UAE: FTA issues guide on registration of natural persons for corporate tax
The UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Registration of Natural Persons - CTGRNP1 on Monday, 6 May, 2024. It is designed to provide general guidance on the registration of natural persons in the UAE for Corporate Tax
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European Commission initiates public consultation to evaluate Directive on Administrative Cooperation
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness,
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Pakistan disables half a million SIMs to push for tax compliance
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April, 2024, that they will be disabling the mobile phone SIMs of more than half a million people in the country. These individuals have not filed their income tax returns for the
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UK: HMRC extends tax relief for freeports and investment zones
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30 April, 2024, regarding the extension of tax relief availability for freeport and investment zone special tax sites, extending it from 5 to 10 years. The UK tax authority (HM
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South Africa: SARS clarifies tax exemptions for national ships
The South African Revenue Service (SARS) issued Interpretation of Note 131 on 29 April, 2024, which addresses the exemption of income associated with South African ships utilised in international shipping. This aims to support the growth of a
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Turkey: 1% VAT rate excludes food and beverage service providers
Turkey's Revenue Administration published a release on Saturday, 27 April, 2024, concerning the Value Added Tax (VAT) rates applicable to food and beverage services. The release “Amendments to the Value Added Tax General Application Communiqué
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US: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that
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US: Proposed bill could affect a taxpayer’s CAMT liability for 2023
A new provision was included in the "Inflation Reduction Act of 2022" (IRA) on Monday, 6 May, 2024, officially known as H.R. 5376, which included a new Corporate Alternative Minimum Tax (CAMT). This tax is determined based on the financial
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Belgium: Parliament adopts changes to pillar two global minimum tax rules
Belgium’s Parliament has adopted the changes to the Pillar Two global Minimum Tax Rules approved for multinational enterprises and large-scale domestic groups in December, 2023. The amendments will be enforced for fiscal years beginning from 31
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Singapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
The Inland Revenue Authority of Singapore (IRAS) has released an updated guidance on conducting audits and investigations related to Missing Trader Fraud Arrangements. IRAS identifies Missing Trader Fraud arrangements to be one of the key
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Albania signs multilateral competent authority agreement on exchange of CbC reports
The Organisation for Economic Co-operation and Development (OECD) updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), on 30 April 2024, showing that Albania
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Filing deadline approaches for CbCR in Dominican Republic
The Country-by-Country Report (CbCR) must be filed in the Dominican Republic by 31 May 2024. The General Norm 08-2021 was released by The Dominican Republic's Tax Administration (DGII) on the CbCR in October 2021. The provisions established in
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Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
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Turkey extends force majeure for areas hit by 2023 earthquake
The Turkish Revenue Administration announced on 26 April 2024 that it had extended the state of force majeure for regions affected by the 6 February 2023 earthquakes. Initially set from 6 February 2023 to 31 July 2023, the state of force majeure
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UN: Ad Hoc Committee Discusses Issues for Early Protocols
Following an earlier Resolution on international tax cooperation and a report by the Secretary General setting out options going forward, UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of
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UN: Ad Hoc Committee on Framework Convention Discusses Substantive Elements
UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of reference for a UN framework convention on international tax cooperation. The first session of the ad hoc committee is being held between 26
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New Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual tax
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Hong Kong issues notice on 2023/24 individual tax return filing
The Hong Kong Inland Revenue Department published a notice on 2 May, 2024, regarding the filing 2023/24 individual tax returns. Taxpayers are required to file duly completed returns to the Inland Revenue Department (IRD) within one month from the
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