Switzerland updates list of jurisdictions under MCAA for CbC reporting
The Swiss Official Gazette published Decision No. RO 2024 502, which updates the list of participating jurisdictions under the Multilateral Competent Authority Agreement (MCAA) for the exchange of country-by-country (CbC) reports on 16 September
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Armenia increases late payment interest rate
Armenia’s Parliament has approved the draft law to increase the late payment interest rate from 0.04% to 0.075% for each overdue day. The revised interest rate will go into effect from 1 January 2025. This law was adopted by parliament in
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Poland approves draft legislation to simplify VAT obligations for small businesses
Poland's Ministry of Finance announced that it has approved a draft bill aimed at simplifying and modifying VAT regulations for small businesses on 10 September 2024. The legislation aims to simplify administrative obligations by introducing the
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US: House Republican leaders, Ways and Means members oppose Pillar Two deal in letter to OECD
Key Republican leaders in the US House of Representatives, including Speaker Mike Johnson and House Majority Leader Steve Scalise, House Majority Whip Tom Emmer, House Ways and Means Committee Chairman Jason Smith, and and all other Republican
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Lithuania: President approves law to end tax treaty with Russia
Lithuania’s President, Gitanas Nausėda, approved a draft law for terminating the 1999 tax treaty with Russia, which was submitted to the parliament for consideration on Monday, 16 September 2024. According to the treaty's stipulations, a
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Russia: Central Bank hikes key interest rate
The Central Bank of Russia (CBR) raised its key interest rate from 18% to 19% on 13 September 2024. This decision is vital as the key interest rate is utilised for calculating interest deductions and late payment interest on overdue taxes in
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India eliminates windfall tax on crude oil
According to a government notification, the Indian government announced the elimination of the windfall tax on crude oil, which had been set at INR1,850 per tonne on Tuesday, 17 September 2024. The new policy will take effect from today, 18
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UK enacts Budget Responsibility Act 2024
The UK Budget Responsibility Act 2024 received royal assent on 10 September 2024. The legislation stipulates that the Office for Budget Responsibility (OBR) must analyse any proposed Government measure deemed "fiscally significant," as well as
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Russia: FTS issues new transfer pricing reporting requirements
Russia's Federal Tax Service (FTS) has introduced new guidelines requiring detailed disclosure of the price formation chain in controlled transactions for transfer pricing purposes. According to Guidance Letter ZG-2-13/11134, issued on 2 August
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OECD Policy Brief Examines Incentives for Innovation
An OECD Policy Brief of 17 September 2024 examined government support for innovation and how this can be directed towards priority objectives. The policy brief uses recent evidence on how governments direct financial support to innovation, based on
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Finland consults tax credits for major industrial investments in net-zero transition
Finland's Ministry of Finance has initiated a public consultation regarding a tax credit aimed at large industrial investments that facilitate the transition to a net-zero (climate-neutral) economy. The government decided on the preparation of the
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El Salvador publishes application guide for Tax Amnesty 2024
El Salvador’s General Directorate of Internal Taxes at the Ministry of Finance has released a guidance to assist taxpayers in navigating the Special and Transitory Law that provides options for the voluntary settlement of tax, customs, and other
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Australia proposes draft law to simplify small business taxes, enhance foreign capital gains compliance
Australia’s government has proposed a new legislation to alleviate the administrative burden of tax processes for small businesses while enhancing capital gains withholding compliance for foreign residents. The draft legislation, ‘The
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Netherlands reveals 2025 budget and tax plan
Netherlands’ State Secretary for Tax Affairs and the Tax Administration, Folkert Idsinga, presented the 2025 Budget including the 2025 Tax Plan to the House of Representatives on Tuesday, 17 September 2024. The package contains a range of
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Colombia: Government to stand firm on 2025 budget value
Colombia's Finance Minister Ricardo Bonilla says that the proposed 2025 budget will remain at COP 523 trillion (approximately USD 123.9 billion) in an interview with Reuters on Tuesday, 17 September 2024. Earlier, Congress had refused to approve
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Turkey updates CbC reporting notification deadline
Turkey Revenue Administration introduced amendments to the country's transfer pricing regulations which revises the deadlines and authority responsible for overseeing transfer pricing compliance, particularly for Country-by-Country (CbC) reporting,
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OECD: Report on Simplified Peer Review of Egypt under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Egypt under Action 14 of the project on base erosion and profit shifting (BEPS). The report sets out the results of Stage 1 of the simplified peer review of the
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OECD: Report on Simplified Peer Review of Nigeria under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Nigeria under Action 14 of the project on base erosion and profit shifting (BEPS). The report sets out the results of Stage 1 of the simplified peer review of the
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