Turkey updates revaluation rate for 2024
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
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Costa Rica sets new interest rate for taxes and customs
Costa Rica’s General Directorate of Finance (DGH) and the General Directorate of Customs (DGA) released Resolution MH-DGH-RES-0054-2024/MH-DGA-RES-1817-2024 which establishes a new interest rate of 8.43% applicable to tax and customs
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US: IRS provides transitional relief for payment app transactions
The US Internal Revenue Service has issued Notice 2024-85 corresponding to a news release (IR-2024-299) on 26 November 2024, providing transition relief for third-party settlement organisations (TPSOs), also known as payment apps and online
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Slovak Republic extends excise duty exemption for small renewable energy producers
The Slovak Republic has gazetted a bill which amends the Law on Excise Duty on Electricity, the changes pertain to regulations for small producers of renewable energy. This legislation focuses on extending excise duty exemptions for electricity
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Hong Kong to exempt crypto taxes for hedge funds, family offices
Hong Kong intends to eliminate taxes on investment gains from cryptocurrencies and other alternative assets to benefit hedge funds, private equity firms, and family offices; according to a circular by Hong Kong’s Financial Services and the
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Poland consults updated low-tax jurisdictions list, removes Andorra
Poland’s Ministry of Finance has initiated a public consultation on a proposed legislation that identifies countries and territories involved in harmful tax practices, classifying them as low-tax jurisdictions. The bill proposes to remove
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Argentina announces new interest rates for late tax payments
Argentina’s Federal Tax Authority (ARCA) announced the new interest rates in Auction Rate Securities (ARS) applicable to late tax payments for the period from 1 December 2024 to 31 January 2025. The rates have been calculated in accordance with
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Ukraine: President signs 2025 budget
President Volodymyr Zelenskiy has signed the 2025 state budget for Ukraine on 28 November 2024. The 2025 budget prioritises Ukraine's defense and allocates significant funds to security and defense forces, as well as the production and
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Japan tax revenue expected to reach record high
Japan’s tax revenues are set to hit a record high for the fifth straight year. Projections estimate revenue rising from JYP 69.6 trillion to around JPY 73.4 trillion for the current fiscal year ending in March 2025. The increase, driven by
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Colombia consults new tax haven list
The Ministry of Finance in Colombia has released a draft decree for public consultation, proposing a new list of 25 jurisdictions classified as non-cooperative due to their low or zero taxation (commonly referred to as tax havens). The deadline
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Slovak Republic consults DAC8 implementation bill
The Slovak Republic’s Ministry of Finance has launched a public consultation on the draft bill No. LP/2024/645 on 25 November 2024. This proposed amendment to the Act on the Automatic Exchange of Information on Financial Accounts for Tax
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Japan announces JPY 13.9 trillion stimulus budget
Japan's Ministry of Finance has announced a JPY 13.9 trillion (USD 92 billion) additional budget to support Prime Minister Shigeru Ishiba’s stimulus package. According to NHK (state broadcaster), the budget will be partially funded by JPY 3.8
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Brazil proposes income tax reform, plans spending cuts
Brazil’s Finance Minister Fernando Haddad has proposed expanding income tax exemptions for lower-income citizens while increasing taxes on higher earners on 27 November 2024. Alongside these measures, the Finance Minister also outlined plans to
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Brazil consults commodity transfer pricing
Brazil's revenue authority has launched a public consultation on a proposed amendment to its transfer pricing rules on 27 November 2024. The proposed amendment concerns Normative Instruction RFB No. 2,161 of September 28, 2023, addressing
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OECD releases new reports on automatic exchange of information, global forum activities
The Organisation for Economic Co-operation and Development (OECD) is holding its 17th Annual Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) which started on 26 November 2024 in
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European Commission clarifies VAT rules for small business scheme
The European Commission has released its Explanatory Notes detailing the upcoming changes to the EU VAT system concerning the special scheme for small enterprises. These changes stem from amendments made by the Amending Directive to the VAT
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Malaysia updates global minimum tax, Labuan self-assessment rules in Finance Bill 2024
Malaysia’s Deputy Minister of Finance has presented the Finance Bill 2024 and the Labuan Business Activity Tax (Amendment)(No. 2) Bill 2024 to the Parliament, on 19 November 2024, proposing amendments to the Income Tax Act 1967 (ITA), Real
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Ukraine President to sign 2025 budget tomorrow
Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024. The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring
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