Romania raises dividend tax, updates micro-enterprise rules
Romania has issued Emergency Ordinance no. 156 of 30 December 2024, which introduces various amendments to the Tax Code (Law no. 227/2015), which took effect on 1 January 2025. One significant change includes raising the dividend tax rate from 8%
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Hong Kong updates tax-exempt debt instruments list
The Hong Kong Inland Revenue Department (IRD) has released the latest updated lists of Qualifying Debt Instruments (QDIs) as at the end of 30 September 2024 on 2 December 2024. The lists include: Qualifying Debt Instruments issued before 1
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Hong Kong publishes advance tax ruling on in-kind dividend in restructuring
The Hong Kong Inland Revenue Department (IRD) has released Advance Ruling Case No. 75 on 30 September 2024, addressing the tax implications of an in-kind dividend involved in a restructuring. Advance Ruling Case No. 75 1. The provisions of the
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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US: IRS clarifies CFC not eligible for dividends received deduction under section 245A
The US Internal Revenue Service (IRS) issued an Office of Chief Counsel memorandum clarifying that a controlled foreign corporation (CFC) is not eligible for a dividends received deduction under section 245A. This memorandum provides
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Malaysia: 2025 budget unveils dividend tax, new tax incentives, sales and service tax changes
Malaysia announced its 2025 Budget on 18 October 2024 with various tax measures. Dividend tax Starting from the year of assessment 2025, a 2% dividend tax will be applied to the annual chargeable dividend income of individuals exceeding MYR
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Hong Kong cuts tax reserve certificate interest rate
The Hong Kong Inland Revenue Department, on Friday, 31 May, 2024, announced a change in the rate of interest payable on Tax Reserve Certificates in a legal notice published in the Government Gazette. The notice includes a reduction in the annual
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Australia: Queensland proposes law to prevent coal royalty rate cuts without legislative approval
Australia’s Queensland government proposed the Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024 to the state Parliament on 23 May, 2024. This legislation aims to amend the Mineral Resources Act 1989 by ensuring that coal
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US: IRS extends transitional relief for certain dividend equivalent rules
The US Internal Revenue Service (IRS) has declared that the Treasury and IRS plan to amend section 871(m) regulations, as stated in Notice 2024-44. This amendment will postpone the effective and applicability dates of specific provisions. This
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New Zealand issues 2024 international tax disclosure exemption
On 3 April 2024, the New Zealand Inland Revenue published a determination concerning the 2024 international tax disclosure exemption. This eases the obligation of taxpayers to report their interests in foreign entities for the income year that
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Ireland: Irish Revenue publishes guidance on outbound payment measures
On 25 March 2024, the Irish Revenue released eBrief No. 096/24 outlining new guidance on Outbound payments defensive measures. This latest guidance has been issued as part of the Finance (No.2) Act 2023. The Finance (No.2) Act 2023 inserted Chapter
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Germany introduces stricter reporting requirements for listed companies under new tax relief Act
The Federal Central Tax Office (BZSt) has released a communication manual outlining the requirements of the German Withholding Tax Relief Modernization Act. This act mandates that listed companies in Germany report shareholder information to the
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New Zealand proposes multiple amendments for taxation bill
On March 14, 2024, the New Zealand Inland Revenue released Amendment Paper No. 20 outlining proposed amendments to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill. The proposed changes are as follows:
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India: CBDT passes finance act 2024 with limited tax provisions
The Central Board of Direct Taxes (CBDT) in India has released the Finance Act 2024, passed on 15 February 2024, to execute the provisions of the Union Budget for 2024-2025. The finance Act includes the following key tax measures: The criteria
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Hong Kong revises eligible debt instruments for profits tax concessions
On 6 February 2024, the Hong Kong Inland Revenue Department (IRD) released the updated lists of Qualifying Debt Instruments (QDIs) at the end of 31 December 2023. The lists include: Qualifying Debt Instruments issued before 1 April 2018
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Malaysia releases practice note on tax treatment of copyright and software payments to non-residents
On 5 December 2023, the Inland Revenue Board of Malaysia (IRBM) announced Practice Note No. 3/2023, in which it clarified the Tax treatment of copyright and software payments made by distributors and resellers to non-residents. In general,
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Germany: MOF issues draft guidance on anti-tax avoidance measures
On 30 November 2023, the German Ministry of Finance (MoF) issued draft guidance on anti-tax avoidance measures targeting non-cooperative jurisdictions. This follows the 2021 Tax Haven Defense Act, responding to EU guidelines against harmful tax
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Bulgaria officially approves budget Act 2023
Bulgaria has passed the amendments to the draft Budget Act 2023, which aim to protect wages and social security benefits. The government plans to reduce spending to combat inflation and strengthen the economy, but will not raise taxes. The key tax
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