Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
Philippines' Department of Finance announced that President Ferdinand R. Marcos, Jr. enacted Republic Act (RA) 12023 on 2 September 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
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Chile announces tax submission deadlines for 2025
Chile’s Internal Revenue Service (SII) issued Resolution Ex. SII No. 91-2024 on 12 September 2024, outlining the deadlines for submitting various tax forms in 2025. The resolution went into effect on the date of publishing. The forms and
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Chile passes tax compliance bill with income, VAT, transfer pricing measures
Chile’s Senate has approved the Tax Compliance Bill on 24 September 2024, which will be presented to the Lower House for final approval. The newly approved tax measures include modifications to the general anti-avoidance rule (GAAR), statute of
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Poland: Lower parliament evaluates draft law to enact Pillar Two global minimum tax
Poland's Sejm (lower house of parliament) is currently reviewing a draft law, submitted on 25 September 2024, to implement the Pillar Two global minimum tax in accordance with Council Directive (EU) 2022/2523 from 14 December 2022. The draft law
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Ireland announces 2025 budget, EUR 10.5 billion in tax cuts
Ireland's Department of Finance published the Budget 2025 on yesterday, 1 October 2024. The Irish government's latest budget mentions EUR 10.5 billion in tax cuts and spending increases. Additionally, the budget outlines how the government plans
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Ireland consults tax treatment of interest
Ireland's Department of Finance has announced the initiation of a public consultation regarding the tax treatment of interest on Friday, 27 September 2024. Irish tax legislation includes a number of provisions allowing for the deductibility of an
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Cyprus sets deadline for ultimate beneficial owners information
The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has declared that all companies and partnerships registered under the Companies Law, including European Public Limited Liability Companies, should log into the UBO
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Brazil extends tax incentives for semiconductor industry
Brazil has extended the tax incentives for the semiconductor and information and communication technology sectors until 31 December 2029, published in Law No. 14.968, dated 11 September 2024 in the Official Gazette. The incentives include the
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Panama introduced procedure to allow transfer of tax credits
Panama’s tax administration (Dirección General de Ingresos, DGI) introduced a procedure that allows taxpayers to transfer tax credits from income tax, property tax, education insurance tax, complementary tax, and dividend tax to another
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Dominican Republic extends CbC reporting deadline
The Dominican Republic's Directorate General of Internal Revenue (DGII) announced a second extension for the submission deadline of Country-by-Country (CbC) reports, published in Notice 16-2024, dated 30 August 2024. The new deadline for
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Germany seeks to extend deadline for transfer pricing documentation reporting, reduce bureaucratic burden on taxpayers
Germany’s government has proposed to extend the deadline for taxpayers to submit detailed transfer pricing documentation, and to revise the guidelines for how companies compile information for audits. Germany's first chamber approved a bill
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UN publishes draft guidance on carbon offsets, carbon credits in transfer pricing
The UN Subcommittee on Transfer Pricing published an advanced unedited version of the guidance Interstitial Guidance on Transfer Pricing of Carbon Offsets and Carbon Credits on 28 August 2024. The draft is an updated version of a document
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Zambia presents 2025 budget
Zambia’s Minister of Finance and National Planning, Situmbeko Musokotwane, presented the 2025 National Budget to the National Assembly on Friday, 27 September 2024. “The 2025 budget is premised on economic recovery and promoting growth to
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South Africa updates corporate income tax return form, allows additional allowance for renewable energy production
The South African Revenue Service (SARS) has updated the corporate income tax return form (ITR14 form), allowing taxable entities to claim section 12BA allowances on 16 September 2024. The 12BA allowance offers a 125% enhanced allowance for
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Ireland publishes responses on second feedback statement for introduction of participation exemption for foreign dividends
The Irish Government published the responses collected from the second feedback statement regarding the implementation of a participation exemption regime for foreign dividends on 25 September 2024. It includes potential draft proposals for the
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Lithuania moves towards full implementation of Pillar Two global minimum tax
Seimas, the Lithuanian parliament is reviewing a draft law to fully implement the Pillar Two global minimum tax, in line with Council Directive (EU) 2022/2523 of 14 December 2022. According to the draft, the law for full implementation is set to
See MoreOECD: Latest Edition of Tax Policy Reforms
On 30 September 2024 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This annual publication provides comparative information on tax reforms in a number of countries. The latest report looks at the
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Poland to implement Crypto-Asset Reporting Framework (CARF)
Poland's Ministry of Finance in a release announced that Poland will enact the Crypto-Asset Reporting Framework (CARF) on 24 September 2024. The Crypto-Asset Reporting Framework (CARF) is a standard for reporting and exchange of tax
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