Canada: Parliamentary Budget Officer says AMT changes to cut income tax revenues by CAD 598m
The Canadian Parliamentary Budget Officer (PBO) has presented updates on 7 November 2024 regarding Canada's Alternative Minimum Tax (AMT) changes outlined in the 2024 Budget. Budget 2024 introduced amendments to the Alternative Minimum Tax (AMT)
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Italy introduces tax credit for investments in southern economic zone
Italy issued Ministerial Decree on 18 September 2024, which was published in the Official Gazette on 11 November 2024, outlining the regulations for a tax credit for specific investments in the "Special Economic Zone for Southern Italy—Single
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South Africa: National Treasury consults urban development zone tax incentive
The National Treasury of South Africa has invited interested parties to participate in the urban development zone (UDZ) tax incentive online survey on 6 November 2024. The consultation is set to conclude on 29 November 2024. The objective of
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Portugal updates indexation coefficients for capital gains tax on 2024 sales
The Portuguese Government has published the indexation coefficients for calculating capital gains or losses applicable to personal and corporate income tax. These coefficients, which were announced in Ordinance 228/2024/1 on 7 November 2024,
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Bangladesh: NBR lowers capital gains tax rate
The National Board of Revenue (NBR) issued a notification outlining amendments to the capital gains tax provisions under the Income Tax Act 2023 (ITA 12), lowering the rate to 15% for gains above BDT 5 million, on 4 November 2024 Capital gains
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Saudi Arabia urges taxpayers to benefit from the cancellation of fines and exemption of penalties initiative
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a statement urging all taxpayers to take advantage of the “Cancellation of Fines and Exemption of Penalties Initiative,” which is set to conclude on 31 December 2024. Fines
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Luxembourg updates CbC reporting guidance
The Luxembourg Administration of Direct Tax has updated its Country-by-Country (CbC) reporting guidance page, including an updated CbC reporting FAQ, to reflect the latest OECD recommendations. The update addresses whether profits (losses) before
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UK: HMRC releases XML schema, related documents for digital platform reporting
UK HMRC published the Digital platform reporting XML schema and supporting documents 24 October 2024. The documents include XML schema and supporting documents and Sample XML files. The UK is signed up to the Organisation for Economic Development
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US: IRS to host free webinar for businesses on beneficial ownership reporting deadline of 1 January 2024
The US Internal Revenue Service (IRS), in the release IR-2024-288 on 12 November 2024, announced a free one-hour webinar scheduled for 19 November 2024 aimed at assisting businesses that must report beneficial ownership information to the Treasury
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EU issues new guidance on VAT for small businesses
European Commission, on 11 November 2024, released the Guide to the SME scheme and explanatory notes for the updated Small Enterprise Scheme (SME scheme), which will take effect on 1 January 2025. This guide aims to provide a better understanding
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Finland proposes revised TV tax, VAT on broadcasting services
Finland’s government has submitted a legislative proposal (HE 186/2024) to the parliament on 7 November 2024 to amend the television tax levied on individuals and businesses and the VAT applied to public broadcasting services. The draft
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Ireland: Parliament passes Finance Bill 2024
Ireland’s Senate passed the Finance Bill 2024 on 6 November 2024. Earlier, on 5 November 2024, the lower house of parliament approved the Finance Bill 2024, which outlines various tax measures as part of the Budget 2025. The Finance Bill
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UAE: FTA publishes new corporate tax guide
The UAE Federal Tax Authority (FTA) released a new Corporate Tax Guide on Tax Returns—CTGTXR1—on 12 November 2024, providing general guidance on filing and completing a return. This guide should be read by anyone required to file a tax return
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Bangladesh: NBR to conduct first transfer pricing audit to tackle tax evasion
Bangladesh tax authority National Board of Revenue (NBR) announced that it will conduct its first transfer pricing audit of multinational companies (MNCs) operating in the country. Bangladesh first introduced transfer pricing provisions in the
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Chile consults luxury goods tax amendments
Chile’s Tax Administration (Servicio de Impuestos Internos, SII) has launched a public consultation regarding a Draft Circular which proposes various amendments to the luxury goods tax. It outlines provisions regarding tax law amendments,
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Chile details VAT representative process for foreign digital platforms
Chile’s Tax Administration (Servicio de Impuestos Internos, SII) has issued Resolution Ex. SII 101-2024 was published on 24 October 2024, outlining guidelines for digital platform companies not based in Chile regarding the appointment of a Chilean
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Chile consults voluntary tax amnesty guidelines
Chile’s Tax Administration (Servicio de Impuestos Internos, SII) has initiated a public consultation regarding the implementation of the new temporary tax amnesty on foreign income and assets introduced in Article 11 (Transitory) of Law
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Turkey updates electronic ledger rules, filing deadlines
The Turkish Ministry of Treasury and Finance, alongside the Ministry of Trade, has issued a revised General Communiqué on Electronic Ledger (No. 5) on 8 November 2024, updating the previous regulations to enhance tax compliance. The new rules,
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