Ireland: Revenue clarifies interpretation of ‘Control’ in updated tax manual
Irish Revenue has published eBrief No. 277/24 on 12 November 2024, which includes an update to the Tax and Duty Manual Part 01-00-05, providing clarification on the interpretation of "control" in certain contexts. The purpose of this manual is to
See More
Colombia issues ruling on taxation for non-resident entities with significant economic presence
Colombia’s tax authority, DIAN, recently issued Ruling 890 on 17 October 2024, offering guidance on several tax matters for non-residents with a significant economic presence (SEP) in Colombia. Earlier, on 27 November 2023, the Colombian Ministry
See More
Poland: President signs law enacting Pillar Two global minimum tax
Poland’s President Andrzej Duda has signed into law on, 15 November 2024, the Act on Equalization of Constituent Units of International and Domestic Groups for the Pillar Two global minimum tax in accordance with the Council Directive (EU)
See More
India: CBDT launches campaign to ensure accurate disclosure of foreign assets for AY 2024-25
The Indian Central Board of Direct Taxes (CBDT) launched a Compliance and Awareness Campaign on Saturday, 16 November 2024, to ensure resident taxpayers fully disclose foreign income in their income tax returns (ITRs) for the Assessment Year (AY)
See More
US: Congressional Research Service (CRS) reviews TCJA changes to cost recovery, R&D tax credit
The US Congressional Research Services (CRS) has published a new "In Focus" report, “How the "Tax Cuts and Jobs Act" (TCJA, P.L. 115-97) Changed Cost Recovery and the Tax Credit for Research” on 13 November 2024. Tax benefits for investments
See More
Italy ends VAT exemption on staff secondment
Italy published Law No. 166 of 14 November 2024 in the Official Gazette which stipulates that the loan or secondment of staff is not considered a taxable supply for VAT purposes if the recipient solely reimburses the salary and associated
See More
Chile extends deadlines for tax regularisation, penalty relief
Chile enacted Law No. 21.716 which extends the deadline for the Regularisation Regime for Foreign Assets and Income, allowing taxpayers to regularise undeclared foreign assets and income with a 12% tax, granting amnesty for any civil, criminal, or
See More
UK introduces regulations for second late tax penalty
The UK government has announced new regulations regarding Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024 on 12 November 2024 aimed at tightening penalties for late tax payments. The updated
See More
UAE: FTA publishes guide on private clarifications
The UAE Federal Tax Authority (FTA) has published a detailed guide on Private Clarifications (Private Clarifications - TPGPC1). The following federal taxes apply in the UAE: Excise Tax – introduced with effect from 1 October 2017 VAT
See More
Dominican Republic consults end of tax exemptions on issuance from cheques, electronic transfers
The Dominican Republic's Directorate General of Internal Revenue (DGII), under instructions from the Ministry of Finance, has opened a public consultation regarding a draft regulation aimed at repealing all administrative exemptions from the 0.0015%
See More
Lithuania proposes tax reforms on DAC8, reporting tax information
Lithuania’s government has proposed several tax reforms to curb tax evasion and improve compliance as per international standards. These include DAC8 and amending the Code of Administrative Offences, among others. On 9 October 2024, the
See More
OECD unveils initiatives to enhance digital transformation, tax certainty, capacity building partnerships
The Organisation for Economic Cooperation and Development (OECD) has announced that during the 17th annual plenary meetings of the Forum on Tax Administration, tax administrations reached a consensus on a series of practical initiatives. These
See More
US: Treasury Department finalises rules for expanding clean energy tax credits
The US Department of the Treasury and the IRS, in a press release on 19 November 2024, issued final regulations that will expand the reach of the Biden-Harris Administration’s Inflation Reduction Act by helping entities that co-own clean energy
See More
US: Treasury Department’s CDFI Fund to grant USD 10b in NMTC authority for 2024-25
The US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund), on 19 November 2024, released the Notice of Allocation Availability (NOAA) for the next round of the New Markets Tax Credit Program (NMTC
See More
Hungary ratifies new CbC reporting pact with US
Hungary’s President has signed Law No. XLIII of 2024, officially ratifying the new Country-by-Country (CbC) reports exchange agreement with the US. The ratification was published in the Official Gazette No. 113 (Magyar Közlöny) on 13 November
See More
EU releases updated public CbC reporting forms
The European Commission (EC) published a revised regulation that provides the common template and electronic reporting formats for the EU public country-by-country (CbC) reporting directive on 21 October 2024. This follows after the conclusion of
See More
Vietnam: Ministry of Finance consults draft decree for global minimum tax rules
Vietnam's Ministry of Finance has initiated a public consultation on a draft decree to implement Resolution No. 107/2023/QH15, outlining detailed guidelines for the implementation of GloBE rules. It is expected to be finalised and issued by December
See More
UAE: FTA clarifies review process for disputing tax assessments, penalties
The UAE Federal Tax Authority (FTA) has issued Public Clarification TAXP008 on Tax Assessment Reviews, outlining an optional process for challenging tax assessments and administrative penalties, as introduced by Federal Decree-Law No. 28 of 2022, as
See More