South Africa releases guide on revised tax rates and levies
The South African Revenue Service (SARS) released an updated version of the Guide for Tax Rates/Duties/Levies (Issue 17) on 29 August 2024. This guide compiles current and historical insights into the various taxes, duties, and levies collected by
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Peru sets new VAT registration rules for B2C digital services
Peru's tax authority, SUNAT, has issued Superintendency Resolution No. 000173-2024/SUNAT, outlining the registration procedure for non-domiciled (non-resident) suppliers to collect VAT (IGV) when providing B2C digital services under Legislative
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Argentina lowers tax rate (PAIS) on foreign currency for imports and freight services
The Argentine National Executive Branch published Decree 777/2024 in the Official Gazette on 2 September 2024. This decree amends the tax rates applicable to certain foreign currency purchases (Impuesto PAIS) related to payments made abroad for
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Australia: Senate releases report on build-to-rent tax incentive bills
Australia’s Senate Economics Legislation Committee has released its report on the Treasury Laws Amendment (Build to Rent) Bill 2024 and the Capital Works (Build to Rent Misuse Tax) Bill 2024. These draft bills propose tax incentives to stimulate
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
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Taiwan sets new e-invoice and withholding tax deadlines
Taiwan announced new deadlines for e-invoice submissions and revised withholding tax deadlines, following updates approved by the President on 7 August 2024. E-Invoice submission deadlines: The updated regulations require that
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Denmark launches consultation on zero VAT rate for domestic air travel
The Danish government has commenced a consultation on a draft legislation that includes amendments to the VAT Act and other related changes. A key amendment is the introduction of VAT zero-rating for domestic air travel services in Denmark. The
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Finland announces budget for FY 2025
The Finnish Government announced the 2025 Budget on 3 September 2024. This release outlines several tax policy decisions that align with the draft budget proposals introduced by the Ministry of Finance in August 2024. The government is moving
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Brazil: Government presents budget for FY 2025
On 30 August 2024, the Federal Government of Brazil submitted its draft budget proposal for the fiscal year (FY) 2025 to the National Congress. The 2025 budget bill offers updated projections for GDP growth, inflation, and other economic
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Philippines: Senate passes Mutual Assistance Convention
The Philippines Senate has ratified the amended OECD - Council of Europe Convention on Mutual Administrative Assistance in Tax Matters, following the 2010 protocol on 3 September 2024. The Multilateral Convention on Mutual Administrative
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OECD urges Malaysia to reintroduce GST to meet deficit target
According to a recent report published in the OECD Economic Surveys on Malaysia for 2024 on 27 August 2024, the OECD recommended Malaysia reinstate the goods and services tax (GST) at a low rate, coupled with targeted social transfers for vulnerable
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Saudi Arabia: ZATCA sets criteria for 15th e-invoicing phase; compliance starts 1 March 2025
Saudi Arabian Zakat, Tax and Customs Authority (ZATCA) announced the criteria for the 15th group of taxpayers who must adhere to the second phase of the e-invoicing system implementation on 30 August 2024. This initiative is part of ZATCA's efforts
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Singapore unveils summary of feedback on pillar 2 tax legislation and 2024 budget reforms
Singapore's Ministry of Finance released the Summary of Responses to the Public Consultation on the Draft Multinational Enterprise (Minimum Tax) Bill and the Income Tax (Amendment) Bill 2024 on 31 August 2024. Summary of Responses to Public
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Switzerland to implement Pillar 2 IIR from January 2025, UTPR deferred
The Swiss Federal Council has declared that the Pillar 2 income inclusion rule (IIR) will be effective from 1 January 2025. The Swiss supplementary tax (QDMTT) has been in effect since 1 January 2024, but the undertaxed profits rule (UTPR) will not
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New Zealand issues Commissioner’s Statement on withholding in transfer pricing
The New Zealand tax authority released the Commissioner's statement (CS) 24/02: Withholding obligations arising in relation to transfer pricing arrangements on 30 August 2024. CS 24/02 details the Commissioner's stance and operational strategy
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Turkey extends Q2 2024 provisional tax return deadline, eases inflation adjustment rules
Turkey's Revenue Administration announced the publication of Tax Procedure Law Circular No. 173 of 29 August 2024. This extends the tax return submission and payment deadline for the income and corporate provisional tax returns for the second
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Poland: Finance ministry proposes VAT changes
The Polish Ministry of Finance has reportedly suggested several amendments to the VAT Act. The main proposed amendments are as follows: Apply a zero VAT rate to non-seagoing rescue vessels and lifeboats used at sea; Maintain 8% VAT for
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Belgium launches prepayment system for pillar two taxes
The Belgian tax authorities Federal Public Service (SPF) announced that the prepayment system for the Domestic Minimum Top-Up Tax (DMTT) and Income Inclusion Rule (IIR) top-up tax was activated on 2 September 2024. Taxpayers who prepay these
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