Jamaica waives interest, penalties in tax settlement programme
Jamaica’s tax administration (TAJ) has announced, on 29 January 2025, the launch of a Special Arrears Settlement Programme, designed to waive/remit Interest, Penalty and Surcharge (IPS) accrued once outstanding principal taxes are paid by 31 March
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US: Treasury to probe foreign countries’ tax discrimination against American citizens, corporations
Republicans on the US House Ways and Means Committee have proposed new legislation on 22 January 2025, which aims to tighten oversight of foreign tax policies. The bill shall require the Treasury Department to identify extraterritorial and
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OECD releases compilation of qualified legislation, information filing, exchange tools for Pillar Two global minimum tax
The OECD has published a compilation of qualified domestic rules together with other tools to streamline the co-ordinated administration of the global minimum tax on 15 January 2024. Central record of legislation with transitional qualified
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Kenya introduces tax amnesty for periods up to 31 December 2023
The Kenya Revenue Authority (KRA) has released a public notice informing taxpayers that the Tax Procedures (Amendment) Act 2024 has introduced a tax amnesty on interest, penalties or fines on tax debt for periods up to 31 December 2023. The tax
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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
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Hong Kong to enforce crypto-asset reporting framework
The Hong Kong Inland Revenue Department (IRD) has announced that the government has officially committed to implementing the Crypto-Asset Reporting Framework (CARF) on 13 December 2024. The government informed the Global Forum on Transparency and
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OECD publishes 8th annual peer review on Exchange of Information on Tax Rulings
The Organisation for Economic Co-operation and Development (OECD) has released the Harmful Tax Practices – 2023 Peer Review Reports on the Exchange of Information on Tax Rulings report on 16 December 2024. Under the BEPS Action 5 minimum
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Kenya enacts Tax Laws (Amendment) Bill, Tax Procedures (Amendment) (No.2) Bill 2024
Kenya’s President William Ruto has signed the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill 2024 into law on 11 December 2024. Key provisions of the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill
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US: IRS Criminal Investigation publishes FY24 report detailing global reach, billion-dollar impact
The US Internal Revenue Service Criminal Investigation (IRS-CI) in the notice IR-2024-307 on 5 December 2024 published its Fiscal Year 2024 (FY24) Annual Report that details significant cases involving crimes ranging from tax fraud to cybercrime,
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US: IRS extends filing research credit claim deadline to January 2026
The US Internal Revenue Service (IRS) has extended the transition period for refining Section 41 research credit refund claims, addressing the additional information requirements introduced in October 2021. The extension was highlighted in a
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Romania extends tax amnesty deadline for unpaid taxes
Romania has published Emergency Ordinance No. 132 of 21 November 2024 in the Official Gazette, which includes an extension of the payment deadline for the tax amnesty introduced in September 2024, among other provisions. As previously reported,
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US: IRS provides transitional relief for payment app transactions
The US Internal Revenue Service has issued Notice 2024-85 corresponding to a news release (IR-2024-299) on 26 November 2024, providing transition relief for third-party settlement organisations (TPSOs), also known as payment apps and online
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OECD releases new reports on automatic exchange of information, global forum activities
The Organisation for Economic Co-operation and Development (OECD) is holding its 17th Annual Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) which started on 26 November 2024 in
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Australia initiates consultation on crypto reporting framework (CARF) and CRS changes
The Australian Treasury has published a consultation paper in November 2024 outlining Australia's strategy for adopting the OECD-developed guidelines on the Crypto Asset Reporting Framework (CARF) and related modifications to the Common Reporting
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Chile extends deadlines for tax regularisation, penalty relief
Chile enacted Law No. 21.716 which extends the deadline for the Regularisation Regime for Foreign Assets and Income, allowing taxpayers to regularise undeclared foreign assets and income with a 12% tax, granting amnesty for any civil, criminal, or
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EU: Public prosecutor probes EUR 520M VAT fraud linked to mafia networks across nations
The European Public Prosecutor's Office (EPPO) has announced, on 14 November 2024, that it launched an investigation into a EUR 520 million VAT fraud orchestrated by multiple mafia groups operating in various EU and non-EU countries. The
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New Zealand introduces tax policy work programme
New Zealand’s Minister of Revenue has introduced a tax policy work programme on 13 November 2024, which aims to simplify tax and reduce compliance costs, address integrity risks, and improve fiscal sustainability to rebuild the economy. The
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Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
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