EU Council approves levy on frozen Russian assets to fund Ukraine’s military
The Council of the EU approved a measure that effectively imposes a levy on the proceeds from frozen Russian assets on 21 May, 2024. The generated funds will largely be used to support Ukraine's military efforts in its conflict with Russia. The
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US: House of Representatives approve disaster tax relief bill
The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024. This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal
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Poland extends public consultation deadline for Pillar Two global minimum tax rules
Poland’s Minister of Finance Andrzej Domański announced on 16 May, 2024, the extension of the public consultation regarding the draft bill for the implementation of the EU Minimum Tax Directive under Council Directive (EU) 2022/2523 of 14
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National Bank of Ukraine lowers key policy rate, late payment penalty interest
The National Bank of Ukraine (NBU) has declared a change in its key policy rate. Effective from 26 April, 2024; the rate now stands at 13.5% per annum; down from the previous 14.5%. Additionally, the late payment penalty interest, linked to the
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Turkey raises interest rates for late tax payments, deferred tax
Turkey's Revenue Administration has issued Presidential Decision No. 8484 – which came into force yesterday, 21 May, 2024 – raises the interest rate for late tax payments from 3.5% to 4.5% per month. This development follows a prior increase
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Malta publishes summary of new income tax legislation for 2024
Malta's Commissioner for Revenue has released a note providing a summary of subsidiary legislation (legal notices) enacted under the Income Tax Acts from January to April, 2024. Overview of newly published legal notices Deduction (Income
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Cyprus issues 2023 individual income tax filing requirements
The Cyprus Tax Department released an announcement on Monday, 20 May 2024, regarding the individual income tax return filing requirements for 2023. This requirement applies to employees, retirees, and self-employed individuals whose gross total
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Bangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
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Australia: ATO proposes exemptions from Sharing Economy Reporting Regime for online platforms
The Australian Taxation Office (ATO) has proposed specific exemptions from the Sharing Economy Reporting Regime (SERR) for online platforms. The exemptions are in compliance with the OECD’s Model Reporting Rules for Digital Platforms and the
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Australia: ATO issues notice on minimum yearly repayments for division 7A loans
The Australian Taxation Office (ATO) published a notice regarding the minimum yearly repayments on a Division 7A loan on Monday, 20 May, 2024. Borrowing money from a private company might appear straightforward, but it's crucial to consider the
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Australia: ATO issues income tax filing requirements for FY 2023/24
The Australian Taxation Office (ATO) has issued the Taxation Laws (Requirement to Lodge a Return for the 2024 Year) Instrument 2024. This instrument outlines who must file an income tax return for the year ending 30 June, 2024. Additionally,
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Australia: Victoria parliament approves 2024 commercial and industrial property tax reform bill
Australia’s parliament of Victoria has passed the Commercial and Industrial Property Tax Reform Bill 2024, new provisions will come into effect starting 1 July, 2024. Under the reform, stamp duty will be payable one last time on commercial and
See MoreAustralia: ATO issues notice on withholding tax rules for interest, dividend, or royalty payments to non-residents
The Australian Taxation Office (ATO) released a notice regarding the withholding tax requirements for making interest, dividend, or royalty payments to non-residents on Sunday, 19 May, 2024. Taxpayers who have paid interest, dividends, or
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US: Tennessee introduces bill to allow cities to reduce or exempt food sales tax
The state of Tennessee has introduced House Bill 2641 which allows specific municipalities to exempt the city sales tax on food and food ingredients. The Bill also authorises municipalities to impose a reduced sales tax rate if a full exemption
See MoreUS: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
See MoreUS: Alabama enacts legislation for state and local transient occupancy tax collection
The state of Alabama has enacted legislation mandating that accommodations intermediaries collect state and local transient occupancy taxes starting 1 January, 2025. According to the bill, accommodation intermediaries must collect taxes on the
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Iceland proposes capital gains exemption for non-residents
The Icelandic parliament is considering a draft bill that aims to introduce change in its taxation policy. If passed, this legislation will grant an exemption on capital gains derived from the sale of shares in Icelandic companies to
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