OECD: Further Reviews of Harmful Tax Practices
On 27 August 2024 the OECD released an update on the reviews by the Forum on Harmful Tax Practices of aspects of the tax regimes of some member countries of the Inclusive Framework under Action 5 of the project on base erosion and profit shifting
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US: IRS grants limited relief for underpayment of CAMT-related estimated tax
The US IRS released Notice 2024-66, on 12 September 2024, which provides relief from the addition to tax under section 6655 of the Internal Revenue Code (Code) for underpayment of estimated income tax by a corporation to the extent the amount of any
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Netherlands consults revised VAT bill for immovable property services
The Netherlands’ Ministry of Finance released an updated draft bill for public consultation, on 6 September 2024, regarding changes to the value-added tax (VAT) on services related to immovable property. This includes properties such as buildings
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Panama: Municipality announces tax amnesty programme
The Municipality of Panama has introduced a tax amnesty programme that grants exemptions from interest, penalties, and fines for individuals and legal entities, as per Agreement No. 200, on 20 August 2024. To qualify, participants must settle
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Philippines sets 20% corporate tax for companies under enhanced deduction
The Philippine Senate passed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act on 9 September 2024. The Create More Act modifies the Create Act, which was enacted
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Australia outlines impact of debt deduction rules on private groups
The Australian Taxation Office (ATO) has summarised thin capitalisation and how debt deduction creation rules (DDCR) affect private groups on 3 September 2024. New information has been released to help taxpayers understand how the DDCR interacts
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Spain implements new rules for VAT self-assessment corrections
The Spanish Boletín Oficial del Estado (BOE) published Order HAC/819/2024, dated 30 July, which introduces necessary changes to VAT form 303 for implementing self-assessment corrections in VAT on 5 August 2024. Order HAC/819/2024, of 30 July,
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Portugal abolishes extraordinary contribution on local accommodation
Portugal issued Decree-Law No. 57/2024 in the Official Gazette on 10 September 2024, abolishing the extraordinary contribution on local accommodation (CEAL). It also abolished the increased ageing coefficient previously used to calculate the tax
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Italy approves revised taxpayer reliability indices for 2023 tax period
Italy’s Ministry of Economy and Finance approved the revised synthetic indexes of taxpayer reliability (Indici Sintetici di Affidabilità fiscale, ISA) for specific business sectors for the 2023 tax period; issued a decree on 29 April 2024,
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El Salvador launches tax amnesty programme for debt relief
El Salvador's Ministry of Finance has introduced a new tax amnesty programme, enabling the settlement of outstanding tax and customs obligations without interest, surcharges, or fines. The 2024 Tax Amnesty aims to assist insolvent taxpayers in
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Turkey clarifies amendments to VAT law, seeks public feedback
The Turkish government has released a draft Communiqué detailing the amendments to VAT under Law No. 7524.The draft Communiqué (Serial No: 52) outlines the procedures and principles for implementing amendments to the Value Added Tax Law No. 3065,
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US: IRS proposes new corporate alternative minimum tax (CAMT) rules
The US Internal Revenue Service (IRS) issued IR-2024-235 on 12 September 2024, proposing regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum
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Azerbaijan exempts VAT for import of certain fixed assets under leasing contracts
The Cabinet of Ministers of Azerbaijan approved Resolution No. 383, which exempts the import of certain fixed assets under leasing contracts from value-added tax (VAT) on 3 September 2024. The resolution provides a list of 136 categories of fixed
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Saudi Arabia issues fees rules on customs services provided at ports
The Zakat, Tax and Customs Authority (ZATCA) has announced the issuance of a decision by its Board of Directors regarding the Fee Rules on Customs Services, which includes specifying the fees on customs services provided by ZATCA and the conditions
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India: GST Council announces key recommendations from 54th meeting
India's Press Information Bureau has issued a statement from the Ministry of Finance regarding the recommendations from the GST Council's 54th meeting, which took place on 9 September 2024. The 54th GST Council met under the Chairpersonship of
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Venezuela further extends VAT, customs duty exemption on imports of certain goods
Venezuela has extended its VAT and customs duty exemptions on certain imports through Decree No. 4.985, published in the Official Gazette on 30 August 2024. This latest decree continues the exemptions initially granted by Decree No. 4.907, which
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Italy approves model form for special economic zone investment tax credit
Italy’s tax authorities approved the Protocol No. 350036/2024 on 9 September 2024, introducing a model form for the supplementary communication that eligible taxpayers must submit to obtain the tax credit for investments made in the single
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Ghana introduces phase two of VAT e-invoicing
The Ghana Revenue Authority (GRA) released a public notice regarding the implementation of the second phase of the Electronic VAT Invoicing System. The system is expected to assist businesses and the tax authority in obtaining real-time monitoring
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