El Salvador launches ‘Inspectores Fiscales Sin Fronteras’ programme to combat tax evasion
El Salvador’s Ministry of Finance has launched the "Inspectores Fiscales Sin Fronteras" programme to improve tax auditing and criminal investigations, focusing on Transfer Pricing and Tax Crime Investigation. The initiative aims to strengthen
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IMF urges Malta to align fiscal and tax policies with EU’s global minimum tax directive
The International Monetary Fund (IMF) has called on the Maltese government to develop a clear plan aligned with the European Union's Pillar Two Global Minimum Tax Directive, providing taxpayers with certainty and guidance. According to the
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Bosnia and Herzegovina updates transfer pricing rules
The Ministry of Finance of the Federation of Bosnia and Herzegovina (FBiH) has announced amendments to the Transfer Pricing Rulebook regarding Master File and Country-by-Country (CbC) reporting requirements. These changes were published in the
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Denmark consults draft bill for crypto-asset reporting
The Danish Ministry of Taxation has opened a public consultation on a draft bill to implement Council Directive (EU) 2023/2226 (DAC8) and the Crypto-Asset Reporting Framework (CARF). The consultation is set to conclude on 13 December 2024. The
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Chile revises VAT registration, payment rules for non-resident service providers
Chile’s tax authority (SII) has recently issued Resolution No. 105 on 30 October 2024 and Resolution No. 107 on 14 November 2024. These resolutions update the previous regulations regarding VAT registration and payment for non-resident
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US: Louisiana finalises net capital gains deduction rules
Louisiana’s Department of Revenue has released final regulations for entities claiming net capital gains deductions. These regulations include guidance for situations where the claimed capital gain exceeds USD 250,000. The final regulations
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Poland announces 2025 investment incentives, thresholds for reduced corporate tax and VAT
Poland has announced new thresholds for various tax regimes for small taxpayers in 2025. These include a reduced corporate tax rate, an investment incentive deduction, a simplified VAT regime, and a flat-rate tax. The new thresholds for reduced
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European Commission applauds Greece’s pledge to align tonnage tax with state aid rules
The European Commission in a release on 25 November 2024 announced that the acceptance by Greece of the appropriate measures proposed by the Commission to bring the existing Greek tonnage tax scheme and related measures in line with State aid
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Malaysia updates service tax rules, includes new taxable services and expands group relief
The Royal Malaysian Customs Department has released the Service Tax (Amendment) (No. 2) Regulations 2024 which broadens intra-group relief to include maintenance and repair services while also revising the range of taxable services. Amendments to
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Australia proposes tax breaks for hydrogen, critical minerals production
Australia’s government has presented the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024’ to Parliament” , proposing tax incentives on hydrogen and critical minerals production. This follows after the
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Australia passes bill for Pillar Two Global Minimum Tax
The Australian Senate has passed the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 on 26 November 2024. The House of Representatives endorsed the bill in August 2024. This followed after the Australian Senate
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UK: HMRC clarifies changing filing member for Pillar Two top-up taxes account
The UK tax authority, HM Revenue & Customs (HMRC), has published guidance on a service for replacing the filing member for a Pillar Two top-up taxes account on 20 November 2024. Guidance- Replace the filing member for a Pillar Two top-up
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Spain: Parliament extends windfall tax on banks, reintroduces loss restrictions
The Spanish lower house of parliament (Congress of Deputies) approved a new fiscal package that includes a three-year extension of the windfall tax on banks on 21 November 2024. The tax, previously set at a flat rate of 4.8%, will now follow a
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Ireland gazettes Finance Act 2024
Ireland has published the Finance Act 2024 (Act No. 43 of 2024) in the Official Gazette. This legislation was enacted on 12 November 2024 and includes provisions introduced in the Budget 2025 along with various administrative and technical
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US: Georgia consults digital sales tax rules
Georgia’s Department of Revenue has launched a public consultation on the proposed regulations regarding the taxation of digital product sales. The rules set forth the application of Georgia sales and use tax concerning the sale or use of
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EU gazettes VAT agreement amendments with Norway
The EU has published the Council Decision (EU) 2024/2888 of 5 November 2024 in the Official Journal of the European Union on 19 November 2024, ratifying the agreement modifying the existing arrangement with Norway for administrative cooperation in
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Germany approves Annual Tax Act 2024, introduces VAT amendments for small enterprises
Germany’s Federal Council (Bundesrat), or the upper house of parliament, has approved the Annual Tax Act 2024 on 22 November 2024. This Act includes various tax amendments, particularly VAT exemptions thresholds for small businesses among
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Russia increases tax deductions for software and database costs starting 2025
The Russian Ministry of Finance has issued Guidance Letter No. 03-03-06/1/96344 on 10 April 2024, clarifying updates to tax deductions for costs related to acquiring and using computer programs and databases. Currently, a 1.5x deduction applies
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