Australia: ATO introduces caps on petroleum resource rent tax (PRRT) deductions
The Australian Taxation Office (ATO) released an update concerning the petroleum resource rent tax (PRRT) deductions cap on 5 June, 2024. The petroleum resource rent tax (PRRT) deductions cap is now law and will take effect from 1 July, 2023. A
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Cyprus: Withholding tax declarations due by JulyÂ
In an announcement on 4 June 2024, the Cyprus tax authority declared that the withholding tax and contributions declaration (TF 7) can be submitted without an administrative fine until 31 July 2024. After this deadline, penalties as per the law
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Latvia: Parliament passes draft law to partially implement Pillar Two GloBE rules
Latvia’s parliament approved the Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups on 6 June, 2024. The law now awaits the president's approval and publication in the Official Gazette to take effect. Earlier Latvia had
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Taiwan clarifies land expenditure treatment for tax calculation
The Ministry of Finance in Taiwan has issued a notice, on 3 June 2024, stating that expenses related to preparing land for sale should be accounted for as part of the land cost when calculating net income. According to Paragraph 1, Article 24 of
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Bangladesh FY 2024-25 budget: How feasible is it?
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament on 6 June, 2024. This is the country’s largest-ever budget for
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EU Commission reviews anti-avoidance tax directive
The European Commission has announced an initiative to evaluate the Anti-Avoidance Tax Directive (ATAD), which will also include a public consultation. The ATAD lays down minimum standard rules to address the most common forms of aggressive tax
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Malaysia announces timeline and FAQ for Pillar Two global minimum tax implementation
The Inland Revenue Board of Malaysia (IRBM) announced that it has updated its guidance page regarding the implementation of the Pillar Two global minimum tax rules. Two new key additions to the page include the implementation timeline of global
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Bangladesh proposes corporate tax cuts to boost cashless transactions
The Bangladesh government has announced plans to reduce corporate income tax by 2.5% points to promote digital financial transactions today, 6 June, 2024. This tax incentive aims to encourage businesses to comply with a new condition mandating
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Bangladesh: 2024/25 budget’s potential impact on consumer goods and services
Bangladesh Finance Minister Abul Hassan Mahmood Ali announced the BDT 7,96,900 crore (approximately $7.97 billion) national budget for the fiscal year 2024/25 in the parliament today, 6 June, 2024. The new budget could potentially have an impact on
See MoreBangladesh: Finance minister presents 2024/25 budget before the parliament
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament today, 6 June, 2024. This is the country's largest-ever budget
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Bangladesh to raise cigarette prices with higher taxes in budget for 2024-25 fiscal year
Cigarette prices are set to go up following an increase in supplementary duty and value-added tax (VAT) announced in Bangladesh's national budget for the 2024-25 fiscal year, which was presented today, 6 June, 2024, at the National
See MoreBangladesh proposes elevating VAT on SIM cards
The proposed budget for the fiscal year of 2024/25 suggests an increase in Value Added Tax (VAT) on SIM/eSIM cards, rising from BDT 200 to BDT 300. The supplementary duty on SIM-enabled telecommunication services has been elevated to 20%, marking
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Bangladesh could introduce VAT to light bulbs
The government of Bangladesh had previously exempted the country’s local electronics sector from value-added tax (VAT) for several years. However, Energy-efficient bulbs (1-50 watts) and tube lights (18W and 36W) may be getting more expensive as
See MoreEU issues notices to member states for non-compliance with DAC7Â
The European Commission (EC) has decided to open an infringement procedure by sending a letter of formal notice to Germany , Hungary , Poland , and Romania for failing to exchange information on income generated by companies and individuals through
See MoreBangladesh Cabinet approves FY 2024/25 budget
The Cabinet of Bangladesh approved the proposed national budget for FY 2024/25 on Thursday, 6 June, 2024. Announced by Abul Hassan Mahmood Ali, Finance Minister, on the same day it received the presidential authentication in the parliament; the
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Turkey adjusts tax debt instalments in force majeure extension
Turkey's Revenue Administration has released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in response
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Brazil withdraws plan to tax low-cost online orders
Brazil’s Senate has withdrawn the proposal from a bill to tax small online purchases on Tuesday, 4 June, 2024. Senators were set to vote on a bill that would introduce a 20% import tax on international online purchases under USD 50, which the
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UK revises arbitration rules under BEPS MLI
The OECD has released documents related to information on the United Kingdom’s arbitration position under Part VI of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Part VI
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