Australia: Senate releases report on public CbC reporting bill
Australia’s Senate Economics Legislation Committee has released its report on legislation introducing public country-by-country (CbC) reporting in Australia. The committee advised to approve the legislation with amendments to ensure the proposed
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Nigeria passes 70% windfall tax on bank foreign exchange profits
Nigeria’s Senate passed the Finance (Amendment) Bill 2024 on 25 July 2024, which introduces a windfall tax on bank profits from foreign exchange transactions for the 2023 fiscal year. The newly sanctioned windfall tax is set at 70% on foreign
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Italy clarifies tax rules on capital gains for non-resident entities
Italian tax authorities published Circular No. 17/E of 29 July 2024, clarifying the tax treatment of qualifying capital gains earned by non-resident entities. The Circular was released following the amendments introduced by the Budget Law for
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Australia: ATO releases withholding tax guidance for payments to non-residents
The Australian Taxation Office (ATO) has published guidance regarding withholding tax obligations related to specific payments made to non-residents on 1 August, 2024. The guidance provides clarification, ensuring taxpayers are aware of their
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US: Senate approves $12.3 billion IRS budget for FY 2025
The US Senate Appropriations Committee passed the Fiscal Year 2025 Financial Services and General Government Appropriations Act on 1 August, 2024. The act provides USD 27.885 billion to fund the operations of the Department of the Treasury, the
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Australia initiates consultation on draft law extending SME amended returns period to 4 years
The Australian Treasury has announced a public consultation on a draft legislation entitled “Treasury Laws Amendment Bill: Self-amendments by small and medium businesses” on 26 July, 2024. The consultation is set to conclude on 9 August,
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EU announces public consultation on CbC reporting templates, formats
The European Commission (EC) initiated a public consultation regarding a standardised template and electronic formats for public country-by-country (CbC) reports on 1 August, 2024. Under this initiative, large multinational corporations operating
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Greece: MoF proposes 3% tax discount for early lump-sum payments
The Greek Ministry of Finance (MoF) has proposed extending the 3% discount for lump-sum personal income tax (PIT) payments until 2 August 2024. Originally, the discount was only available for payments made by the initial filing deadline of 31
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Russia publishes federal law with major tax reforms
Russia officially published Federal Law No. 176-FZ on 12 July 2024, introducing a set of tax reforms effective from 2025. Key changes include a corporate tax rate hike to 25% and new progressive individual income tax rates reaching up to 22%. The
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Vietnam proposes new corporate income tax law
Vietnam's Ministry of Finance has proposed a new Corporate Income Tax Law ("Draft CIT Law"), which aims to modernise the tax framework and align it with international standards. The draft is set for consultation in October 2024 and is expected to be
See MoreAustralia: Guidance on Thin Capitalisation Rules Published Online
Following the enactment of the new thin capitalisation laws in April 2024, the ATO has developed web guidance to assist taxpayers in applying the new rules, which are effective for income years commencing on or after 1 July 2023. Under the rules,
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India releases clarifications on new capital gains regime proposed in union budget 2024
India’s Central Board of Direct Taxes (CBDT) issued a set of Frequently Asked Questions (FAQs) to clarify details of the new capital gains regime outlined in the Union Budget 2024 On 24 July 2024. These clarifications come in the wake of proposed
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US: New Jersey introduces tax credits for AI businesses
New Jersey’s Governor Phil Murphy has signed Bill S3432/A4558, which introduces the Next New Jersey Program on 25 July 2024. The Next New Jersey Program is aimed at attracting fresh investments into the state's artificial intelligence (AI)
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Romania gazettes details of prefilled VAT returns
Romania’s government has issued Order no. 3775/2024, which approves the layout and content of the prefilled VAT return. The Order No. 3775/2024 was published in Official Gazette No. 726 on 24 July 2024. Earlier, the government published a
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Netherlands waives e-commerce fines until January 2025
The Netherlands State Secretary for Finance, Eelco Heinen, in Decree No. 2024-16101 of 16 July 2024, announced that administrative fines for VAT e-commerce defaults will be waived until 1 January 2025. With the entry into force of the
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European Commission ends probe into Hungary advertisement tax
The European Commission announced in a report on 26 July 2024 that it closed its in-depth investigation, which opened in March 2015, into the Hungarian advertisement tax. In November 2016, the Commission found that the Hungarian advertisement
See MoreAustralia: ATO to form pillar two tax working group
The Australian Taxation Office (ATO) has announced the formation of a working group to facilitate consultations on the implementation of the Pillar Two global minimum tax in Australia for multinational companies. Applications to join this group
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Singapore clarifies CIT rebate and cash grant details 2024
The Inland Revenue Authority of Singapore (IRAS) released updated guidance clarifying the CIT Rebate for the Year of Assessment 2024 and the CIT Rebate Cash Grant On 24 July 2024. As announced in Budget 2024, to help companies manage rising
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