Slovak Republic gazettes bill amending corporate tax and VAT, and bill introducing financial transaction tax
The Slovak Republic has gazetted the bill that amends various tax laws, including corporate tax and VAT rate changes, and the bill enacting the financial transaction tax. The bills are aimed at improving the country’s public finances. The
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New Zealand consults use of cost method for calculating foreign investment fund income
New Zealand Inland Revenue has initiated a public consultation the draft interpretation statement, PUB00458 Income Tax – Using the Cost Method to Determine Foreign Investment Fund (FIF) Income, explaining when a resident investor can choose to
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UK: 2024-25 budget anticipation results in GBP 300 billion in bond issuance amid tax hikes and borrowing, stocks fall as energy shares slide
UK finance minister Rachel Reeves is expected to announce the highly anticipated 2024-25 budget plan to the parliament today, 30 October 2024. The budget includes the first significant tax hikes in three decades and billions of pounds in
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China introduces water resource tax
China's Ministry of Finance, Ministry of Water Resources, and State Taxation Administration jointly issued Notice No. 28 of 2024 outlining the implementation of the water resource tax on 11 October 2024. Starting 1 December 2024, a pilot water
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US: IRS extends temporary relief for foreign financial institutions required to report US TINs
The US Internal Revenue Service (IRS) issued Notice 2024-78 on 28 October 2024, in which it extended the temporary relief provided in Notice 2023-11, subject to the procedures and requirements of this notice, for certain foreign financial
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Hungary to amend local and EU tax laws, achieve social and policy objectives
Hungary’s government concluded a public consultation on a draft bill proposing changes to various tax laws on 24 October 2024. The proposal seeks to amend tax laws in response to EU and Hungarian legislation changes, targeting global minimum tax,
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Ecuador to reduce VAT for tourism services in November
Ecuador has announced a temporary VAT reduction on tourism-related services, lowering the rate from 15% to 8% from 1 to 4 November 2024. This initiative aims to promote tourism during the upcoming national holidays. The measure, outlined in
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Austria gazettes Progression Compensation Act 2025
Austria published the Progression Compensation Act 2025 (Progressionsabgeltungsgesetz 2025, PrAG 2025) in the Official Gazette on 9 October 2024, implementing relief measures announced by the Ministry of Finance in July 2024, The Act primarily
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Netherlands consults draft bill on implementation of DAC8 rules
The Netherlands Ministry of Finance has initiated a public consultation on a draft bill regarding the implementation of the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) (DAC8). The consultation will commence
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Kazakhstan updates transfer pricing procedures, introduces new local and master file forms
Kazakhstan has issued Order No. 633 of 19 September 2024, which updates Order No. 1104 from 24 December 2018 concerning the forms and procedures for submitting local files, master files, and Country-by-Country (CbC) reports; and introduced new forms
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UAE publishes guide on corporate tax for real estate investment
The UAE Federal Tax Authority has published a guide outlining corporate tax rules for individuals earning income from real estate investments on 24 October 2024. Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and
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Singapore gazettes order declaring MCAA-CbC as international tax compliance agreement with Georgia, Albania
Singapore has published Order No. S 813 in the Official Gazette on 24 October 2024 which officially recognises the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports as an international tax
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Luxembourg introduces updated online filing procedures for fund subscription tax returns
The Luxembourg Registration Duties, Estates and VAT Authority launched new online procedures N° 821 for submitting subscription tax returns for Undertakings for Collective Investment (UCI), Specialised Investment Funds (SIF), and Reserved
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European Commission adopts DAC9 proposal to ease company filing under Pillar Two Directive
The European Commission has announced it adopted a proposal to amend the Directive on administrative cooperation in the field of taxation (Directive 2011/16/EU – DAC) on 28 October 2024. The goal is to make it easier for companies to fulfil
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UAE to implement mandatory e-invoicing for B2B, B2G transactions
The UAE Ministry of Finance (MoF) has announced plans to implement a mandatory electronic invoicing (e-invoicing) system for business-to-business (B2B) and business-to-government (B2G) transactions. The implementation of this e-invoicing system
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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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