Netherlands proposes Box Three tax reform
The Netherlands’ Ministry of Finance announced on 19 June, 2024, that it had submitted draft legislation to reform the taxation of Box Three income, which includes taxable income from taxable earnings from savings and investments. The draft
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Latvia publishes law for partial adoption of Pillar Two GloBE rules
Latvia published the Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups in the Official Gazette on 20 June, 2024. The law went into effect starting 21 June, 2024. As previously reported, Latvia had chosen to postpone the
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Thailand to boost stock market with tax breaks and reduced lock-upsÂ
Thailand is planning to increase the tax allowance and reduce lock-up periods for environmental, social, and governance (ESG)--focused fund holders in an effort to strengthen the local equity market. Individual investments up to THB 300,000 (USD
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Norway: MOF seeks feedback on tax distribution rule under Pillar Two GloBE rules
Norway’s Ministry of Finance initiated a public consultation regarding the proposed implementation of the tax distribution rule (Undertaxed Profits Rule - UTPR) under Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project on 19
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Portugal extends deadline for business tax filings
Portugal's Secretary of State for Fiscal Affairs announced a new directive, Order No. 29/2024-XXIV, on 14 June, 2024, granting businesses an extension to file their Simplified Business Information and Annual Declaration of Accounting and Tax
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US: Vermont approves new tax rules for remote software access
The US state of Vermont has enacted a new bill that makes changes regarding the taxation of remotely accessed software. The legislation was approved despite a veto from Vermont’s Governor Phil Scott. The bill categorises taxable tangible
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US: Arkansas passed bill to reduce corporate tax, individual income tax
The state of Arkansas announced the enactment of Senate Bill 1 during its 94th General Assembly, introducing significant personal income tax and corporate income tax reductions. The bill lowers corporate income taxes by changing the top rate from
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Italy approves draft public CbCR legislative decree
Italy’s Council of Ministers passed the draft decree introducing Public Country-by-Country Reporting (PCbCR) on 10 June, 2024. It ​​amends Directive 2013/34/EU of 26 June 2013 (Accounting Directive), which pertains to the reporting of income
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India: GST Council waives interest, penalty on tax demands for FY18–20
The Goods and Services Tax (GST) Council approved several compliance measures in its 53rd meeting on 22 June, 2024, aiming to reduce tax litigation and enhance business operations. The Council waived interest and penalty for tax demand notices
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Turkey reportedly preparing to implement Pillar Two global minimum tax
Turkey's Revenue Administration has reportedly introduced draft legislation featuring measures for the implementation of the Pillar 2 global minimum tax. The global minimum tax will align with the GloBE rules approved by the BEPS Inclusive
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Kazakhstan initiates public consultation for new draft taxation code
The Republic of Kazakhstan initiated a public consultation regarding the new draft Tax Code (On taxes and other obligatory payments to the budget) on 21 June, 2024. The consultation is set to conclude on 15 July, 2024. The Ministry of National
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Chile extends deadline for transfer pricing tax forms submission
Chile’s Tax Administration (Servicio de Impuestos Internos, SII) released Resolution Ex. SII N. 64-2024, announcing the extension of the deadline for submitting certain transfer pricing tax forms on 7 June, 2024. The deadline is extended to 30
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US: IRS releases updated research credit form to ease taxpayer burden
The US Internal Revenue Service (IRS) announced the release of draft Form 6765, Credit for Increasing Research Activities, also known as the Research Credit, on 21 June, 2024. The IRS received helpful comments from various external stakeholders
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Canada implements legislation for global minimum tax, digital service tax
Canada's Department of Finance announced that the Fall Economic Statement Implementation Act, 2023 (Bill C-59) and the Budget Implementation Act, 2024, No. 1 (Bill C-69) received royal assent on 20 June, 2024. The key measures from the 2023 Fall
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Australia: ATO updates PAYG withholding tax tablesÂ
The Australian Taxation Office (ATO) declared updates to the Pay As You Go Withholding (PAYGW) tax tables, which will take effect on 1 July 2024. Employers are reminded to ensure that their payroll software is updated with the new rates to
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Germany approves Act to apply BEPS MLI to nine tax treaties
On 14 June 2024, the German Federal Council gave its approval for the Act on the Application of the Multilateral Agreement and Other Measures, which the Bundestag approved on 16 May 2024. This Act facilitates the implementation of the Multilateral
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Singapore: IRAS publishes the seventh edition of the e-tax guide on transfer pricing
On 14 June 2024, the Inland Revenue Authority of Singapore (IRAS) published the Seventh Edition of its e-tax guide on transfer pricing. The most important changes are summarised as follows: Enhanced clarity on working capital adjustment The
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Vietnam: Government extends tax payment deadlines in 2024
The Vietnam government released Decree No. 64/2024/ND-CP on 17 June 2024, outlining extensions to tax payment deadlines for various taxes including individual income tax, VAT, corporate income tax, and land rental taxes in 2024.  The decree
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