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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UK: HMRC publishes guidance on VAT for private education providers
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has issued a guidance for private education providers regarding the upcoming obligation to charge value added tax (VAT) on school and boarding fees on 10 October 2024. This guidance
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US: IRS and Treasury release final rules for advanced manufacturing investment credit
The US Department of the Treasury and the Internal Revenue Service (IRS) announced in the IR-2024-275, on 22 October 2024, the final regulations that provide guidance regarding the implementation of the Advanced Manufacturing Investment Credit,
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Australia: ATO issues guidance on international transactions drawing attention
The Australian Taxation Office (ATO) has released guidance on international transactions that captured its attention. These transactions include: Related party financing - Cross-border financing arrangements involving non-arm’s length
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US issues new rule for income tax withholding on foreign payees
The IRS and Treasury have published (RIN 1545-BN52, TD 10008) on 18 October 2024 outlining final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans,
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Kenya keeps market and deemed interest rates unchanged for Q4 2024
The Kenya Revenue Authority has released a public notice regarding the market interest rate applicable to fringe benefit tax and the deemed interest rate for specific non-resident loans for October, November, and December 2024, which has been
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US: Treasury, IRS relieves tax-exempt organisations from CAMT form filing for 2023 tax year
The US Department of Treasury and the Internal Revenue Service (IRS), in a release – IR-2024-277, granted a filing exception for tax-exempt organisations on 23 October 2024; they do not have to file Form 4626, Alternative Minimum Tax –
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US: Massachusetts plans limits on amnesty programme for non-filers
The Massachusetts Department of Revenue has issued a draft notice outlining potential restrictions on eligibility for certain taxpayers seeking to benefit from the Massachusetts Tax Amnesty Program 2024. The draft notice, “Working Draft TIR:
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Argentina dissolves tax authority, removes select VAT exemptions
Argentina’s government announced in a release on 21 October 2024 that the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos —AFIP) will be abolished, and the Tax Collection and Customs Control Agency
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European Commission updates draft rules for public CbC reporting template, digital formats
The European Commission has released a revised draft of the Commission Implementing Regulation, establishing a standardised template and electronic reporting formats for Public Country-by-Country (CbC) reporting within the EU. This initiative
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Brazil grants tax exemption for countries with major investments
Brazil now allows countries to seek exclusion from being classified as offering favorable taxation or a privileged tax regime if they make significant investments in Brazil, helping national development, starting 18 October 2024, issued in Decree
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South Africa considers incentivising local manufacturing of electric and hybrid vehicles
South African President, Cyril Ramaphosa, announced that he is considering the introduction of tax rebates or subsidies to encourage local manufacture of electric and hybrid vehicles on Thursday, 17 October 2024. "Consideration must be given to
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Egypt unveils tax incentives to simplify compliance, boost economic growth
Egypt’s Minister of Finance, Ahmed Kouchouk, during a press conference, unveiled a new package of tax incentives in an attempt to simplify tax procedures and enhance economic productivity on Wednesday, 11 September 2024. The incentives include
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Ireland updates stamp duty rates on residential property
Irish Revenue issued eBrief No. 261/24 on Revised Rates of Stamp Duty on Residential Property on 21 October 2024, the rates were revised as part of Budget 2025. Starting 2 October, the standard rates of Stamp Duty in respect of residential
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IMF and World Bank Group Annual Meetings: Fiscal Monitor Press Briefing
On 23 October 2024 the IMF held a press briefing on the launch of the latest issue of the Fiscal Monitor. On the panel for the press briefing were Vítor Gaspar, Director of the IMF Fiscal Affairs Department; Era Dabla-Norris, Deputy Director of the
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US: IRS introduces pass-through compliance unit in large business divisions
The US Internal Revenue Service (IRS) announced the new pass-through field operations unit announced last fall that has officially started work in its Large Business and International (LB&I) division to more efficiently conduct audits of
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Turkey enforces increased tax penalties under amended Tax Procedure Law
Turkey's Ministry of Treasury and Finance has released General Communiqué No. 571 on 19 October 2024, officially enforcing heightened tax penalties in accordance with the amended Tax Procedure Law (TPL) as outlined in Law No. 7524. According to
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Lithuania: Parliament reviews draft law to adjust social insurance contribution rates for 2025
The Lithuanian parliament is currently reviewing a draft law concerning the State Social Insurance Fund Budget for 2025, which outlines changes to social insurance contribution rates. Under the proposed framework, employee contributions will
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