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
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New Zealand: Treasury reaffirms support for capital gains tax to strengthen tax system
The New Zealand Treasury has reaffirmed its support for introducing a capital gains tax as part of efforts to improve the country’s tax system. This advice, made public on 5 December 2024, follows an Official Information Act request by Radio New
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Ireland: Revenue releases guidance on new tax deduction for stock exchange listing costs
The Irish Revenue published eBrief No. 302/24 on 6 December 2024, detailing a new corporation tax relief under Section 81D TCA 1997. Companies can claim up to EUR 1 million in tax deductions for expenses incurred in their first stock exchange
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Hong Kong enacts Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures Bill
The Hong Kong Inland Revenue Department (IRD) passed the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 on 18 December 2024. This bill covers tax deductions for
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Ireland: Revenue updates guidance on anti-hybrid rules
The Irish Revenue has released eBrief No. 303/24, providing updated guidance on anti-hybrid rules on 10 December 2024. The purpose of anti-hybrid rules is to prevent arrangements that exploit the differences in the tax treatment of an instrument
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India: CBDT issues additional guidance on Direct Tax Vivad se Vishwas Scheme
The Central Board of Direct Taxes (CBDT) of India has released Circular No. 19 of 2024, offering additional guidance on the Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024, which came into effect on 1 October 2024. This provides further guidance
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Sri Lanka: President presents tax reform proposals to parliament
The President of Sri Lanka presented a series of tax reform proposals to Parliament on 18 December 2024, with several changes set to take effect in 2025. One of the key changes is a revision to the personal income tax structure, effective 1 April
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Ecuador imposes new tax on vehicle transfers to curb money laundering
Ecuador has enacted the Decree Law on the Organic Law for Improving Tax Collection through Combating Money Laundering on 10 December 2024. The Law introduces a new tax of up to 5% on used vehicle transfers, which must be paid by buyers, including
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Poland announces exemption from electronic submission of asset data
Poland’s Minister of Finance issued a regulation exempting most taxpayers (except those under Article 9(1d) of the corporate income tax law of 15 February 1992) from having to electronically submit fixed asset and intangible asset records for tax
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Kenya: KRA updates PAYE rules under Tax Laws (Amendment) Act 2024
The Kenya Revenue Authority has published a notice outlining changes to the PAYE computation following the enactment of the Tax Laws (Amendment) Act, 2024. The following changes shall be applicable in the computation of PAYE for December 2024 and
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Australia: 2024-25 Mid-Year Economic and Fiscal Outlook outlines new tax measures
The federal government released the 2024-2025 Mid-Year Economic and Fiscal Outlook (MYEFO) on 18 December 2024. The 2024-25 MYEFO did not introduce any significant tax reforms, but outlined several noteworthy tax proposals. The 2024–25 MYEFO
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OECD consults draft mining income ring-fencing toolkit
The Organisation for Economic Co-operation and Development (OECD) has released an announcement inviting public feedback on a draft toolkit published on 13 December 2024. This toolkit aims to assist developing countries address tax policy and
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Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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OECD introduces new tools to simplify transfer pricing (Amount B)
The OECD has announced the launch of new tools to streamline the implementation of Amount B under Pillar One aimed at simplifying transfer pricing rules. Amount B under the Two-Pillar Solution to Address the Tax Challenges of the Digitalising
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Hungary to launch small business VAT regime in 2025
The Hungarian tax authority has issued a notice on 10 December 2024 regarding the new Small Enterprises (SME) VAT scheme for small businesses under Council Directive (EU) 2020/285. The SME will take effect on 1 January 2025. Under the new scheme,
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Italy announces statutory interest rate for 2025
Italy has published the Decree of 10 December 2024 in the Official Gazette, which sets a 2.0% statutory (legal) interest rate (down from 2.5%) with effect from 1 January 2025. The statutory interest rate applies to interest income taxation as a
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Netherlands: Upper House approves 2025 Tax Plan, Pillar Two amendments
Netherlands’ Upper House of Parliament has passed 11 tax bills on 17 December 2024, which include the entirety of the 2025 Tax Plan package and amendments to 2025 Tax Plan, 2025 Tax Plan BES Islands, and Minimum Taxation Act (Amendment) Act
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Indonesia announces relief to ease 2025 VAT hike impact
Indonesia’s government has announced a relief package to mitigate the effects of the upcoming VAT increase to 12%, set to take effect on 1 January 2025. Earlier, Indonesia’s Finance Minister, Sri Mulyani Indrawati confirmed that the VAT rate
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