Turkey: Parliament receives tax reform legislation, includes global minimum tax provisions
The Turkish parliament received tax reform legislation on 16 July, 2024. This proposal includes provisions for implementing the Pillar Two global minimum tax, in line with the GloBE rules approved by the BEPS Inclusive Framework. The global
See More
Belgium releases e-invoicing FAQs, compiles approved software list
Belgium’s Federal Public Service of Finance (FPS Finance) released details about the forthcoming mandatory e-invoicing requirement on 11 July 2024. This e-invoicing obligation will apply for business-to-business (B2B) transactions, starting 1
See More
Uganda enacts new tax law amendments in 2024 budget
The government of Uganda has enacted a series of amendments to various laws related to taxation, including the Income Tax (Amendment) Act 2024, the Value Added Tax (Amendment) Act 2024, the Tax Procedures Code (Amendment) Act 2024, and the Stamp
See More
Belgium issues decree on new Pillar Two global minimum tax advance payments
Belgium’s Ministry of Finance published the Royal Decree of 7 July 2024 in the Official Gazette on 16 July, 2024. This Decree establishes the guidelines for companies to make advance payments towards the minimum tax under Belgium's Pillar Two
See More
Poland initiates new consultations on e-invoicing
Poland’s finance minister Andrzej Domański on 12 July, 2024, announced that the Ministry of Finance and the National Revenue Administration are starting a new cycle of consultations on the National e-Invoicing System (KSeF). The meeting titled
See More
Argentina removes five countries from non-cooperative jurisdictions list
Argentina has issued Decree 603/2024 of 10 July 2024, updating the list of non-cooperative jurisdictions for tax purposes as defined under Decree 862/2019. In this revised non-cooperative jurisdictions list, it removed Burkina Faso, Benin, Papua New
See More
Taiwan-South Korea tax treaty takes effect January 2024, Taiwan’s 35th ADTA
Taiwan's Ministry of Finance has announced that the new income tax treaty with South Korea, which came into effect on 27 December 2023, will be applicable from 1 January 2024. The National Taxation Bureau of the Central Area, Ministry of Finance
See More
Netherlands publishes synthesised text of tax treaty with Indonesia under BEPS MLI
The Netherlands’ Ministry of Finance has released the synthesised text of the tax treaty with Indonesia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
See MoreBelgium publishes synthesised text of tax treaty with South Africa under BEPS MLI
Belgium’s Ministry of Finance has released the synthesised text of the tax treaty with South Africa providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and
See More
Switzerland: Canton of Ticino passes tax reforms
Switzerland’s canton of Ticino approved tax reforms aimed at reducing tax burden on high-income earners and making Ticino more attractive for top managers. The tax reforms include reducing individual income tax rates, amending inheritance and gift
See More
Sri Lanka releases estimated income tax statement for 2024-25
The Sri Lanka Inland Revenue Department (IRD) has released the Statement of Estimated Income Tax Payable for the year of assessment 2024/2025. It also issued the Statement of Estimated Tax (SET) - Credit Schedule and the Instructions for completing
See More
Australia: ATO issues local and master file guidance for 2024
The Australian Taxation Office (ATO) issued guidance for the local and master file requirements for 2024 on 15 July, 2024. This guidance applies to reporting periods commencing from 1 January 2023. This guidance includes the Local file
See More
Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced, on 3 June 2024, the publication of the “Decree of 1 July 2024”. It contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in Article 18
See More
Mexico mandates new registration requirements for foreign digital service providers
The Mexican tax administration (SAT) has introduced two new requirements for registering foreign digital service providers operating within the country. These measures are aimed at ensuring better compliance and clarity in the operations of such
See More
Ukraine clarifies residence certificate requirements for withholding tax exemptions
The State Tax Service of Ukraine has issued new guidance detailing the requirements for residence certificates needed to claim withholding tax exemptions or reductions under tax treaties. The guidance is for tax agents making income payments to
See More
IMF Working Paper: Supporting Venture Capital to Increase Innovation in the EU
On 12 July 2024 the IMF published a working paper with the title Stepping Up Venture Capital to Finance Innovation in Europe, written by N.G. Arnold, G. Claveres and J.Frie. The paper notes that the EU is lagging behind other locations such as
See MoreIMF Issues a Report After Consultations with Canada
On 16 July 2016 the IMF issued a report following the conclusion of consultations with Canada under Article IV of the IMF’s articles of agreement. The Canadian economy has avoided a recession, with GDP growth expected to increase slightly in
See MoreIMF Report Comments on France’s Economy
On 27 June 2024, the IMF issued a report following the conclusion of consultations with France under Article IV of the IMF’s articles of agreement. Despite a slowdown in the economic recovery in 2023, the French economy has remained relatively
See More