Ireland updates Tax and Duty Manual concerning Relief for Investments in Corporate Trades
Irish Revenue has issued eBrief No. 258/24 on 18 October 2024, updating the Tax and Duty Manual Part 16-00-02 concerning Relief for Investments in Corporate Trades. The manual has been updated to reflect changes to the Employment Investment
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UAE: Tax Authority releases guide on tax residence and residency certificates
The UAE Federal Tax Authority released a new guide on tax residence and tax residency certificates, titled Tax Procedures Guide on Tax Resident and Tax Residency Certificate - TPGTR1. Federal Decree-Law No. 47 of 2022 on the Taxation of
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Germany updates Non-Cooperative Tax Jurisdictions List
The Ministry of Finance released a draft bill on 10 October 2024 of an updated decree listing states and territories considered non-cooperative in tackling tax avoidance and unfair tax competition. The list is important in domestic law that
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Turkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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Puerto Rico extends 2023 annual report deadline again
Puerto Rico’s Department of State (DOS) released Administrative Order No. 2024-03, on 15 October 2024, granting an extension for submitting 2023 annual reports, including audited financial statements, until 16 December 2024. This extension applies
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UAE: MoF drops economic substance reporting requirements
The Ministry of Finance (MoF) has cancelled the economic substance reporting requirements for companies with financial years concluding after 31 December 2022. This update follows Cabinet Decision No. (98) of 2024, which revises certain aspects
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UK: Comprehensive and Progressive Agreement for Trans-Pacific Partnership to take effect in December 2024
Douglas Alexander, Minister of State (Department for Business and Trade), in a written ministerial statement on 16 October 2024, on behalf of the UK government, confirmed UK’s accession to the Comprehensive and Progressive Agreement for
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Austria enacts Inflation Relief Bill 2025
Austria published the Bill on Inflation Relief for Taxpayers in 2025, known as the Progressionsabgeltungsgesetz 2025 in the Official Gazette (BGBl. I Nr. 144/2024), on 9 October 2024. This Act adjusts the main tariff components and deductible
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Germany passes Fourth Bureaucracy Relief Act, cuts accounting document retention and updates transfer pricing rules
Germany’s Federal Council (Bundesrat) passed the Fourth Bureaucracy Relief Act on 18 October 2024 following its approval by the Bundestag (lower house of parliament) on 26 September 2024. One key aspect of the Act is that it reduces
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Italy implements decree on Pillar Two substance-based income exclusion
Italy's Ministry of Economy and Finance announced that the Decree of 11 October 2024, which provides implementation rules on the substance-based income exclusion (SBIE) to be applied when calculating the due amount of top-up tax and is being
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IMF: Opening speech at the IMF and World Bank Annual Meetings
On 21 October 2024 the IMF Managing Director Kristalina Georgieva delivered the opening speech at the IMF and World Bank Group Annual Meetings. The global wave of inflation is currently decreasing owing to a combination of resolute monetary
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Canada updates rules for paying non-residents for services
The Canada Revenue Agency (CRA) released an updated guide – T4A-NR – Payments to Non-Residents for Services Provided in Canada – for those who make payments to non-resident individuals, partnerships, or corporations for services rendered in
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UK consults green paper for its 2035 modern industrial strategy
The UK government has launched a public consultation on the green paper, ‘Invest 2035: the UK's Modern Industrial Strategy on 17 October 2024. This is a public consultation that will develop the new Industrial Strategy, the Government's
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Chile: Treaty allows reduced withholding tax rates for US residents
According to Oficio No. 1763/2024, a payer in Chile may refrain from withholding tax, or withhold tax at a reduced rate, on income paid to a US resident entity under the Chile-US income tax treaty. This applies only after the US recipient submits
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Italy to treat import VAT as customs duty
Italy’s Customs Agency published Legislative Decree No. 141/2024 in the Official Gazette, which went into force on 4 October 2024, introducing various amendments to VAT on imports. The Decree classifies import VAT as a border duty, similar to
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El Salvador releases guide on preferential jurisdiction recognition
El Salvador’s tax administration issued a guidance aimed at assisting taxpayers in identifying jurisdictions that offer preferential tax regimes with minimal or no taxation, ensuring the correct application of El Salvador’s taxation provisions,
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Turkey updates transfer pricing communiqué to align with new CbC reporting deadlines
Turkey’s Ministry of Treasury and Finance released General Communiqué No. 5 on Transfer Pricing on 17 October 2014. This Communiqué amends General Communiqué No. 1 on Transfer Pricing and aligns it with new deadlines for Country-by-Country
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Malaysia: 2025 budget unveils dividend tax, new tax incentives, sales and service tax changes
Malaysia announced its 2025 Budget on 18 October 2024 with various tax measures. Dividend tax Starting from the year of assessment 2025, a 2% dividend tax will be applied to the annual chargeable dividend income of individuals exceeding MYR
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