the deadlines for filing several tax declarations to 30 November 2023 for taxpayers affected by the September 2023 floods. This extension applies to taxpayers whose registered office, branch of
See MoreUN: High-Level Dialogue on Financing for Development
On 20 September 2023 the UN held a high-level dialogue on financing for development, including a session on Promoting inclusive and effective international tax cooperation and mobilizing domestic resources. Keynote addresses were given by the
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Sri Lanka: IRD releases latest tax return forms for AY 2022-23
On 15 September 2023, the Sri Lanka Inland Revenue department (IRD) released the income tax return forms for the assessment year (AY) 2022-23. The returns include: Income tax return for individuals (Form ASMT IIT 001 E). Income tax return
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Greece: AADE extends deadlines for income tax returns for the tax year 2022
On 5 September 2023, the Greek Public Revenue Authority (AADE) issued Decision A.1131, extending the tax return deadline for individuals and businesses in areas affected by the wildfires of August 2023. This includes extending the deadline for
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UAE: Tax authority calls to register for corporate tax
On 04 September 2023, the UAE Federal Tax Authority (FTA) renewed its invitation for Public Joint Stock Companies (PJSCs), PriVATe Shareholding Companies (PSCs), limited liabilities companies and priVATe companies resident in the UAE to register for
See MoreUS: IRS announces that businesses of cash payment over $10000 must electronically file from 2024
On 30 August 2023, the U.S. Internal Revenue Service (IRS) announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new
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Nigeria: FIRS issues notice on tax compliance of international shipping lines
On 21 August 2023, the Federal Inland Revenue Service (FIRS) of Nigeria published a public notice in relation to tax compliance of international shipping lines. The circular provides the basis of taxation of international shipping lines in
See MoreUS: IRS launches paperless processing initiative
On 18 August 2023, the Internal Revenue Service (IRS) announced its initiative to launch a paperless process for filing tax returns. IRS states that taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to
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Taiwan reminds profit-seeking enterprises to file annual income tax returns on time
On 15 August 2023, Taiwan’s National Taxation Bureau of the Central Area (The Taichung Branch), Ministry of Finance indicated that according to the Income Tax Act, where a profit-seeking enterprise fails to file an annual income tax return within
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Canada updates electronic filing requirements for business entities
On 16 August 2023, the Canada Revenue Agency (CRA) announced that businesses filing six or more information returns must file them electronically to avoid penalties. Recent legislation has amended mandatory electronic filing thresholds.
See MoreSri Lanka extends deadline for submitting quarterly AIT statements
On 26 July 2023, the Inland Revenue Department of Sri Lanka issued Circular No. SEC/2023/E/05, which extended the deadline for submitting quarterly advance income tax (AIT) statements. This extension applies to the reporting for the quarter ending
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UAE: Ministry of Finance announces cabinet decision on new tax procedures law
On 29 July 2023, the United Arab Emirates (UAE) Ministry of Finance announced the issuance of Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures (New Tax Procedures Law). The
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OECD: Revenue Statistics in Asia and the Pacific 2023
On 25 July 2023 the OECD issued Revenue Statistics in Asia and the Pacific 2023, setting out revenue data for the region from 2021. The latest edition of the annual publication includes data on tax revenues for 30 jurisdictions in the region and
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