Thailand extends reduced VAT rate until 2025
Thailand’s Cabinet approved a resolution extending the reduced 7% VAT rate on imports, sale of goods, and provisions of services until 30 September 2025. The extension pushes the previous end date from 30 September 2024. The announcement was
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Taiwan issues guidance on foreign tax credit evidence requirements
The National Taxation Bureau of Taipei, Ministry of Finance, stated that for any profit-seeking enterprise having its head office within the territory of the China, profit-seeking enterprise income tax shall be levied on its total profit-seeking
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Germany: Tax revenue grows 5.3% in August
Germany's federal and state governments' tax revenue rose 5.3% in August when compared to the same month last year, said the finance ministry on Friday, 20 September 2024. According to the ministry's monthly report, tax revenue collected by
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Malta updates income tax deduction rules for capital expenditure on intellectual property
The government of Malta has issued a legal notice revising the local rule on deductions for capital expenditure related to intellectual property or intellectual property rights for income tax purposes on 13 September 2024. The provisions of these
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Malta expands VAT exemption for healthcare
The government has released a legal notice 228 of 2024 designating services by dental technicians, psychotherapy and counselling professions as medical professions for VAT exemption purposes under the Value Added Tax Act (Amendment of Fifth
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Greece announces initiatives to boost startup investments and mergers
The Greek government has announced changes to its Golden Visa programme in an attempt to boost the startup ecosystem and provide new investment opportunities. A residence permit (similar to the Golden Visa) will be awarded to non-resident
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Armenia withdraws plan to toughen tax crime penalties
Armenia’s government announced that it is reconsidering its proposal to impose stricter criminal penalties for tax violations after receiving criticism from entreprenuers. This has compelled the Armenian tax authority, the State Revenue
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European Commission to end anti-subsidy measures on woven, glass fibre fabrics imports from China, Egypt
The European Commission (EC) issued the Notice of the impending expiry of certain anti-subsidy measures in the Official Journal of the European Union (OJEU) on 17 September 2024 concerning the woven and stitched glass fibre fabrics imports from
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Philippines: Finance Department promises easier business with Create More Act
The Philippines Department of Finance (DOF) has assured investors that the forthcoming enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximise Opportunities for Reinvigorating the Economy (CREATE MORE) Act will make it
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Australia endorses OECD subject to tax rule for multinational tax reform
Andrew Leigh, the Australian Assistant Minister for Competition, Charities, and Treasury, announced that Australia is committed to multinational tax reform through a Statement of Support for the OECD's 'Subject to Tax Rule' on 20 September
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Sweden presents Budget Bill 2025
The Swedish government presented its 2025 Budget Bill on 19 September 2024. This year, the government aims to shift its economic policy focus from fighting inflation to investing in long-term growth and security for a more prosperous and safer
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Bulgaria consults proposed tax amendments to align with EU laws, enhance VAT administration
The Bulgarian Ministry of Finance released proposals for amendments to the various tax legislations for public consultation on 18 September 2024. The proposed changes aim to align with European Union (EU) laws and enhance the administration of VAT
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Russia updates CbC automatic exchange report list
The Russian Federal Tax Service is completing a draft order for an updated list of states and territories for automatic exchange of Country-by-Country (CbC) reports, set to replace the list established in Russia's Order No. ED-7-17/1226@ dated 22
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Latvia considers temporary solidarity tax on credit institutions
Latvia's Ministry of Finance announced that it is developing a proposal for a temporary solidarity contribution from credit institutions to support national security on 18 September 2024. Solidarity contributions are planned to apply from 2025 to
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Italy: Council of Ministers approve draft of consolidated tax payment code
Italy’s Council of Ministers preliminary approved a legislative decree on 17 September 2024, introducing a consolidated text for the code governing tax payments and collections. The text contains current provisions from different regulatory
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Canada: CRA publishes guidance on new reporting rules for digital platforms
The Canada Revenue Agency (CRA) published guidance regarding the new reporting requirements for digital platform operators on 10 September 2024. Under the rules, reporting platform operators are now required to collect and report information on
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Egypt simplifies tax environment for businesses
The Egyptian Ministry of Finance announced a series of initiatives aimed at improving the tax environment for businesses; introducing a simplified tax regime for businesses with a turnover of up to EGP 15 million, covering small businesses, sole
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Hong Kong: Central Bank lowers interest rate by 0.5%
The Hong Kong Monetary Authority (HKMA) announced that it has reduced its base interest rate by 0.5% to 5.25% with immediate effect yesterday, 19 September 2024. This adjustment aligns with a recent decision by the US Federal Reserve, which
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