Slovak Republic considers extending solidarity contribution for oil, gas sectors
Slovak Republic parliament has accepted a draft bill for consideration proposing to extend the temporary solidarity contribution on the crude petroleum, natural gas, coal, and refinery sectors. Originally set to apply to profits from fiscal years
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Thailand: Cabinet approves STTR MLI letter of intent
Thailand’s Council of Ministers approved a letter of intent to sign the Multilateral Convention for the Pillar Two Subject-to-Tax Rule (STTR MLI), according to a government release on 27 August 2024. Thailand's finance minister is expected to
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Saudi Arabia consults proposed amendments to VAT implementation regulations
Saudi Arabia Zakat, Tax and Customs Authority (ZATCA) announced proposed amendments to the VAT Implementation Regulations on 28 August 2024, now open for public consultation until 17 September 2024. The proposed changes aim to align Saudi tax
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South Africa publishes guidance for withholding tax on royalties
The South African Revenue Service (SARS) has issued guidance on withholding tax for royalties, providing clarification on the completion of the Withholding Tax on Royalties return (WTR01), how to make payment on eFiling and apply for a refund using
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OECD publishes reference guide on tax authority organisation
The OECD announced the publication of a reference guide to enhance national tax system administration yesterday, 29 August 2024. This reference guide presents the critical features to be considered in designing the organisational arrangements for
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Ireland updates R&D relief guidance
Irish Revenue has updated the guidance on relief for key employees involved in R&D activities, detailed in eBrief No. 228/24, on 27 August 2024. This relief permits employees to benefit from the R&D tax credit or any excess R&D
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El Salvador to grant tax exemption for fintech, digital finance firms
El Salvador's Ministry of Economy has reportedly presented a draft bill to the Legislative Assembly, proposing new tax incentives for fintech and digital financial service companies. The bill, titled “Law for the Promotion of Fintech Entities
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Australia: Victoria plans tax on short-term rentals
The government of Victoria has proposed the Short Stay Levy Bill 2024 in the state parliament. This bill aims to implement a 7.5% tax on short-term accommodation bookings (less than 28 days), effective from 1 January 2025. A short stay in
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UK: PM warns of ‘painful’ October budget, unveils GBP 22 billion financial gap
UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) budget
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US: Maine joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 27 August 2024, that Maine will be the latest state to join the IRS Direct File for Filing Season 2025. Following a successful Pilot Program in 12 states that saw
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US: IRS struggles to tackle tax avoidance by multinational corporations
The US Treasury Inspector General for Tax Administration (TIGTA) issued a partially redacted report on 26 August 2024, highlighting the challenges the US Internal Revenue Service (IRS) encounters in tackling tax avoidance strategies deployed by
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Australia: Victoria consults draft ruling for business insurance tax
Victoria's State Revenue Office (SRO) issued a draft revenue ruling for public consultation concerning the duty (tax) obligations on business insurance premiums. The consultation is set to conclude on 25 September 2024. Under the Duties Act
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New Zealand introduces Taxation 2024–25 Tax Bill, proposes incorporating CARF into law
New Zealand’s Minister of Revenue, Hon Simon Watts, introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House on 26 August 2024. The Bill passed its first reading on 29 August
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Australia updates corporate tax transparency reporting 22-23
The Australian Taxation Office (ATO) has updated corporate tax transparency for the 2022–23 income year and onwards. The corporate tax transparency population includes any corporate tax entity that has total income equal to or exceeding AUD 100
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Switzerland approves VAT reform with key changes from 2025
The Federal Council of Switzerland has approved VAT reform, effective 1 January 2025. The reforms introduce several key changes, which are as follows: A new voluntary balance and flat-rate tax method to simplify compliance for VAT flat rate
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UAE: FTA urges june-licensed juridical entities to register for corporate tax by August 2024
The UAE Federal Tax Authority (FTA) has issued a reminder for juridical persons licensed in June to submit their Corporate Tax registration applications by 31 August 2024. The Federal Tax Authority (FTA) has renewed its calls for Resident
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Singapore rules partnership profit from business sales to be classified as capital gains
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 01/2024, addressing whether the profit a partnership earns from selling its business to a company is considered capital in nature on 28 August 2024. Subject:
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Czech Republic revises list of jurisdictions for automatic financial information exchange
The Czech Republic has released Financial Bulletin No. 6/2024, which offers an updated roster of contracting states and jurisdictions engaged in the automatic exchange of financial account information under the OECD Common Reporting Standard (CRS).
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