US: IRS revises automatic accounting methods
The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures in April 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax
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OECD updates guidance on implementation of CbC reporting of dividends
The Organisation for Economic Cooperation and Development (OECD) has released an updated version of its Guidance on the Implementation of Country-by-Country Reporting: BEPS Action 13. It refines the treatment of dividends in accordance with the
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Bulgaria signs AEOI agreement with USA
The Bulgarian Ministry of Finance announced, on 30 May 2024, the signing of an agreement with the United States for the automatic exchange of information (AEOI). Lyudmila Petkova, Deputy Prime Minister and Minister of Finance, Bulgaria, alongside
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Bangladesh: NRB reportedly raising source tax on educational institutions, cell phone companies
Bangladesh’s National Board of Revenue (NRB) is reportedly planning to increase the source tax on the interest income of educational institutions and Bangladesh Telecommunication Regulatory Commission (BTRC) from mobile phone companies in the 2025
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Bangladesh: Government to withdraw VAT exemptions for local electronics and other goods in 2024 budget
The government of Bangladesh had previously exempted the country's electronics sector from value-added tax (VAT) for several years. However, according to new rumors, the government could likely withdraw this exemption in the upcoming fiscal
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Azerbaijan approves BEPS MLI agreement
The Azerbaijan parliament ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). On 17 March 2023, the Ministry of Taxes of Azerbaijan released a statement regarding the implementation of obligations
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UK enacts Finance (No. 2) Act 2024 with Spring Budget 2024 measures
The UK enacted the Finance (No. 2) Act 2024 after receiving royal assent on 24 May, 2024. This legislation implements several measures announced in the 2024 Spring Budget. The annual charge for income tax for the 2024-25 tax year and the
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US: Illinois governor receives 2025 budget revenue bill
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
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Malaysia publishes synthesised text of tax treaty with Luxembourg under BEPS MLI
The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Luxembourg, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base
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Australia: ATO summarises 2024 non-individual tax return changes
The Australian Taxation Office (ATO) released a summary on 30 May, 2024, detailing the updates to non-individual tax return forms and schedules for the 2023–24 income tax period. The Company Tax Return 2024 includes changes related to
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Poland passes new regulations regarding exchange of information on income derived by sellers through digital platforms
Poland’s Parliament has passed the Act of 23 May 2024 amending the Act on the exchange of tax information with other countries and certain other acts. The Act implements new regulations on the exchange of information on income derived by
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New Zealand announces 2024 budget, major adjustments made to individual tax brackets
New Zealand’s 2024 budget was made public on Sunday, 30 May, 2024. It does not contain any major tax measures but proposes adjustments to the individual income tax brackets. The start date has been pushed from July to August. Delivered by
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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Russia clarifies conditions for 0% tax rate for IT companies
The Russian Ministry of Finance recently issued Guidance Letter No. 03-03-06/1/28535 on 29 March 2024, which sheds light on the conditions governing the application of a reduced corporate tax rate of 0% for IT companies utilising their own computer
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Japan updates CRS FAQs
Japan's National Tax Agency updated its FAQs on the common reporting standard (CRS) for automatic exchange of financial account information concerning non-residents on 9 April 2024. The revised FAQ includes new guidance on reporting requirements
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OECD highlights extra revenue and tax benefits for Latin America via transparency and information exchanges
The OECD, on Thursday, 30 May, 2024, published the Tax Transparency in Latin America 2024. Published by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), Tax Transparency in Latin America 2024 shows how
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Spain publishes synthesized text of tax treaty with Armenia under BEPS MLI
Spain's Ministry of Finance has released the synthesized text of the tax treaty with Armenia providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit
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Vietnam implements tougher measures to tackle tax evasion
Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a
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