Turkey: GNAT passes law to enhance consumer protections, competitiveness
The Grand National Assembly of Turkey (GNAT) has passed a new law (Law No. 213) to enhance consumer protections and boost competitiveness in domestic markets. The bill includes provisions for inflation adjustments which were initially included
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Croatia: EU Council to authorise extending Croatia’s 50% VAT deduction on passenger car purchases
The General Secretariat of the Council of the European Union has requested the Permanent Representatives Committee to encourage the Council to adopt a Proposal for a Council Implementing Decision on 24 October 2024. This Proposal seeks to
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Iceland proposes mileage tax on fossil fuel cars, doubles carbon tax
Iceland’s Ministry of Finance and Economic Affairs submitted a bill to parliament on 22 October 2024 proposing introducing a mileage tax on fossil fuel-powered vehicles. The bill aims to eliminate excise duties on fuels and vehicles while
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India: Tax authority is required to provide justification when rejecting a taxpayer’s chosen transfer pricing method
The Delhi High Court delivered a judgement regarding the tax authority's rejection of SABIC India Pvt. Ltd.'s chosen transfer pricing method, ruling that the tax authority is required to provide justification when rejecting a taxpayer's chosen
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G20 finance ministers and central bank governors release communiqué on global taxation cooperationÂ
The G20 Finance Ministers and Central Bank Governors released their official Communiqué after their meeting in Washington DC, United States, on 23-24 October 2024. Regarding international taxation cooperation, the Communiqué says that
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European Commission approves Danish State Aid for greenhouse gas tax cuts
The European Commission announced it approved, under EU State aid rules, a EUR 724 million (DKK 5.4 billion) Danish scheme to lower the rate of new greenhouse gas (GHG) emissions tax for certain companies. The scheme offers a reduced tax rate for
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Australia: ATO releases list of government entities eligible for e-invoicing
The Australian Taxation Office (ATO) released an updated list featuring 132 Australian government entities registered on the Peppol network On 22 October 2024. The Peppol is an extremely secure network used to exchange business-critical
See MoreEuropean Union publishes minutes of VAT Expert Group’s 36th meetingÂ
The European Commission released the minutes of the 36th meeting of the VAT Expert Group (VEG) on 14 October 2024. The VEG held its 36th meeting on 6 June 2024, According to the minutes, the following points were addressed: VAT after VAT in
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Portugal proposes several VAT measures in draft state budget law 2025Â
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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IMF Annual Meetings: Regional Economic Outlook – Sub-Saharan Africa
On 25 October 2024 the IMF presented the latest regional outlook for Sub-Saharan Africa. The report notes that the region is making economic progress, but macroeconomic vulnerabilities are persistent. Countries in the region are trying to implement
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IMF: Speech by the IMF Managing Director at the 2024 Annual Meetings Plenary
On 25 October 2024 the IMF Managing Director, Kristalina Georgieva, spoke at the 2024 Annual Meetings Plenary. The Managing Director noted that inflation has been falling, from 5.7% in the fourth quarter of 2023, to a projected 5.3% in the
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Mexico broadens definition of Digital Intermediation Service in tax law amendment
The Mexican Tax Administration (SAT) has broadened the definition of Digital Intermediation Service for tax law purposes, issued in the Second Resolution of Modifications to the Miscellaneous Fiscal Resolution for 2024 on 11 October 2024. The
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UN: Resolution on Negotiating Committee for Framework Convention for International Tax Cooperation
On 14 October 2024 a Resolution was drafted by Nigeria on behalf of the Africa group at the UN, to adopt the terms of reference for the UN Framework Convention on International Tax Cooperation. The draft Resolution referred to the work of the Ad Hoc
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Australia: Australian Greens propose digital services tax
The Australian Parliament Joint Select Committee on Social Media and Australian Society published its Second interim report on digital platforms and the traditional news media. The report addresses several issues and offers specific
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Mexico introduces new withhold income tax, VAT obligations for crowdfunding platformsÂ
The Mexican tax administration (SAT) released the  Second Resolution of Modifications to the Miscellaneous Fiscal Resolution for 2024 on 11 October 2024, which mandates that crowdfunding platforms provide specific information to the SAT concerning
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Singapore publishes guidance on New Alternative Net Tonnage Basis of Taxation for Shipping Income
The Inland Revenue Authority of Singapore has updated its guidelines regarding the Tax Treatment for Shipping Income which now includes new provisions related to the alternative net tonnage basis of taxation, which will take effect from the year of
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Austria: Appointment of alternative Pillar Two taxpayer due by December
The appointment of an alternative Pillar Two taxpayer in Austria, for taxpayers operating on a calendar year basis, is required to be submitted to the relevant tax office by 31 December 2024. Evidence of this appointment must be uploaded to
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Thailand to join Crypto-Asset Reporting Framework MCAAÂ
The Cabinet of Thailand approved the signing of a commitment letter to participate in the Multilateral Competent Authority Agreement concerning the Automatic Exchange of Information in accordance with the Crypto-Asset Reporting Framework (CARF MCAA)
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