Slovak Republic introduces new VAT scheme, registration thresholds for small businesses
The Slovak Republic published Law of 24 April 2024 on Amendments to the VAT Law in the Official Gazette on Friday, 17 May, 2024. The law outlines implementing a new VAT scheme for small businesses under Council Directive (EU) 2020/285 of 18
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Vietnam’s Ministry of Finance proposes tax reforms for 2024
The Ministry of Finance in Vietnam is taking steps to improve the economy and support taxpayers. A draft resolution has been accomplished, outlining key changes that will come into effect in the second half of 2024. VAT rate reduction The
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US: IRS extends tax relief for Iowa taxpayers impacted by extreme weather
The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024. Individuals and households
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Kenya: High Court rules no extra import duties on petroleum products
The Kenyan High Court ruled that the tax authority cannot impose additional import duties on product gains from petroleum products once initial duties have been paid. Such gains should be taxed exclusively under income tax law. The case in
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Cyprus: Online applications required for reduced VAT on private dwellings
Starting on 27 May, 2024, Cyprus tax authorities announced that taxpayers seeking a reduced 5% value added tax (VAT) rate on the supply or construction of private dwellings must submit applications online via the Tax For All (TFA)
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Bosnia and Herzegovina adopts new tax ruling regulations
The Ministry of Finance of the Federation of Bosnia and Herzegovina (FBiH) has adopted new regulations and procedures for advance tax rulings, effective from 1 June, 2024. These changes allow the Federal Tax Administration to issue various
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Singapore: IRAS provides direction on GloBE rules and domestic top-up tax implementation
The Inland Revenue Authority of Singapore (IRAS) has released directives regarding the Global Anti-Base Erosion (GloBE) Rules and Domestic Top-up Tax (DTT). As outlined in Budget 2024, Singapore will adopt the GloBE Income Inclusion Rule (IIR)
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Netherlands: New coalition government reaches consensus on tax plans
The coalition parties of the new Dutch government (PVV, VVD, NSC and BBB) released their general agreement and budgetary annex on 16 May, 2024, outlining the government’s tax plans. The key measures include: Retaining the tax-free share
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Netherlands announces direct and indirect tax measures in coalition agreement
The four coalition parties (PVV, VVD, NSC and BBB) released their comprehensive agreement, along with a budgetary appendix outlining the main elements of the new coalition government's tax plans on 15 May, 2024. The agreement aims to emphasise on
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US: IRS and Treasury announce 2024 solar and wind capacity limitation carryover amounts
The US Department of the Treasury and the Internal Revenue Service (IRS) issued Announcement 2024-25 on Friday, 17 May, 2024, which provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been
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Germany proposes Annual Tax Act amendments
Germany's Ministry of Finance unveiled a draft proposal for the 2024 Annual Tax Act on 17 May, 2024. The 243-page document focuses on technical adjustments to comply with recent EU regulations, court decisions, and streamlining previous tax law
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Switzerland: Federal Council to consult on crypto-asset reporting framework
The Swiss Federal Council declared that it initiated a consultation regarding the automatic exchange of information by the Crypto-Asset Reporting Framework (CARF) on 15 May, 2024. Set to apply from 1 January, 2026, the extension concerns the new
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Finland amends FATCA and CRS annual information returns for 2023
The Finnish Tax Administration issued a newsletter on 15 May, 2024, announcing that financial institutions can submit corrected FATCA and Common Reporting Standard (CRS) annual information returns for 2023. These amendments can be made by
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UK: HMRC initiates public consultation on draft regulations for late payment penalties
UK’s His Majesty's Revenue and Customs (HMRC) announced on 14 May, 2024, a public consultation regarding the draft regulations, to introduce provisions under paragraph 16(2) of Schedule 26 to the Finance Act 2021, to assess penalties for late tax
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Hong Kong reminds taxpayers and employers of tax reporting obligations
The Hong Kong Inland Revenue Department published a notice reminding taxpayers and employers of their obligations to submit tax-related information. Taxpayers are reminded of their obligations under Sections 51(2), (6), (7) and (8) of the Inland
See MoreUS issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
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Malta implements new tax measures in 2024 budget
Malta’s Budget Measures Implementation Act, 2024, is ushering in a series of amendments to various fiscal laws, including the Income Tax Act, Income Tax Management Act, Duty on Documents and Transfers Act, and Value Added Tax (VAT) Act; signalling
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Norway proposes new method for calculating ground rent tax
Norway has updated its National Budget for 2024, which proposed that ground rent tax for land-based wind power plants owned by entities with participant determination, such as responsible companies and limited partnerships, be calculated using a
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