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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Argentina issues transfer pricing rules for SPV transactions under large investment incentive regime
Under the new rules, SPVs must annually file transfer pricing analyses with the ARCA for both local and international transactions, including those in low- or no-tax jurisdictions, and may engage in Contribution and Cost Sharing
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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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Singapore issues advance ruling on classification of hybrid instruments and related matters
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 7/2024, addressing the classification of hybrid instruments and related matters on 1 November 2024. Subject: Whether: The fixed rate subordinated
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Argentina sets tax and customs benefits for new large investment incentive regime
Argentina’s tax authority, ARCA (formerly AFIP), announced General Resolution 5590/2024 on 23 October 2024, which outlines the application of tax and customs benefits under the new Special Incentive Scheme for Large Investments (Régimen de
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Italy publishes updated guidance on amended tax residence rules for individuals, companies
Italy’s Revenue Agency released the Circular No. 20/E, offering guidance on tax residency for individuals, companies, and other entities on 4 November 2024. The guidance follows the revisions introduced by Legislative Decree No. 209 of 27
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Turkey raises rates on income from specific TRY deposits
The Turkish Revenue Administration has issued Presidential Decision No. 9075, extending and revising the withholding tax (WHT) rates on income from Turkish lira (TRY) deposit accounts. Initially set to expire on 31 October 2024, these rates will
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Turkey updates VAT implementation Communiqué
The Ministry of Treasury and Finance has released Communiqué No. 52 on Value Added Tax (VAT) on Thursday, 31 October 2024, which includes updates to the VAT General Implementation Communiqué. These amendments address multiple facets of VAT
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Spain: MOF issues Order on e-invoicing software systems
The Spanish Ministry of Finance(MOF) has released an Order HAC7/1177/2024 of 17 October 2024 concerning computerised billing systems for entrepreneurs and professionals on 28 October 2024. The publication of this Ministerial Order marks the
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Latvia: Parliament passes mandatory e-invoicing law
Latvia’s parliament (Saeima) passed the Law on Amendments to the Accounting Law on 31 October 2024 mandating businesses in the country use mandatory electronic invoicing (e-invoicing) for all B2B transactions from 1 January 2026. Detailed
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Panama offers amnesty for late interest payments for tax liabilities until December
Panama introduced a tax amnesty through Law 446, published in the Official Gazette on 28 October 2024, offering tax relief on surcharges and late interest payments for various tax liabilities, such as income tax, real estate tax, VAT, selective
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Saudi Arabia reveals criteria for 17th phase of e-invoicing
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has announced updated compliance criteria for the 17th group of businesses required to join the e-invoicing system as part of their broader effort to digitalise the tax system and increase VAT
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Slovak Republic issues guidance on reintroduced minimum tax
The Slovak Republic Financial Administration released Document No. 13/PO/2024/IM, offering guidance on paying minimum tax or tax licences on 28 October 2024. The Slovak Republic has reinstated the obligation for companies to pay a minimum tax
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Hong Kong publishes consultation outcome on global minimum tax implementation, minimum top-up tax
Hong Kong SAR government and the Inland Revenue Department (IRD) released the Outcome of the Consultation on the Implementation of Global Minimum Tax and Hong Kong Minimum Top-up Tax on 30 October 2024. The Government launched a consultation
See MoreUS: IRS clarifies CFC not eligible for dividends received deduction under section 245A
The US Internal Revenue Service (IRS) issued an Office of Chief Counsel memorandum clarifying that a controlled foreign corporation (CFC) is not eligible for a dividends received deduction under section 245A. This memorandum provides
See MoreSlovak Republic issues tax return form for sugary beverages
The Slovak Republic Ministry of Finance released the tax return form and the related instructions for the new tax on sweetened soft drinks, effective 1 January 2025. Earlier, the Slovakian Parliament enacted the Sugar Tax Act targeting sweetened
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Italy approves decree on tax judicial system, tax penalties, and other minor taxes
Italy's Council of Ministers approved the Legislative Decree on 29 October 2024, establishing the consolidated code for regulating the tax judicial system, administrative and criminal sanctions, and minor national
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