Cyprus extends 2022, 2023 income tax returns deadlines for select taxpayers
The Cyprus Tax Department (CTD) announced, on 25 October 2024, that the submission deadlines of income tax declarations for 2022 and 2023 have been extended. The income tax return for the year 2022 has been extended until 28 February 2025 and the
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UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
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UK: HMRC issues notice on 2023-24 self-assessment tax returns
The UK HMRC issued a press release on 23 October 2024 reminding individual taxpayers of the imminent deadlines for self-assessment tax returns for the 2023-2024 tax year. The deadline for online submissions for tax returns for the 2023 to 2024
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US issues new rule for income tax withholding on foreign payees
The IRS and Treasury have published (RIN 1545-BN52, TD 10008) on 18 October 2024 outlining final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans,
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Lithuania proposes higher tax-exempt income for PIT in 2025 budget
Lithuania’s Ministry of Finance submitted the draft Budget for 2025 to the parliament on 16 October 2024 which includes proposed amendments to the Law on Personal Income Tax, among other tax provisions. The proposal outlines an increase in the
See MoreUN Tax Committee: Wealth and Solidarity Taxes
On 16 October 2024 the UN Tax Committee discussed progress in the work on wealth and solidarity taxes. The work of the relevant subcommittee aims to present practical options to assist countries in domestic resource mobilization and in addressing
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Portugal proposed reduced corporate tax rates in draft 2025 budget law
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
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OECD: Tax Arbitrage Through Closely Held Businesses
On 7 October 2024 the OECD published a taxation working paper with the title Tax arbitrage through closely held businesses: Implications for OECD tax systems, written by Tom Zawisza, Sarah Perret, Pierce O’Reilly and Antonia Ramm. The working
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Croatia consults amendments to General Tax Act: Shareholders to be considered as guarantors for failing to file
Croatia’s government has published proposed amendments to the General Tax Act and launched a public consultation. The consultation is set to conclude on 24 October 2024. Once enacted, the amendment will take effect on 1 January
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Slovak Republic: Parliament rejects plan to shorten property capital gains tax exemption to three years
The Slovak Republic parliament rejected a draft bill that proposed income tax exemptions on capital gains from the sale of immovable property for individuals and a suggestion to reduce the minimum holding period to three years. Earlier, on 16
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US: IRS direct file to expand to 12 states, cover more tax situations for 2025 filing season
The US Internal Revenue Service released IR-2024-258 on 3 October 2024, announcing that Direct File will be available for the 2025 tax filing season in double the number of states than last year’s pilot, and it will cover a wider range of tax
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Botswana extends filing deadlines for annual withholding, individual income tax returns
The Botswana Unified Revenue Service (BURS) issued a public notice, announcing extensions for key tax filing deadlines on 24 September 2024. The submission deadline for annual withholding tax returns, including PAYE and other withholding taxes, has
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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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United Kingdom: NAO Report on Tax Evasion in the Retail Sector
On 9 September 2024 the National Audit Office (NAO) issued a report on tackling tax evasion in high street and online retail. The report examines how well HMRC understands and assesses the risk of tax evasion in retail; and looks at its strategy
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IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
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IMF Working Paper: Advancing Labour Market Reforms in Korea
An IMF Working Paper of 23 August 2024 written by Stella Tam and Xin Cindy Xu looks at ways of advancing labour market reforms in Korea. The study looks at the structural challenges for the labour market in Korea and assesses the macroeconomic
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IMF Report on Latvia Makes Tax Recommendations
On 5 September 2024 the IMF issued a report following discussions with Latvia under Article IV of the IMF’s articles of agreement. Following recovery from the pandemic, Latvia’s economic growth contracted by 0.3% in 2023, with tighter
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
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