European Commission to end anti-subsidy measures on woven, glass fibre fabrics imports from China, Egypt
The European Commission (EC) issued the Notice of the impending expiry of certain anti-subsidy measures in the Official Journal of the European Union (OJEU) on 17 September 2024 concerning the woven and stitched glass fibre fabrics imports from
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Philippines: Finance Department promises easier business with Create More Act
The Philippines Department of Finance (DOF) has assured investors that the forthcoming enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximise Opportunities for Reinvigorating the Economy (CREATE MORE) Act will make it
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Australia endorses OECD subject to tax rule for multinational tax reform
Andrew Leigh, the Australian Assistant Minister for Competition, Charities, and Treasury, announced that Australia is committed to multinational tax reform through a Statement of Support for the OECD's 'Subject to Tax Rule' on 20 September
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Sweden presents Budget Bill 2025Â
The Swedish government presented its 2025 Budget Bill on 19 September 2024. This year, the government aims to shift its economic policy focus from fighting inflation to investing in long-term growth and security for a more prosperous and safer
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Bulgaria consults proposed tax amendments to align with EU laws, enhance VAT administration
The Bulgarian Ministry of Finance released proposals for amendments to the various tax legislations for public consultation on 18 September 2024. The proposed changes aim to align with European Union (EU) laws and enhance the administration of VAT
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Russia updates CbC automatic exchange report list
The Russian Federal Tax Service is completing a draft order for an updated list of states and territories for automatic exchange of Country-by-Country (CbC) reports, set to replace the list established in Russia's Order No. ED-7-17/1226@ dated 22
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Latvia considers temporary solidarity tax on credit institutionsÂ
Latvia's Ministry of Finance announced that it is developing a proposal for a temporary solidarity contribution from credit institutions to support national security on 18 September 2024. Solidarity contributions are planned to apply from 2025 to
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Italy: Council of Ministers approve draft of consolidated tax payment code
Italy’s Council of Ministers preliminary approved a legislative decree on 17 September 2024, introducing a consolidated text for the code governing tax payments and collections. The text contains current provisions from different regulatory
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Canada: CRA publishes guidance on new reporting rules for digital platforms
The Canada Revenue Agency (CRA) published guidance regarding the new reporting requirements for digital platform operators on 10 September 2024. Under the rules, reporting platform operators are now required to collect and report information on
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Egypt simplifies tax environment for businesses
The Egyptian Ministry of Finance announced a series of initiatives aimed at improving the tax environment for businesses;Â introducing a simplified tax regime for businesses with a turnover of up to EGP 15 million, covering small businesses, sole
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Hong Kong: Central Bank lowers interest rate by 0.5%Â
The Hong Kong Monetary Authority (HKMA) announced that it has reduced its base interest rate by 0.5% to 5.25% with immediate effect yesterday, 19 September 2024. This adjustment aligns with a recent decision by the US Federal Reserve, which
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Slovak Republic approves draft bill with tax measures
The Slovak Republic government approved a draft legislation on 18 September 2024 amending various tax measures to consolidate the country's public finances. Taxation of high-income groups: The main changes include increased special levies for
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Japan updates FAQs on global minimum tax regulations
The Japanese tax authority has updated the FAQs regarding the country's global minimum tax regulations, known as the income inclusion rule (IIR), on 13 September 2024. This update introduces two new FAQs about the QDMTT Safe Harbour requirements,
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Greece abolishes stamp duty, introduces digital transaction tax
The Greek government has enacted a new law that removes stamp duty and introduces a digital transaction tax on 16 September 2024. This fee will apply to Greek residents and permanent establishments for various transactions, such as loans,
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Belgium postpones VAT declaration, payment reformsÂ
Belgium announced several amendments to the Belgian VAT Code, which were introduced by the Law of 12 March 2024. The amendments were initially set to take effect on 1 January 2024, but have been postponed to 1 January 2025. The changes in the VAT
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Iceland consults for 2025 budget billÂ
Iceland’s Budget Committee convened on 16 September 2024 to discuss the 2025 Budget Bill, which is now open for public consultation for comments until 3 October 2024. On 13 September 2024, the 2025 Budget Bill was approved in the parliament
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US: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
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OECD: Nine jurisdictions sign pact to implement Pillar Two STTR, ten more to join
The Organisation for Economic Cooperation and Development (OECD) released a statement yesterday, 19 September 2024, following the signing ceremony of the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule
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