Finland presents 2025 Budget proposal to the parliament
Finland’s Ministry of Finance submitted its proposal for the 2025 Budget and other related legislative proposals to the Parliament on 23 September 2024. The budget’s central government expenditure amounts to EUR 88.8 billion and revenue to EUR
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Ukraine to align tax legislation with OECD standards
Representatives of the Ministry of Finance of Ukraine and State Tax Service of Ukraine announced that the country will align its tax legislation with OECD standards. Representatives of Ukraine at the invitation of the Organisation for Economic
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Ireland releases pre-filing notification forms for R&D corporation tax credit
Irish Revenue has published eBrief No. 239/24, announcing the release of pre-filing notification forms for the R&D Corporation Tax Credit on 13 September 2024. The R&D Corporation Tax Credit pre-filing notification forms in respect of
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Singapore recognises MCAA-CbC international tax compliance agreement with Ukraine
Singapore has officially recognised the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports with Ukraine as an international tax compliance agreement, it was published in Order No. S 731 on 20
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UK: HMRC issues new guidance for non-UK companies involved in property sector
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released new guidance for non-UK resident companies involved in the property sector within the United Kingdom on 17 September 2024. This update is particularly important for
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US proposes new regulations for electric vehicle charging stations
The Department of Treasury and Internal Revenue Service released IR-2024-240 on 18 September 2024, announcing proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended
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Russia clarifies VAT repayment rules for simplified tax system transition
The Russian Ministry of Finance (MoF) has announced updates regarding VAT repayment rules for legal entities and individual entrepreneurs transitioning to the simplified tax system, outlined in Guidance letter No. 03-07-11/69416 on 17 September
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Spain: Council of Ministers approve crypto-asset reporting framework
The Spanish Council of Ministers approved a draft bill to implement the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) DAC8 – which integrates the OECD's crypto-asset reporting framework (CARF) into the
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Luxembourg updates DAC7 tax reporting rules
Luxembourg’s Tax Administration for Direct Taxes (Administration des Contributions Directes - ACD) issued a newsletter on registering and declaring reporting obligations resulting from the Amending Directive to the 2011 Directive on Administrative
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Chile updates annual global tax affidavit form
Chile's Internal Revenue Service (SII) has released SII Exempt Resolution No. 84 of 30 August 2024, which includes an updated Form No. 1913 (Annual Affidavit of Global Tax Characterisation) along with filing instructions. The Form No. 1913 is
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Brazil updates reporting requirements for legal entities with tax benefits
Brazil published Normative Instruction No. 2.216 in the Official Gazette, on 5 September 2024, which updates and supersedes the annex of Normative Instruction No. 2.198 from 17 June 2024 (Declaration of Incentives, Waivers, Benefits, and Immunities
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US: Congressional Research Service reviews possible changes to estate tax
The Congressional Research Service (CRS) of the US Library of Congress has explored options for reforming estate taxation as per the R48183 report on 16 September 2024. The estate tax is imposed on bequests at death, whereas the gift tax applies
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Slovak Republic enacts sugar tax, targets sweetened nonalcoholic beverages
The Slovakian Parliament enacted the Act on Tax (sugar tax) targeting sweetened nonalcoholic beverages on 11 September 2024. This follows after the Slovak Republic’s Ministry of Finance initiated a public consultation on draft legislation in
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Poland to present 2024 budget changes due to floods in two weeks
Devastating floods have afflicted Poland since 22 September 2024, prompting the government to introduce changes to the 2024 budget. According to Finance Minister Andrzej Domanski, the government will make necessary changes to the budget within two
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Nigeria to launch e-invoicing for improved tax compliance
Nigeria’s Federal Inland Revenue Service (FIRS) announced it will introduce the FIRS e-invoicing system under the the Tax Administration and Enforcement Act 2007 on 18 September 2024. The FIRS e-invoicing system will be an online digital
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Nigeria reinstates cybersecurity levy with reduced rate
Nigeria’s Central Bank (CBN) announced that it is reintroducing a 0.005% levy on all electronic transactions conducted by banks and financial institutions under the “Cybercrime (Prohibition, Prevention, etc.) Act, 2015” on 17 September
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Netherlands updates decree on participation exemption
The Netherlands’ government announced that the Decree on applying for participation exemption was updated and gazetted on 20 September 2024. The Decree No. 2024-20865 of March 19, 2020, was published in Official Gazette No. 29719. This Decree
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Finland proposes amendments to minimum tax act
Finland's government presented the draft legislation HE 98/2024 vp to the parliament to amend the Minimum Tax Act on 20 September 2024. The Minimum Tax Act was enacted at the end 2023 to facilitate the implementation of the Pillar Two global
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