Cyprus issues 2023 individual income tax filing requirements
The Cyprus Tax Department released an announcement on Monday, 20 May, 2024, regarding the individual income tax return filing requirements for 2023. This requirement applies to employees, retirees, and self-employed individuals whose gross total
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Canada: CFIB opposes capital gains changes
The Canadian Federation of Independent Business (CFIB) published a release, on Thursday, 9 May, 2024, regarding its opposition to the proposed capital gains tax changes in the 2024 federal budget. The proposal aims to increase the capital gains
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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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Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
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UN: Ad Hoc Committee Discusses Issues for Early Protocols
Following an earlier Resolution on international tax cooperation and a report by the Secretary General setting out options going forward, UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of
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UN: Ad Hoc Committee on Framework Convention Discusses Substantive Elements
UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of reference for a UN framework convention on international tax cooperation. The first session of the ad hoc committee is being held between 26
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New Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual tax
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Hong Kong issues notice on 2023/24 individual tax return filing
The Hong Kong Inland Revenue Department published a notice on 2 May, 2024, regarding the filing 2023/24 individual tax returns. Taxpayers are required to file duly completed returns to the Inland Revenue Department (IRD) within one month from the
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Brazil enacts monthly revisions to individual tax brackets into law
The Brazilian government issued a release on 1 May 2024 declaring that the President Luiz Inácio Lula da Silva had signed Law 14,848/2024; converting Provisional Measure No. 1.206 of 6 February 2024 into law. This provides for the amendments to the
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OECD: Annual Report 2024 of Tax Inspectors Without Borders
On 29 April 2024 the Annual Report 2024 of Tax Inspectors Without Borders (TIWB) was published. This joint initiative by the OECD and the UN Development Programme (UNDP) supports developing countries with capacity building programs to improve
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OECD: Taxing Wages 2024
On 25 April 2024 the OECD released Taxing Wages 2024. The publication gives cross-country comparisons of labour costs and the overall tax and benefit position in the OECD countries. The study analyses the income tax paid by employees, the cash
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US: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB
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Finland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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Portugal: Government approves comprehensive tax reform program
On 10 April 2024, the Portuguese Government approved a government program incorporating several measures related to corporate and individual income taxes. The program covers the following topics: Corporate Tax Rate Reduction: A planned
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France: Tax authorities publish individual income tax return deadlines for 2024
The French tax authorities released the schedule for submitting the individual tax returns for 2024 in respect of the 2023 tax year. The online tax filing service became accessible through impots.gouv.fr starting 11 April 2024, with filing deadlines
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Australia: ATO offers tax returns concessions until 15 May 2024
On 17 April 2024, the Australian Taxation Office (ATO) declared a concession for tax returns which will conclude on 15 May 2024. This concession allows individual, partnership and trust tax returns to be lodged by 5 June 2024 without penalties,
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US: Idaho reduces tax rates for companies and individual taxpayers
On 29 March 2024, the governor of Idaho, the 43rd state of the US, approved House Bill 521. This law includes reducing the corporate and individual income tax rates from 5.8% to 5.695%. This tax rate reduction goes into effect retroactively from 1
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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