Czech Republic: Potential changes to windfall tax on fuel
The Czech Statistical Office has revised the statistical classification of economic activities as per the CZ-NACE. This change may impact the range of entities subject to the "windfall tax" on fuel sales. Additionally, the General Financial
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France: Tax Authority updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 31 December, 2023, and 29 June,
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Thailand announces tax and other incentives for PCB manufacturers
Thailand’s Board of Investment (BOI) declared a series of incentives for businesses engaged in the manufacture of printed circuit boards (PCBs). These incentives include: Up to eight years of exemption from corporate income tax.
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Australia: House of Representatives dismiss amendments to small business and charities bill
Australia’s House of Representatives dismissed the Senate's amendments to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023. This bill intends to raise the instant asset write-off threshold from
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US: IRS extends tax relief for Ohio taxpayers impacted by tornadoes
The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a release (IR-2024-141) announced tax relief for individuals and businesses in Ohio affected by tornadoes that began on 14 March, 2024. Taxpayers now have until 3 September,
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Kenya: Finance Bill 2024 introduces economic presence and minimum top-up taxes
Kenya's National Assembly has started the consideration of the Finance Bill 2024. This announcement was made on Monday, 13 May, 2024. The National Assembly also announced an invitation to submit memoranda (comments) on the bill, which detailed
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Western Australia: Parliament passes build-to-rent land tax exemption
The Western Australian Parliament has enacted the Land Tax Assessment Amendment (Build-to-Rent) Bill 2023. This legislation grants a 50% land tax exemption for 20 years to qualifying build-to-rent (BTR) developments, housing projects specifically
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Poland: Taxable VAT must equal shares’ issuance value for property contributions
The Court of Justice of the European Union (CJEU), on 8 May, 2024, ruled, under Article 73 of the EU Value Added Tax (VAT) directive, that the taxable amount for a property contribution from one company to the capital of a second company, in
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Czech Republic upholds advertising expense transfer prices and VAT deduction interest rate
The Supreme Administrative Court (SAC), regarding case 8 Afs 189/2020-127, ruled against the tax authority's claim that the taxpayer's rental payments to affiliated advertising agencies for advertising space at football stadiums and a golf course
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Bangladesh: Reduced tax for asset management companies and exporters of goods, exemptions for OBU
The tax environment in Bangladesh is undergoing significant changes due to the implementation of Income Tax Act 2023 and Customs Act 2023. Recent tax-related developments allow for decreased tax rates for asset management companies (which have
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Australia: ATO announces tax incentives for hydrogen and critical minerals production
The Australian Taxation Office (ATO) published a release on the proposed Hydrogen Production and Critical Minerals Tax Incentives on Tuesday, 14 May, 2024, as part of the 2024-25 Budget. The initiative is designed to accelerate investment in
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Malaysia: IRBM announces updated guidelines for advance pricing arrangement (APA)
The Inland Revenue Board of Malaysia (IRBM) has revised its Advance Pricing Arrangement (APA) guidelines to align with updates introduced in the Income Tax (Advance Pricing Arrangement) Rules 2023, introduced in May, 2023. The revision imposes
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Czech Republic updates non-cooperative jurisdictions list for CFC rules
The Czech Republic Ministry of Finance issued the Financial Bulletin No. 3/2024, on 28 February, 2024, which contains an updated notice regarding the list of non-cooperative jurisdictions concerning the Czech Republic's Controlled Foreign Company
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Hong Kong updates EDI lists for tax benefits
The Hong Kong Inland Revenue Department (IRD) updated lists regarding the Qualifying Debt Instruments (QDI) on Monday, 13 May, 2024. The lists include: Qualifying Debt Instruments issued before 1 April, 2018 Short Term/ Medium Term Debt
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Norway initiates consultation on 12-month deadline for tax deduction on unrecoverable receivables
Norway's Ministry of Finance has initiated a public consultation regarding the proposed introduction of a 12-month time limit for tax deductions for companies on unrecoverable trade receivables from related parties. A corresponding time limit is
See MoreCzech Republic releases amendment draft for VAT Act 2025
The Czech Republic has published the draft amendment to the VAT Act 2025, which is now under consideration by the Chamber of Deputies. The key proposed changes include: Amend the regulations for calculating the tax base when employers offer
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US: Colorado offers temporary income tax rate cut for 2024
The Governor of Colorado signed Bill SB24-228 into law on 14 May 2024. It introduces significant amendments concerning the refund of excess state revenues. This legislation reduces both individual and corporate income tax rates from 4.40% to
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UAE clarifies VAT rules for performance of a director’s function by a natural person
The UAE Federal Tax Authority (FTA) issued VAT Public Clarification - VATP037 on 13 May, 2024, in which it provided clarification concerning changes in the treatment of the performance of a director's function by a natural person as a supply of
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