Ireland releases second consultation feedback on participation exemption for foreign dividends
Ireland's Department of Finance has released a second feedback statement for consultation on implementing a participation exemption for foreign-sourced dividends on 27 August 2024. Minister Chambers publishes second feedback statement on
See More
Philippines: Finance department’s 2025 budget focuses on digital tax administration
The Philippines’ Department of Finance announced plans to present its 2025 budget proposal to the Senate on 27 August 2024. This proposal emphasises digitalization to enhance the efficiency of tax administration. Finance Secretary Ralph G.
See More
Poland: No new property taxes on solar farms and installations
Poland’s Ministry of Finance clarified in a notice on 21 August 2024 that it has no plans to introduce new real estate taxes on photovoltaic farms and installations. The proposed amendments to the Act on Local Taxes and Fees seek to maintain
See More
Czech Republic proposes amendment to top-up tax for implementing global minimum tax directive
Czech Republic’s Ministry of Finance released a draft amendment to introduce a top-up tax, aligning with the EU directive on global minimum tax that took effect on 31 December 2023. The amendment to the top-up tax act seeks to clarify specific
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
See MoreIMF: Tax Policy Can Limit Carbon Emissions from AI and Crypto
An IMF blog of 15 August 2024, written by Shafik Hebous and Nate Vernon-Lin, indicated that tax policy can be used to restrict the surge in carbon emissions resulting from artificial intelligence (AI) and crypto. Owing to the amount of
See More
Romania proposes RO E-VAT compliance notice
Romania’s tax authority published a draft bill on 20 August 2024 regarding the layout and content of the RO e-VAT compliance notice. Romania’s government published a draft bill on 27 June 2024, detailing revisions to the layout and content of
See More
Costa Rica establishes objective selection criteria, specific risk criteria for report under CRS
Costa Rica published Resolution MH-DGT-RES-0019-2024 in the Official Gazette on 23 August 2024, establishing objective selection criteria and specific risk criteria for overseeing the reporting of financial accounts under the Common Reporting
See More
European Commission launches anti-dumping probe on Chinese steel track shoe imports
The European Commission is set to launch an anti-dumping investigation into steel track shoe imports from China. The Notice of initiation of an anti-dumping proceeding concerning imports of steel track shoes originating in the People's Republic of
See More
Kenya Revenue Authority wins KES 1 billion VAT fraud case
The Kenya Revenue Authority (KRA) announced that it won a KES 1 billion case against a Chinese company involved in a missing trader VAT fraud. Tax fraud investigations have exposed how a Chinese company fraudulently evaded payment of over KES 1
See More
Argentina annuls intermediary withholding of VAT, income tax
Argentina’s tax authority (AFIP) announced, in a release, that the withholding regimes for value-added tax (VAT) and income tax on electronic payments will be repealed, effective from 1 September 2024. This follows after Argentina’s Ministry
See More
Australia releases guidance on new debt deduction creation rules
The Australian Taxation Office (ATO) has released guidance on the new debt deduction creation rules, explaining how the rules apply to private businesses and privately owned groups in relation to the Division 7A loan rules. The new rules came
See More
OECD publishes public comments on GloBE Pillar Two information return XML schema, schema user guide
The OECD announced the release of feedback received in response to its 10 July 2024 public consultation concerning a draft XML schema and schema user guide, explaining the submission and exchange of standardised Pillar Two global minimum tax "GloBE
See More
Azerbaijan implements new e-commerce VAT regulations for non-residents
In July 2024, Azerbaijan’s State Tax Service introduced regulations for the electronic registration, re-registration, and de-registration of non-residents involved in e-commerce. Approved by the Cabinet and integrated into the Tax Code, these
See More
Macau authorises AEOI signing with Hong Kong
Macau authorised the signing of an agreement with Hong Kong for the automatic exchange of tax information on financial accounts (AEOI). The order – Chief Executive Order No. 45/2024 – in the Official Gazette on Monday, 26 August 2024. The
See More
Hong Kong updates lists of qualifying debt instruments
The Hong Kong Inland Revenue Department (IRD) has released updated lists of Qualifying Debt Instruments (QDIs) as of 30 June 2024. Qualifying Debt Instruments issued before 1 April 2018 Short Term/ Medium Term Debt Instruments Eligible for
See More
New Zealand revises emission trading scheme
New Zealand’s Climate Change Minister Simon Watts announced that the government has updated its Emission Trading Scheme (ETS) to better meet climate targets. The government will reduce the number of ETS units available between 2025 and 2029 from
See More
Venezuela grants one-year income tax exemption for cooperative associations
Venezuela's Official Gazette published Decree No. 4.976, introducing a one-year income tax exemption for cooperative associations on income earned within Venezuela on 12 August 2024. The exemption, effective from the date of publication and
See More