Austria enacts Inflation Relief Bill 2025
Austria published the Bill on Inflation Relief for Taxpayers in 2025, known as the Progressionsabgeltungsgesetz 2025 in the Official Gazette (BGBl. I Nr. 144/2024), on 9 October 2024. This Act adjusts the main tariff components and deductible
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Germany passes Fourth Bureaucracy Relief Act, cuts accounting document retention and updates transfer pricing rules
Germany’s Federal Council (Bundesrat) passed the Fourth Bureaucracy Relief Act on 18 October 2024 following its approval by the Bundestag (lower house of parliament) on 26 September 2024. One key aspect of the Act is that it reduces
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Italy implements decree on Pillar Two substance-based income exclusion
Italy's Ministry of Economy and Finance announced that the Decree of 11 October 2024, which provides implementation rules on the substance-based income exclusion (SBIE) to be applied when calculating the due amount of top-up tax and is being
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IMF: Opening speech at the IMF and World Bank Annual Meetings
On 21 October 2024 the IMF Managing Director Kristalina Georgieva delivered the opening speech at the IMF and World Bank Group Annual Meetings. The global wave of inflation is currently decreasing owing to a combination of resolute monetary
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Canada updates rules for paying non-residents for services
The Canada Revenue Agency (CRA) released an updated guide – T4A-NR – Payments to Non-Residents for Services Provided in Canada – for those who make payments to non-resident individuals, partnerships, or corporations for services rendered in
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UK consults green paper for its 2035 modern industrial strategy
The UK government has launched a public consultation on the green paper, ‘Invest 2035: the UK's Modern Industrial Strategy on 17 October 2024. This is a public consultation that will develop the new Industrial Strategy, the Government's
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Chile: Treaty allows reduced withholding tax rates for US residents
According to Oficio No. 1763/2024, a payer in Chile may refrain from withholding tax, or withhold tax at a reduced rate, on income paid to a US resident entity under the Chile-US income tax treaty. This applies only after the US recipient submits
See MoreItaly to treat import VAT as customs duty
Italy’s Customs Agency published Legislative Decree No. 141/2024 in the Official Gazette, which went into force on 4 October 2024, introducing various amendments to VAT on imports. The Decree classifies import VAT as a border duty, similar to
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El Salvador releases guide on preferential jurisdiction recognition
El Salvador’s tax administration issued a guidance aimed at assisting taxpayers in identifying jurisdictions that offer preferential tax regimes with minimal or no taxation, ensuring the correct application of El Salvador’s taxation provisions,
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Turkey updates transfer pricing communiqué to align with new CbC reporting deadlines
Turkey’s Ministry of Treasury and Finance released General Communiqué No. 5 on Transfer Pricing on 17 October 2014. This Communiqué amends General Communiqué No. 1 on Transfer Pricing and aligns it with new deadlines for Country-by-Country
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Malaysia: 2025 budget unveils dividend tax, new tax incentives, sales and service tax changes
Malaysia announced its 2025 Budget on 18 October 2024 with various tax measures. Dividend tax Starting from the year of assessment 2025, a 2% dividend tax will be applied to the annual chargeable dividend income of individuals exceeding MYR
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US lawmakers urge Biden administration to address double taxation issues with Taiwan
Congressman Gerry Connolly (D-VA), a senior member of the House Committee on Foreign Affairs, co-Chair of the Congressional Taiwan Caucus, and the author of the Taiwan Tax Agreement Act of 2023, led four of his colleagues in writing to Secretary of
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Portugal adopts Pillar 2 global minimum tax for large corporations
Portugal has adopted the global minimum tax for large multinational and domestic groups, effective from 18 October 2024. This legislation aligns with Council Directive (EU) 2022/2523 and the OECD Pillar Two Model Rules. The law introduces the
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UK enacts Budget Responsibility Act 2024
The UK Treasury implemented the Budget Responsibility Act 2024 on 15 October 2024, ensuring that when they announce “fiscally significant” measures, they are subject to an independent assessment by the Office for Budget Responsibility
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UN Tax Committee: Environmental Taxation
On 16 October 2024 the UN Tax Committee discussed environmental tax issues. The environmental taxation subcommittee presented some papers to the committee for discussion or approval. Phasing out fossil fuel subsidies A paper on phasing out
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UN Tax Committee: Issues in Extractive Industries Taxation
On 15 October 2024 the UN Tax Committee discussed developments in their work on extractive industries taxation. The work of the relevant subcommittee has focused on the energy transition; the valuation of mining products for tax purposes; and tax
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UN Tax Committee: Wealth and Solidarity Taxes
On 16 October 2024 the UN Tax Committee discussed progress in the work on wealth and solidarity taxes. The work of the relevant subcommittee aims to present practical options to assist countries in domestic resource mobilization and in addressing
See MoreUN Tax Committee: Progress on Handbook on Health Taxes
On 18 October 2024 the UN Tax Committee held a first discussion on some new chapters of the Handbook on Health Taxes for Developing Countries. The subcommittee also presented revised versions of some chapters that had already been presented at an
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