Belgium parliament passes bill to introduce e-invoicing from 2026
On 1 February 2024, the Belgian Chamber of Representatives passed project 3743/004, which mandates the implementation of business-to-business (B2B) electronic invoicing (e-invoicing) from 1 January 2026. The bill is in accordance with the structured
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US: House Passes Bill to Extend Business Tax Provisions
On 1 February 2024 the House of Representatives voted to approve a Bill to expand the child tax credit and extend some business tax provisions. The legislation, which required a two thirds majority in the House, was passed in a vote of 357 to 70.
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Luxembourg implements tax measures to revive construction and housing sector
On 31 January 2024, the Luxembourg government announced a series of tax measures to revive the construction and housing sector and facilitate access to housing while addressing the cyclical and structural housing problems. The measures also provide
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UK: HMRC publishes transfer pricing guidance on accurate delineation of actual transactions and analysis of risk
On 30 January 2024, the UK HMRC revised its transfer pricing operational guidance by including a new section on the accurate delineation of actual transactions and the analysis of risk. The updated transfer pricing operational guidance is
See MoreBelgium passes legislation for implementing minimum taxation directive
On 28 December 2023, Belgium implemented the law to enforce the Minimum Taxation Directive (2022/2523). This law entered into force on 31 December 2023 after the Belgian Parliament approved the legislation on 14 December 2023. The full text of the
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Iceland announces personal income tax and corporate tax changes for 2024
The Iceland Revenue and Customs has released the key rates and amounts for 2024, which provides individual income tax changes in 2024. The key changes in the monthly brackets and rates involving personal income taxes are as follows: Income
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Switzerland publishes safe harbor interest rate limits for 2024
On 31 January 2024, the Swiss Federal Tax Administration released two circulars concerning the safe harbor interest rate limits for shareholders and related party financing for 2024. The rates vary based on whether the financing is in Swiss francs
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Cyprus revises thresholds for transfer pricing documentation
On 1 February 2024, the Cyprus Tax Department released updated thresholds regarding the requirement for taxpayers to prepare a Cyprus Local File for intercompany transactions covered by Section 33 of the Income Tax Law (ITL). These revised
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Australia: ATO deliberating on amended interest limitation rules
On 30 January 2024, the Australian Taxation Office (ATO) announced that it is seeking public input and feedback on guidance and advice related to the amendments to the interest deduction limitation rules, also known as thin capitalization rules.
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IMF Report Discusses the Economy of Slovenia
On 30 January 2024 the IMF issued a report following discussions with Slovenia under Article IV of the IMF’s articles of agreement. The Slovenian economy has recovered from the pandemic but has been affected by the war in Ukraine. Following a
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Argentina annuls tax collection for certain taxpayers
On 1 February 2024, Argentina released General Resolution 5482/2024, which outlines the suspension of collection lawsuits and enforced collection measures for specific groups of taxpayers. These include: micro, small, and medium enterprises
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IMF Comments on UK Fiscal Position
On 30 January 2024 the IMF held a press briefing on the latest update to the World Economic Outlook. During the press briefing Pierre-Olivier Gourinchas, the Chief Economist and Director of the Research Department at the IMF, responded to
See MoreAustralia: ATO release guidance on depreciation of composite items
The Australian Taxation Office (ATO) has released the final iteration of the Taxation Ruling (TR) 2024/1, titled "Income tax: composite items - identifying the relevant depreciating asset for capital allowances". This ruling provides guidance to
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US issues revised report on international tax proposals addressing profit shifting pillars 1 and 2
On 31 January 2024, the U.S. Congressional Research Services (CRS) published the revised "In Focus" report on International Tax Proposals Addressing Profit Shifting: Pillars 1 and 2. On June 5, 2021, finance ministers of the Group of 7 (G7)
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Malta Issues guidelines on reduced VAT on pleasure boat hiring
On 31 January 2024, Malta’s Commissioner for Revenue issued Guidelines for the application of the 12% VAT rate on the hiring of pleasure boats. This follows after the recent amendments to the Value Added Tax Act, which extended the 12% VAT rate to
See MoreAustralia: ATO issues guidance on hybrid mismatch rules
On 30 January 2024, the Australian Taxation Office (ATO) published guidance on the hybrid mismatch rules. The guidance explains why hybrid mismatch rules exist, how hybrid mismatch rules work and when they should be applied. Australia's hybrid
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Latvia approves draft law to partially enact pillar 2 global minimum tax
On 30 January 2024, the Latvian Cabinet of Ministers passed a draft legislation, Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups, for the partial implementation of the Pillar 2 global minimum tax (GloBE) rules in accordance
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Italy: Deadline for initial DAC7 reporting extended
On 30 January 2024, Italy’s Revenue Agency released the Provision (Measure) of 30 January 2024. This legislation is related to the implementation of new regulations regarding the exchange of income information from sellers on digital platforms
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