Australia: ATO extends CbC reporting deadlines
The Australian Taxation Office (ATO) announced, on 13 November 2024, an extension for the filing deadline of country-by-country (CbC) reporting entities for the year ending 31 December 2023. The deadline has been extended until 31 January
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Bangladesh extends individual tax return deadline to 31 December 2024
Bangladesh tax authority, National Board of Revenue (NBR), announced in a circular on 17 November 2024 that it has extended the income tax return filing deadline for individual taxpayers by one month for the financial year 2023-24 (assessment year
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Peru: Congress approves bill to ratify MLI
The Economy, Banking, Finance, and Financial Intelligence Committee of the Peruvian Congress approved a bill to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 6
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Latvia gazettes mandatory e-invoicing law
Latvia published the Law on Amendments to the Accounting Law in the State Gazette on 12 November 2024, which requires businesses to use mandatory electronic invoicing (e-invoicing) for all B2B transactions from 1 January 2026. Additionally,
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New Zealand introduces tax policy work programme
New Zealand’s Minister of Revenue has introduced a tax policy work programme on 13 November 2024, which aims to simplify tax and reduce compliance costs, address integrity risks, and improve fiscal sustainability to rebuild the economy. The
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Netherlands issues decree on foreign legal forms comparison
The Netherlands has issued Decree of 9 November 2024 in the Official Gazette on 13 November 2024 addressing the comparison of foreign legal forms. This decree outlines the criteria for assessing whether a foreign legal form is comparable to a
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Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
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Bosnia and Herzegovina proposes mandatory e-invoicing
The government of Bosnia and Herzegovina has proposed mandatory electronic invoicing and reporting requirements to combat tax fraud, particularly for sales conducted through the internet and digital platforms. The electronic invoicing and
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Turkey updates investment project evaluation criteria
Turkey's Ministry of Industry and Technology issued a new Communiqué on Wednesday, 13 November 2024 amending the guidelines for Communiqué on Strategic Priority and Technical Assessment of Investment Projects, introducing a revised financial
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Colombia: DIAN mandates certification for third-party debts under thin capitalization rules
The Colombian tax authority (DIAN) issued Ruling 803 of 23 September 2024, released on 1 November 2024, which provides guidance on the necessary certification of third-party debts for interest deduction purposes under the thin capitalization
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Kazakhstan consults cross-border transaction monitoring regulation updates
Kazakhstan’s Ministry of Finance (MoF) initiated a public consultation on 11 November 2024 to change the regulations governing the monitoring of cross-border business transactions. The state revenue authorities of Kazakhstan monitor
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Malaysia updates green tech tax incentives for businesses, solar leasing
The Malaysian government is taking a strong stance on renewable energy targets, increasing the share of renewable energy in the electricity generation capacity mix to 70% by 2050; in line with Malaysia’s aspiration to be an inclusive, sustainable,
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South Africa releases draft bill with proposed changes to environmental taxes and more
The South African National Treasury has released the draft Taxation Laws Amendment Bill (B16-2024) on 30 October 2024, which includes proposed changes to environmental taxes, among other provisions. The proposed amendments aim to: Modify
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New Zealand: Inland Revenue opens public consultation on draft Tax residence interpretation statement
New Zealand Inland Revenue has initiated a public consultation on a draft Interpretation Statement (IS) regarding Tax Residence, which clarifies the tax residence rules under the Income Tax Act 2007 for individuals, companies, and trusts. The
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Taiwan: Ministry of Finance issues guidelines for businesses changing to a special fiscal year
Taiwan's Ministry of Finance has released a notice outlining the requirements for businesses transitioning from a calendar year to a special fiscal year, including stipulations for tax returns and retained earnings on 12 November 2024. The
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UK: HMRC publishes new guidelines for patent box computations assistance
The UK tax authority, His Majesty's Revenue & Customs (HMRC) has released new guidelines to assist with Patent Box computations GfC9, on 7 November 2024, to address common errors in Patent Box computations. The aim is to improve compliance by
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Turkey, Guinea discuss expanding trade and tax cooperation
A release from the Turkish Ministry of Family, Labour, and Social Services, published on 6 November 2024, reported that officials from Guinea and Turkey met to discuss areas of bilateral cooperation, with Turkey expressing interest in negotiating an
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US: Washington updates estate tax filing rules for spousal residence exclusion
The US state of Washington on its webpage on Estate Tax on 9 November 2024 announced the state will allow married couples and registered domestic partners to exclude the value of their personal residence when determining if their estate meets estate
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