Iceland consults tax law and excise duty changes
Iceland’s Finance and Economic Affairs Minister has proposed a draft bill for public consultation on 15 October 2024, putting forward various taxes and duties on lodging, VAT, income, state treasury income, public tax collection, alcohol, tobacco,
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Armenia signs Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports
Armenia signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 5 September 2024, according to an OECD update. Armenia's CbC reporting starts on 1 January 2025 for MNE groups with
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Slovak Republic approves corporate tax and VAT rate changes, introduces financial transaction tax
The Slovak Republic government enacted a bill on 18 October 2024 to improve the state’s public finances by amending several tax measures and introducing a new financial transaction tax. Corporate tax rates The corporate tax rate has been
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Morocco: 2025 draft finance law introduces new tax rules for joint ventures and economic groups
Morocco’s Ministry of Finance released the draft Finance Law 2025 on 19 October 2024, proposing various measures for corporate income tax, focusing on taxing joint ventures and economic interest groups. Corporate tax rules change for joint
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Dominican Republic withdraws fiscal reform plan
Dominican President Luis Abinader announced the withdrawal of the draft Law on Fiscal Modernization from the legislative agenda of the National Congress because of insufficient consensus among various social groups and the government on Monday, 21
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Ireland updates guidance on exchange of information requirements in respect of tax rulings
Irish Revenue released eBrief No. 260/24 regarding updated guidance on Revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements in Respect of Tax Rulings Part 35-00-01 on 21 October 2024. Section 1.1: Updated to
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US: FinCEN clarifies public utility exemption for reporting beneficial ownership
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN)Â issued a final rule that clarifies the public utility exemption within the beneficial ownership information reporting rule. The final rule was published in the Federal
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US publishes updated Congressional Research Service report on SALT deduction
The US Congressional Research Service has released an updated report on the Federal Deductibility of State and Local Taxes on 16 October 2024. Under current law, taxpayers who itemise can deduct state and local real estate taxes, personal
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Lithuania proposes higher tax-exempt income for PIT in 2025 budget
Lithuania’s Ministry of Finance submitted the draft Budget for 2025 to the parliament on 16 October 2024 which includes proposed amendments to the Law on Personal Income Tax, among other tax provisions. The proposal outlines an increase in the
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Belgium consults Pillar Two supplementary tax form
Belgium's Federal Public Service (SPF) Finance has launched a consultation on the proposed annual supplementary national tax return form. The supplementary national tax applies to in-scope groups starting their tax years on or after 31 December
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UN Tax Committee: Tax, Trade and Investment Agreements
On 17 October the UN Tax Committee discussed issues around the interaction of tax, trade and investment agreements. Guidance on tax and investment agreements Following the presentation of draft guidance on the relationship of tax and
See MoreIreland updates Tax and Duty Manual concerning Relief for Investments in Corporate Trades
Irish Revenue has issued eBrief No. 258/24 on 18 October 2024, updating the Tax and Duty Manual Part 16-00-02 concerning Relief for Investments in Corporate Trades. The manual has been updated to reflect changes to the Employment Investment
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UAE: Tax Authority releases guide on tax residence and residency certificates
The UAE Federal Tax Authority released a new guide on tax residence and tax residency certificates, titled Tax Procedures Guide on Tax Resident and Tax Residency Certificate - TPGTR1. Federal Decree-Law No. 47 of 2022 on the Taxation of
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Germany updates Non-Cooperative Tax Jurisdictions List
The Ministry of Finance released a draft bill on 10 October 2024 of an updated decree listing states and territories considered non-cooperative in tackling tax avoidance and unfair tax competition. The list is important in domestic law that
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Turkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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Puerto Rico extends 2023 annual report deadline again
Puerto Rico’s Department of State (DOS) released Administrative Order No. 2024-03, on 15 October 2024, granting an extension for submitting 2023 annual reports, including audited financial statements, until 16 December 2024. This extension applies
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UAE: MoF drops economic substance reporting requirements
The Ministry of Finance (MoF) has cancelled the economic substance reporting requirements for companies with financial years concluding after 31 December 2022. This update follows Cabinet Decision No. (98) of 2024, which revises certain aspects
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UK: Comprehensive and Progressive Agreement for Trans-Pacific Partnership to take effect in December 2024
Douglas Alexander, Minister of State (Department for Business and Trade), in a written ministerial statement on 16 October 2024, on behalf of the UK government, confirmed UK’s accession to the Comprehensive and Progressive Agreement for
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