UK launches consultation on safe harbour anti-arbitrage rule transition to domestic law
The UK Treasury released draft legislation for consultation on implementing the transitional safe harbour anti-arbitrage rule. This initiative ensures the rule aligns with the OECD's G20 Inclusive Framework's December 2023 Administrative
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UAE clarifies corporate tax for juridical persons in the first tax period
The UAE Federal Tax Authority (FTA) released a public clarification, on 13 August 2024, confirming that the first Tax Period of a newly established company, in respect of a juridical person subject to Corporate Tax, is determined by the first
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Switzerland raises VAT to support extra pension payments
Switzerland’s Federal Department of Home Affairs, in a release on 14 August 2024, clarified the consultation on the implementation and financing of the 13th AHV pension at its meeting on 14 August 2024. The consultation was held regarding securing
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Italy passes legislative decree on VAT scheme for small businesses
Italy’s Council of Ministers has preliminarily approved a draft Legislative Decree for the implementation of the Amending Directive to the VAT Directive (2020/285) and the Amending Directive To The VAT Directive (2022/542). This decree
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Israel to implement Pillar Two QDMTT in 2026
Israel's Ministry of Finance announced its initial plan to implement the qualified domestic minimum top-up tax (QDMTT) in 2026, as part of the OECD Pillar Two international tax reform. The enforcement of QDMTT will eliminate the need for Israeli
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Guatemala launches tool for third-party RTU management for taxpayers
Guatemala’s tax agency, Superintendencia de Administración Tributaria (SAT), has launched a new tool enabling authorised third parties to manage taxpayers' Unified Tax Registry (RTU) through SAT's virtual platform. The tool was introduced
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UN approves final draft of the terms of reference for international tax framework convention
The United Nations approved the final draft terms of reference (ToR) for the UN Framework Convention on International Tax Cooperation. The decision passed with a majority vote of 110 countries in favour, with 44 abstentions and eight countries
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Switzerland wants to negotiate revision to FTA with Japan
Switzerland wants to negotiate a revision to the 2009 free trade agreement (FTA) with Japan, the announcement was made through a press release on 7 August 2024. President Viola Amherd travelled to Tokyo on Wednesday, 7 August, to meet with
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Ecuador introduces new rules for large taxpayers on income tax, remittance credits
The Ecuadorian Tax Authority, Servicio de Rentas Internas (SRI), has introduced a Resolution No. NAC-DGER CGC24-00000030 which allows large taxpayers to utilise credit notes from the remittance tax to offset their income tax obligations. The
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Poland approves cash basis law for small entrepreneurs
The Polish Council of Ministers approved a draft law allowing small-scale entrepreneurs to use cash-based settlement of revenues and costs on Tuesday, 13 August 2024. This option, referred to as “Cash PIT” will be available to independent
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Canada seeks comments on new entrepreneurs’ incentive
Canada’s Department of Finance has put forward a proposal to enhance the Canadian Entrepreneurs' Incentive as part of recently released draft legislative measures on 12 August, 2024. The Department is seeking public comments on these changes
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Puerto Rico extends deadline for 2023 financial statements filing, property tax filing
Puerto Rico’s Department of State announced on 12 August 2024, that it extended the deadline for filing the 2023 annual report with audited financial statements to those corporations or legal entities that accepted the second extension to
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Switzerland consults on determination of partner states for cryptoassets AEOI
The Swiss Federal Council has initiated a public consultation on selecting partner states for the automatic exchange of information regarding cryptoassets on Wednesday, 14 August 2024. The Federal Council wants to use the bill to determine when
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Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030
The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024. This initiative is aimed at existing manufacturing and agricultural companies that
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Germany revises transfer pricing guidelines for intra-group financing
Germany’s Federal Ministry of Finance (BMF) has issued a draft version of the Administrative Principles for Transfer Pricing 2023 (VWG VP), on 14 August 2024. This revision incorporates the new regulations found in Section 1, Paragraphs 3d and 3e
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Argentina sets deadlines for new tax, customs, social security regularisation
The Argentine tax authority (AFIP), in a release, on 15 August 2024, provided clarification about the "My Facilities" system, which taxpayers must utilise to participate in the regularisation regime for tax, customs, and social security obligations
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Australia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
See MoreWTO: World Tariff Profiles 2024
On 25 July 2024 the WTO published World Tariff Profiles 2024, which sets out information on tariffs and non-tariff measures imposed by more than 170 countries and customs territories. The publication is issued jointly with the International Trade
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