Serbia gazettes VAT law, e-invoicing rule amendments
Serbia’s parliament has passed the Amendments to the VAT Law and the Law on Amendments to the Law on Electronic Invoicing, which was published in the Official Gazette, No. 94/2024, on 28 November 2024. Amendments to the VAT Law Preliminary
See More
US: Rep. Ami Bera leads bipartisan push for Taiwan double taxation relief
The US Representative Ami Bera, M.D. (D-CA-06), Ranking Member of the House Foreign Affairs Subcommittee on the Indo-Pacific and Co-Chair of the Congressional Taiwan Caucus, and Rep. Andy Barr (R-KY-06), Co-Chair of the Congressional Taiwan Caucus
See More
Australia: Pillar Two minimum tax, PCbC reporting, capital gains withholding laws receive royal assent
Australia’s laws related to the Pillar Two minimum tax, Public Country-by-Country (PCbC) reporting requirements, and capital gains withholding received Royal Assent on 10 December 2024. Pillar Two global minimum tax law The Pillar Two global
See More
Switzerland updates list of participating jurisdictions for AEOI-CRS
The Swiss State Secretariat for International Finance (SIF) released an updated list of jurisdictions participating in the automatic exchange of information (AEOI) on financial accounts on 5 December 2024. This update aligns with the Common
See More
Brazil further updates electronic invoicing amid tax reforms
Brazil’s government has released an updated version of Technical Note NT 2024.002 on 6 December 2024. This updated version introduces new validation rules to calculate the monthly amounts due for the recently implemented indirect taxes - CBS
See More
Peru announces draft VAT rules for nonresident digital service providers
Peru’s tax authority, SUNAT, has released a draft regulation introducing new value-added tax (VAT) compliance requirements for nonresident digital service providers. These measures are expected to take effect on 1 January 2025. This follows
See More
US, Norway Competent Authority Arrangement (CAA) enters into force
The US Internal Revenue Service (IRS) has issued Announcement 2024-42 on 9 December 2024 in which it notified taxpayers the US and Norway has entered a competent authority arrangement (CAA) in accordance to the paragraph 2 of Article 27 (mutual
See More
Zambia proposes new tax measures in 2025 budget draft
Zambia's Ministry of Finance and National Planning have introduced new tax measures in the draft 2025 Budget. The proposed tax changes include limiting the offset of carried-forward losses to 50% of taxable income across all sectors, a reduction
See More
UAE: Dubai publishes guidance for foreign bank tax
Dubai has released Administrative Decree No. 107 of 2024, detailing the application of a 20% annual tax on foreign banks' taxable income. The tax applies to all foreign banks operating in Dubai, including those in special development and free
See More
Malaysia: House of Representatives pass Finance Bill 2024
Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after
See More
Spain consults draft global minimum tax bill
Spain's General Directorate of Taxes has launched a public consultation on draft regulations designed to implement a complementary tax ensuring a global minimum tax for multinational enterprises (MNEs) and large domestic groups on 3 December
See More
US: FinCEN delays beneficial ownership reporting deadline after court ruling
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an update on its BOI webpage, clarifying that reporting companies are not currently obligated to file beneficial ownership information. However, they may choose
See More
EU adopts new withholding tax rules (FASTER)
The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The
See More
Singapore gazettes Economic Expansion Incentives Amendment Bill 2024
Singapore published the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2024 in the Official Gazette on 10 December 2024. It introduces a new 15% Concessionary Tax Rate (CTR) under the Development and Expansion Incentive
See More
Australia: ATO publishes draft guidance on ‘capital raised for the purpose of funding franked distributions’
The Australian Taxation Office (ATO) released PCG 2024/D4 on 4 December 2025, outlining its compliance approach to the issue of "capital raised for the purpose of funding franked distributions." This is related to Schedule 5 of the Treasury Laws
See More
Germany releases revised draft on Pillar Two global minimum tax amendments
Germany’s Ministry of Finance has released a second discussion draft on 6 December 2024 for a proposed amendment to the Minimum Tax Act. This draft aims to implement Council Directive (EU) 2022/2523, which establishes a global minimum tax
See More
Russia clarifies loss carry forward rules for IT companies
The Russian Ministry of Finance has released Guidance Letter No. 03-03-06/1/108990 on 25 November 2024, providing clarity on amendments to the loss restriction rules introduced by Federal Law No. 259-FZ. These changes affect IT companies that
See More
Chile clarifies luxury goods tax rules
The Chilean Tax Administration (SII) has released new guidance on the recent amendments to the luxury goods tax introduced under Article 5 of Law 21,713-2024. This guidance, outlined in Circular 50-2024, was published and came into effect on 28
See More