Australia notifies implementation status of Pillar Two GloBe rules
The Australian Taxation Office (ATO) has shared key consultation feedback and findings regarding the implementation of the OECD/G20 Two Pillar Solution in Australia on 24 June 2024. It expects to complete the development of the necessary mechanisms
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Malaysia updates e-invoice guidelines
The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version
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Russia issues guidance on 0% tax on gains from share sales involving immovable property
Russia’s Ministry of Finance issued Guidance Letter No. 03-03-06/1/47293, clarifying how to calculate the percentage of Russian immovable property within a legal entity's assets when assessing eligibility for the 0% tax rate on gains from the sale
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Pakistan enacts Finance Act 2024 with major tax amendments
The Finance Bill 2024 enacts specific provisions proposed in the 2024-25 Budget on 12 June 2024, which include amendments to personal income tax, capital gain tax, sales tax, excise duty, and other taxes. These changes will take effect on 1 July,
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Germany: Federal Cabinet approves draft law to reform VAT
Germany’s Annual Tax Act 2024, which was published on 5 June 2024, includes proposals for reforming the VAT system in Germany. The legislative process is slated to be completed by this year. Relevant time for input tax deduction A new
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Saudi Arabia extends cancellation of fines and exemption of financial penalties initiative
​The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 31 December, 2024. ZATCA stated
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US: Texas finalises sales tax rules for micro and small businesses
The US state of Texas has finalised the regulations for the categorisation of micro-businesses and small businesses under its remote sales and use tax regulations for marketplace providers and remote sellers in accordance with the state's
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Costa Rica extends beneficial ownership filing deadline
Costa Rica’s Tax Administration announced an extension for the filing deadline of the informative return on beneficial ownership for companies, partnerships, and trusts. However, the announcement is yet to be published in the Official
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Spain amends capitalisation reserveÂ
Spain’s government issued Royal Decree-Law 4/2024 on 26 June 2024, in which it introduced various corporate tax measures for tax periods starting on 1 January, 2024. The key corporate tax measure related to the regulations governing
See MoreAustralia announces GIC and SIC rates for Q1 2024-25Â Â
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 19 June, 2024. For the quarter commencing on 1 July 2024, the GIC
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Belgium extends deadline for initial Pillar Two registration notification
Belgium's Federal Public Service (SPF) Finance, in a notice on 2 July 2024, announced the deadline extension for the initial submission of the registration notification for the Pillar Two global minimum tax. The deadline has been extended until
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Australia publishes guidance on small business incentives
The Australian Taxation Office (ATO) has released a guide, on 30 June 2024, detailing the criteria for small businesses to claim the AUD 20,000 instant asset write-off (IAWO). Additionally, the ATO has also issued guidance on how to claim the
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Italy updates VAT penalties
Italy has published Legislative Decree no. 87/2024 in the Official Gazette on 28 June 2024, introducing major amendments related to Italy’s tax penalty system. The Decree went into force the day of its publication and will be applied to
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Hong Kong approves patent box tax concession
The Hong Kong SAR (HKSAR) Legislative Council passed the draft legislation (Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024) on the patent box tax incentive regime on 26 June, 2024. The draft bill proposes
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Saudi Arabia extends cancellation of fines and exemption of financial penalties initiative
​The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 31 December, 2024. ZATCA stated
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India increases windfall tax on petroleum
India's government has announced an increase in the windfall tax on petroleum, raising it to INR 6,000 per metric ton starting 2 July 2024. This decision, detailed in a recent notification, marks a sharp rise from the previous rate of INR
See MoreUS: Governor enacts tax amendments to California budget 2024-25
The acting governor of the US state of California, Eleni Kounalakis, signed Senate Bill 167 into law on June 27, 2024, introducing several tax amendments aimed at addressing the USD 27.6 billion shortfall in the 2024-25 budget and the projected USD
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Singapore issues new guidance for corporate income tax filing season 2024
The Inland Revenue Authority of Singapore (IRAS) has issued new guidance for the Corporate Income Tax Filing Season 2024 detailing filing of the corporate income tax return, preparing a tax computation, filing status, the tax bill, and tax
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