Australia: ATO issues guidance on thin capitalisation rules, related provisions
The Australian Taxation Office (ATO) released guidance on 3 November 2024, outlining how the thin capitalisation rules interact with other provisions. The thin capitalisation rules limit the amount of debt deductions you can claim. Regard must
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Croatia rules formation of new company to retain of VAT exemption for small businesses exploitative
The Court of Justice of the European Union (CJEU) ruled in case C-171/23 (UP CAFFE) on 4 October 2024. As per the ruling, forming a new company to retain the VAT exemption for small enterprises after the previous company conducted the same
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South Africa seeks tax proposals for 2025 budget
South Africa's National Treasury extended an invitation until 25 November 2024 to submit technical tax proposals, which may be considered for inclusion in Annexure C of the 2025 Budget Review. The Minister of Finance announces new tax proposals
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US Representatives urge delay in reporting rules for beneficial ownership
US Representative Lisa McClain (R-MI) announced that she and 43 other Representatives sent a letter to Treasury Secretary Janet Yellen, on 5 November 2024, regarding beneficial ownership information, requesting a postponement in the implementation
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US: IRS finalises rules for disposing taxpayers’ seized property
The US Internal Revenue Service (IRS) issued the amended final regulations (TD 10011, RIN 1545-BQ34), on 4 November 2024,the document contains final regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy. The final
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UK: HMRC updates online guidance for applying for statutory tax clearances
The UK tax authority, HM Revenue & Customs (HMRC), has updated its online guidance regarding the application process for statutory tax clearances on 29 October 2024. A new page titled "Apply for statutory clearance for a transaction" provides
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Turkey: Ministry of Treasury and Finance clarifies inflation adjustment procedures
Turkey’s Ministry of Treasury and Finance has issued a Circular No. 176 on 1 November 2024 offering detailed explanations on the implementation of inflation adjustment procedures under the Tax Procedure Law (TPL). It addresses various issues
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Turkey extends tax debt restructuring instalments due to earthquake
Earlier, Turkey’s Revenue Administration released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in
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Malaysia implements new rules for higher capital allowance for ICT equipment, software
Malaysia Ministry of Finance published two regulations in the Official Gazette on 30 October 2024 – the Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2024 and the Income Tax (Capital
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Germany gazettes Fourth Bureaucracy Relief Act to ease VAT obligations
Germany’s parliament enacted the Fourth Bureaucracy Reduction Act, published it in the Official Gazette 29 October 2024, with the aim to shorten document retention periods and simplify various VAT-related obligations. One key aspect of the Act
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Kenya proposes new economic presence and minimum top-up taxes in Tax Laws Bill 2024
Kenya's National Assembly presented the Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024 on 1 November 2024. Both Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024
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Israel announces 2025 state budget, increases VAT rate
Israel’s government passed the budget for 2025 on 1 November 2024. The 2025 budget includes various tax hikes, such as an increase in the standard VAT rate from 17% to 18% and spending cuts on most ministries. The Israeli Cabinet cited that tax
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EU Council approves digital age VAT package
The Council of the EU has announced that an agreement on the VAT in the Digital Age package was reached during the meeting on 5 November 2024. With new rules on electronic invoices, real-time data reporting, and business carried out through
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Philippines offers tax incentives to British investors under CREATE Act
The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
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Hong Kong announces 2023/24 tax return block extension for tax representatives
Hong Kong’s Inland Revenue Department (IRD) issued the Circular Letter To Tax Representatives Block Extension Scheme For Lodgement of 2023/24 Tax Returns on 4 November 2024, extending the due date for ‘M’ code tax filing
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Brazil announces new layout for VAT, excise tax returns
Brazil’s tax authorities have revised the layout for the monthly returns for the value-added tax (ICMS) and excise tax (IPI) on 5 November 2024. This updated layout features modifications to validation rules, inclusion of new fields, and
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US elections: Tax policies to expect in a second term Trump presidency
Since the inception of his political career, Trump had championed the working middle-class, however, his biggest tax reliefs were reserved for corporations and the wealthy. As the US election concludes, it seems like a second term for Donald J Trump
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US: IRS and Treasury Plan to Issue Guidance on Streamlined Approach to Baseline Distribution Activities
In the IRS and Treasury Priority Guidance Plan for 2024/25, issued on 3 October 2024, there is a plan for a new section 482 guidance project to provide guidance for taxpayers consistent with Amount B of Pillar One. The OECD Amount B Guidance
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