Nigeria imposes levy on electronic money transfers
Nigeria's Federal Inland Revenue Service (FIRS) will implement an electronic money transfer levy of NGN 50 on transfers of NGN 10,000 and above, starting 9 September 2024. Introduced in the Finance Act 2020 and regulated in late 2021, the levy
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Chile revises income tax form for select taxpayers
Chile’s Tax Authority (Servicio de Impuestos Internos - SII) has issued Resolution Ex. SII 87-2024 regarding the updates made in tax Form No. 1943 and certificates Nos. 57 and Nos. 58. The revised tax forms include new fill-out instructions for
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Poland updates transfer pricing reporting FAQs
Poland’s Ministry of Finance released the fifth edition of the transfer pricing reporting Q&A (TPR Guide 2023) on 4 September 2024, offering an updated collection of answers to frequently asked questions about transfer pricing reporting
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UK releases new transfer pricing compliance guidelines
The UK’s tax authority, HM Revenue & Customs (HMRC), published new transfer pricing compliance guidelines, Guidelines for Compliance—Help with common risks in transfer pricing approaches—GfC7’ (Guidelines for Compliance), on 10 September
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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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Saudi Arabia issues fees rules on customs services provided at ports
The Saudi Arabian 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
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IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
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South Africa: SARS issues interpretation note 15 (Issue 6) on extending objection and appeal deadlines
The South African Revenue Service (SARS) has issued INTERPRETATION NOTE 15 (Issue 6) on 30 August 2024. This Note provides guidance on the considerations that a senior SARS official will take into account when exercising a discretion to extend the
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Ukraine: MCAA CbCR agreement comes into force
The Ukrainian Ministry of Finance issued a reminder about the commencement of the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR) on 2 September 2024. Ministry of Finance of Ukraine reminds
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Poland introduces new deposit refund system and VAT rules
Poland has introduced a new deposit-refund system for beverage packaging for retail and wholesale sellers, which is expected to be implemented on 1 January 2025. This system will also introduce updated rules for settling value-added tax (VAT) for
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EU executive vice president for transfer pricing bill progress
In a press conference on 10 September 2024, Margrethe Vestager, the Executive Vice President of the European Commission, urged EU countries to develop proposals to reform transfer pricing and tackle the issue of shell companies after expressing her
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Singapore introduces global minimum tax legislation and amendments to income tax act
Singapore has introduced legislation for a previously announced domestic top-up tax, aligning with Pillar 2 global minimum tax. Multinational Enterprise (Minimum Tax) Bill 33/2024, introduced in Parliament on 9 September 2024, mandates that large
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Taiwan: NTBNA clarifies evidence requirements for tax evasion reports
Taiwan's Ministry of Finance has released a notice outlining the evidence requirements for reporting tax evasion. The National Taxation Bureau of the Northern Area （NTBNA), Ministry of Finance, indicated that, since online media is quite
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Greece proposes new digital transaction fee to replace stamp duty
The Greek parliament is reviewing a draft bill from the Ministry of Finance, submitted on 2 September 2024. The bill proposes eliminating stamp duty and introducing a new digital transaction fee of up to 3.6% on certain transactions. The new
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Independent commission favours UN STTR over OECD for corporate tax reform
The Independent Commission for the Reform of International Corporate Taxation (ICRICT) released a report analysing the OECD and UN versions of the Subject to Tax Rule (STTR). Both versions enable source states to impose a minimum tax on payments
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Nigeria proposes VAT rate hike, reduction of VAT on essentials
Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee stated on 5 September 2024 that the committee proposes the elimination or reduction of VAT on essential items like food, housing, and public
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Romania grants tax amnesty for interest and penalties on unpaid taxes
The Romanian government enacted an Emergency Ordinance on 4 September 2024 to regulate fiscal and budgetary measures to address the budget deficit. The Emergency Ordinance also includes proposed measures aimed to enhance budget claims collection
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Malaysia ends consultation on extended tax incentives for BioNexus companies
The Inland Revenue Board of Malaysia (IRBM) concluded a brief public consultation regarding a draft public ruling on tax incentives for investments in BioNexus status companies (BSC) on 10 September 2024. The objective of this Public Ruling (PR) is
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