UN: Resolution on Negotiating Committee for Framework Convention for International Tax Cooperation
On 14 October 2024 a Resolution was drafted by Nigeria on behalf of the Africa group at the UN, to adopt the terms of reference for the UN Framework Convention on International Tax Cooperation. The draft Resolution referred to the work of the Ad Hoc
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Australia: Australian Greens propose digital services tax
The Australian Parliament Joint Select Committee on Social Media and Australian Society published its Second interim report on digital platforms and the traditional news media. The report addresses several issues and offers specific
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Mexico introduces new withhold income tax, VAT obligations for crowdfunding platforms
The Mexican tax administration (SAT) released the Second Resolution of Modifications to the Miscellaneous Fiscal Resolution for 2024 on 11 October 2024, which mandates that crowdfunding platforms provide specific information to the SAT concerning
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Singapore publishes guidance on New Alternative Net Tonnage Basis of Taxation for Shipping Income
The Inland Revenue Authority of Singapore has updated its guidelines regarding the Tax Treatment for Shipping Income which now includes new provisions related to the alternative net tonnage basis of taxation, which will take effect from the year of
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Austria: Appointment of alternative Pillar Two taxpayer due by December
The appointment of an alternative Pillar Two taxpayer in Austria, for taxpayers operating on a calendar year basis, is required to be submitted to the relevant tax office by 31 December 2024. Evidence of this appointment must be uploaded to
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Thailand to join Crypto-Asset Reporting Framework MCAA
The Cabinet of Thailand approved the signing of a commitment letter to participate in the Multilateral Competent Authority Agreement concerning the Automatic Exchange of Information in accordance with the Crypto-Asset Reporting Framework (CARF MCAA)
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Germany publishes final guidance on mandatory e-invoicing
The German Ministry of Finance has published the final guidance on mandatory e-invoicing on 15 October 2024. The principles of the guidance are to be applied to all sales made after 31 December 2024. As established by the Growth Opportunities
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Latvia updates list of tax havens, removes Antigua and Barbuda
Latvia announced an updated list of low-tax and tax-free jurisdictions in the Official Gazette on 23 October 2024. This list, derived from the latest EU list of non-cooperative jurisdictions, notes the removal of Antigua and Barbuda, effective 1
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France proposes digital services tax rate increase
France’s National Assembly members have proposed on 17 October 2024 to increase the digital services tax rate from the current 3% to 5% in the Finance Bill 2025. The proposed digital services tax rate increase is expected to generate EUR 500
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US: IRS announces 2025 tax inflation adjustments
The US Internal Revenue Service (IRS) released IR-2024-273 on 22 October 2024 about the annual inflation adjustments for tax year 2025. The Revenue Procedure 2024-40 provides detailed information on adjustments and changes to more than 60 tax
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Italy gazettes decree on Pillar Two substance-based income exclusion
Italy published the Decree of 11 October 2024 in the Official Gazette on 23 October 2024, which addresses reducing the taxable base relevant to the global minimum tax. Earlier, Italy’s Ministry of Economy and Finance announced the Decree of 11
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UK: HMRC issues notice on 2023-24 self-assessment tax returns
The UK HMRC issued a press release on 23 October 2024 reminding individual taxpayers of the imminent deadlines for self-assessment tax returns for the 2023-2024 tax year. The deadline for online submissions for tax returns for the 2023 to 2024
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Australia: Victoria government announces off-the-plan stamp duty discount
Victoria’s government introduced a temporary off-the-plan land transfer stamp duty concession starting 21 October 2024. This duty concession will be valid for 12 months and will allow a 100% deduction of outstanding construction and
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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OECD presents Secretary-General Tax Report to G20 finance ministers, central bank governors
The Organisation for Economic Co-operation and Development (OECD) has released the OECD Secretary-General Tax Report (G20 Brazil, October 2024), which was presented to the G20 Finance Ministers and Central Bank Governors at their meeting in
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IMF and World Bank Annual Meetings: Regional Economic Outlook – Europe
On 23 October 2024 the IMF launched the latest issue of the Regional Economic Outlook for Europe. Europe’s economic recovery is continuing after a strong response to the recent crises. However, the recovery is falling short of Europe’s full
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IMF/World Bank Annual Meetings: World Economic Outlook
The October 2024 update of the World Economic Outlook was launched during the IMF/World Bank annual meetings. The report notes that global growth is expected to remain stable but at relatively low levels. The growth projection of 3.2% in 2024 and
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France: Finance Committee approves amendment on tax residency for citizens residing abroad
The Finance Committee of the French National Assembly has approved an amendment to the 2025 Finance Bill that changes tax residency rules for individuals. This amendment introduces a "targeted universal tax" mechanism for French citizens who move
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