Bahamas issues MAP guidance with Japan
The Bahamas Ministry of Finance has released guidance on Mutual Agreement Procedures (MAP) with Japan as per the tax information exchange agreement between the two nations. The guidance details the scope of MAP, eligibility for requesting MAP,
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Germany announces 2025 budget, economic growth initiative
The German government reached an agreement on the 2025 budget, a supplementary budget for 2024, and a growth initiative to support the economy on 5 July 2024. The initiative includes several tax measures. "With this budget, we are creating
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Russia approves tax reform bill
The Russian State Duma and Federation Council have approved a tax reform bill aimed at boosting fiscal revenues on 10 July, 2024. Proposed by the Ministry of Finance and endorsed after rigorous debate, the legislation ushers in significant changes
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Singapore publishes updated e-tax guide on GST for exports
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide on GST exports on 8 July, 2024 . This e-Tax Guide details the various circumstances and documentary requirements for which a supply of goods can
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Portugal extends deadline for transfer pricing filing
The Portuguese Secretary of State for Tax Affairs has extended the deadline for filing the transfer pricing documentation from 15 July 2024 to 31 July 2024. The extension was granted by Order 43/2024-XXIV, issued on 27 June 2024. Transfer
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Mexico issues tax incentives for key sectors in Yucatan’s industrial zones
The Mexican government has issued a decree granting tax incentives to companies operating in 11 key economic sectors in the welfare industrial zones of Progreso I and Mérida I in the state of Yucatan on 28 June, 2024. Tax incentives are granted
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Hungary to end windfall taxes on telecom, pharma sectors
The Hungarian government has announced plans to eliminate windfall taxes on the telecommunications and pharmaceutical sectors by 2025, according to Economy Minister Marton Nagy. By phasing out these taxes on telecommunications and pharmaceutical
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Finland initiates consultation on VAT rate hike proposal
Finland's Ministry of Finance has initiated a public consultation on a proposed draft bill which suggests increasing the VAT rate on certain commodities from 10% to 14%. The consultation is set to conclude on 19 August, 2024. The draft bill
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Nigeria appoints crypto firm to collect VAT on transaction fees
KuCoin, a Seychelles-based cryptocurrency trading platform, announced on its official X account, on 3 July 2024, that it will impose a 7.5% value-added tax (VAT) on transaction fees for users in Nigeria, effective 8 July, 2024. KuCoin has
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Spain announces 2023 VAT refund deadline
Companies in Spain can claim value-added tax (VAT) refunds paid in other EU countries during 2023 until 30 September, 2024. This process can be completed through the Spanish tax authority’s website. Similarly, EU companies not established
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Switzerland consults on VAT collection amendments for digital platforms
The Swiss Federal Taxation Administration (FTA) has initiated a public consultation on proposed amendments that would mandate digital platforms to collect VAT starting 1 January, 2025. Principles and objectives of the legislation In order to
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UK issues guidance on preparation of Multinational Top-up Tax, Domestic Top-up Tax
The UK HMRC issued guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax. In October 2021, the UK and over 135 other countries agreed as part of the OECD Inclusive Framework to a two-pillar solution to reform the
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OECD: 2024 global corporate tax rates stabilise after years of decline
The OECD has announced, on 11 July 2024, the release of its latest Corporate Tax Statistics. This publication reveals that statutory corporate tax rates are stabilising globally after a lengthy period of declining rates. The 2024 edition of OECD
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US: Washington exempts carbon credits and allowances taxes
Washington has announced that it will exempt certain carbon credits and allowances under the cap and invest programme for greenhouse gas emissions from the state's business and occupation (B&O) tax and public utility tax (PUT). This update was
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Argentina publishes new reform laws and regularisation regimes
Argentina has published new reform laws - Law of Bases and Starting Points for the Freedom of Argentines ("Ley de Bases y Puntos de Partida para la Libertad de los Argentinos") and the Law of Palliative and Relevant Fiscal Measures ("Ley de Medidas
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US: IRS issues fact sheet on inflated tax refund claims due to inadequate social media advice
The US Internal Revenue Service (IRS), in a release FS-2024-24 in July 2024, issued alert IR-2024-139 on 14 May 2024, about a series of scams and inaccurate social media advice. Social media schemes led to thousands of inflated refund claims during
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Peru releases third version of high-risk tax schemes catalogue under GAAR
Peru tax authority (SUNAT) has published the third version of its catalogue of high tax risk schemes that could be challenged under the country's General Anti-Avoidance Rule (GAAR). This updated list includes 11 new high-risk schemes, bringing the
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Brazil: Congress approves bill for major tax reforms
Brazil's lower house of Congress, on 10 July 2024, passed legislation to overhaul the tax system. This follows after lawmakers demanded Brazil implement major tax reforms to improve productivity by simplifying Brazil's complicated taxation
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