Ireland: Revenue issues new guidance on leasing ringfences
Irish Revenue has released eBrief No. 307/24 on 10 December 2024, providing new guidance on leasing ringfences, outlined in the Tax and Duty Manual 12-04-02 – Leasing Ringfences – Sections 403 and 404 of the Taxes Consolidation Act 1997. The
See More
India: GST Council rejects airlines’ proposal to include aviation fuel under GST framework
India's GST Council has rejected the airline industry's proposal to bring Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST) framework. The announcement was made by Finance Minister Nirmala Sitharaman following a meeting on 21
See More
Pakistan: Proposed Tax Laws (Amendment) Bill 2024 strengthens measures against non-filers
Pakistani Finance Minister Muhammad Aurangzeb presented the Tax Laws (Amendment) Bill, 2024, to the National Assembly on 18 December 2024 to strengthen measures against non-filers. The proposed bill introduces strict measures targeting
See More
Italy to allow software based storage, transmission of daily receipt data reporting
Italy has published Legislative Decree 1/2024 on Rationalization and Simplification of the Rules on Tax Compliance in 2024. The decree was designed to streamline compliance and enhance efficiency for businesses. Under Article 24, using software
See More
Denmark updates dividend taxation rules for resident, non-resident companies
Denmark’s Parliament passed Bill No. L 28 on 19 December 2024, introducing changes to the country’s tax laws, including updates to the taxation of dividends paid to resident and non-resident companies, effective from 1 January 2025. The new
See More
Portugal postpones mandatory SAF-T submission
Portugal has announced the postponement of mandatory submission of the Standard Audit File for Tax (SAF-T), which was initially scheduled for 2026. The new deadline has been pushed to 2027 following the approval of the state budget, allowing
See More
Bulgaria to introduce mandatory SAF-T filing from 2026
The draft law for Bulgaria's 2025 State Budget, published on 9 December 2024, introduces several amendments, including a requirement for businesses to submit standard audit files (SAF-T). This new rule will apply to most companies, with
See More
Luxembourg: Parliament approves 2025 budget law
Luxembourg’s Parliament approved the 2025 budget law on 19 December 2024. It introduces a 50% reduction in the taxable base for registration and transcription duties on real estate acquisitions, in addition to the existing EUR 40,000
See More
Cyprus updates beneficial owners register framework
Cyprus’ Department of the Registrar of Companies and Intellectual Property (DRCIP) have announced several amendments to The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, which was published on 6 December
See More
Italy introduces rules to prevent VAT fraud on imports
Italy has published two decrees to prevent value added tax (VAT) fraud on imports under EU Directive 2006/112/EC. Decree 4/12/24 and Decree 9/12/24, was published in the official gazette on 9 December 2024 and 13 December 2024. The decrees
See More
Canada: Budget deficit shrinks in first 7 months of 2024/25
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
See More
Brazil: Congress approves OECD Pillar Two rules
Brazil’s Congress has passed Bill of Law 3,817/24 on 18 December 2024, incorporating the OECD’s Global Base Erosion (GloBE) Pillar Two rules in the Brazilian tax legislation, which introduces an effective minimum taxation of 15% through an
See More
US: IRS, Treasury propose rules for tax professionals who can practice before the IRS
The US Department of the Treasury and the Internal Revenue Service issued IR-2024-315 on 20 December 2024, in which it proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained
See More
UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax
Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary
See More
UK: Draft Scotland 2025-26 budget increase hospitality tax relief
Scotland’s Cabinet Secretary for Finance and Local Government has presented the draft Scottish Budget 2025-2026 on 4 December 2024. The draft budget proposes various tax measures, including the extension of 100% rate relief for hospitality
See More
Brazil: Chamber of Deputies approve indirect tax reform
Brazil's Chamber of Deputies have approved a law to regulate the country's indirect tax reform after it has returned from the Senate (upper house) with amendments on 17 December 2024. This follows after Brazil passed Constitutional Amendment No.
See More
Italy: Chamber of Deputies approve 2025 budget
Italy's government has secured a win in the Chamber of Deputies on 20 December 2024 by securing a confidence vote on its 2025 budget. The budget seeks to reduce next year’s fiscal deficit to 3.3% of gross domestic product (GDP), down from the
See More
Switzerland, France extend taxation of telework agreement until 2025
The Swiss Federal Tax Administration announced that Switzerland and France have signed an agreement which extends the current tax framework for cross-border teleworkers on 17 December 2024.This agreement allows individuals working across borders to
See More