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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Australia: ATO publishes report on business dispute and settlement findings
The Australian Taxation Office (ATO) has announced the publication of Public and Multinational Business Disputes and Settlements Findings on 11 November 2024. This report offers valuable insights and key findings regarding disputes and
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Greece unveils tax reform plans for 2025Â
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025 on 5 November 2024. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and
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US: IRS releases 2022 tax gap projections of USD 696 billion
The Internal Revenue Service in a news release (IR-2024-262) on 10 October 2024 announced the tax gap projections for tax year 2022, a detailed analysis showing the nation’s projected gross tax gap of USD 696 billion. This reflects the difference
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Croatia consults amendments to General Tax Act: Shareholders to be considered as guarantors for failing to file
Croatia’s government has published proposed amendments to the General Tax Act and launched a public consultation. The consultation is set to conclude on 24 October 2024. Once enacted, the amendment will take effect on 1 January
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US: TIGTA urges IRS to improve Free File Programme
According to a report by the Treasury Inspector General for Tax Administration (TIGTA) the US Internal Revenue Service (IRS) needs to enhance the Free File Programme to ensure better oversight and boost participation on 30 September 2024. What
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Singapore: IRAS urges timely corporate tax filing, warns of penalties for late returns
About 262,000 companies are expected to file CIT Returns in Singapore this year. The Inland Revenue Authority of Singapore (IRAS) has issued a reminder, on 26 September 2024, to all companies, including those with no business activities or those
See MorePhilippines releases tax refunds, credit guidelines
The Philippines’ Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 74-2024, providing guidelines and requirements for processing tax credit certificates (TCC) and cash refunds that have been illegally or mistakenly
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Romania gazettes tax amnesty procedure
Romania’s Ministry of Finance published Order No. 5521/2024 in Official Gazette No. 944 outlining the procedure for implementing the tax amnesty established by Government Emergency Ordinance (GEO) No. 107/2024 without introducing any significant
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El Salvador publishes application guide for Tax Amnesty 2024
El Salvador’s General Directorate of Internal Taxes at the Ministry of Finance has released a guidance to assist taxpayers in navigating the Special and Transitory Law that provides options for the voluntary settlement of tax, customs, and other
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Panama: Municipality announces tax amnesty programme
The Municipality of Panama has introduced a tax amnesty programme that grants exemptions from interest, penalties, and fines for individuals and legal entities, as per Agreement No. 200, on 20 August 2024. To qualify, participants must settle
See MoreUS: TIGTA urges IRS to review procedures on MNCs tax avoidance strategies
The Treasury Inspector General for Tax Administration (TIGTA) has recommended the Internal Revenue Service (IRS) to reassess its examination procedures to effectively address the tax avoidance strategies employed by large multinational corporations
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Australia: Victoria consults draft ruling for business insurance taxÂ
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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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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Finland amends FATCA and CRS annual information returns for 2023
The Finnish Tax Administration issued a newsletter on 15 May, 2024, announcing that financial institutions can submit corrected FATCA and Common Reporting Standard (CRS) annual information returns for 2023. These amendments can be made by
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UK:Â HMRC initiates public consultation on draft regulations for late payment penalties
UK’s His Majesty's Revenue and Customs (HMRC) announced on 14 May, 2024, a public consultation regarding the draft regulations, to introduce provisions under paragraph 16(2) of Schedule 26 to the Finance Act 2021, to assess penalties for late tax
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India: CBDT introduces new features for AIS
India’s Central Board of Direct Taxes (CBDT) of the Income Tax Department in a release announced on Monday, 13 May, 2024, the introduction of a new functionality in their Annual Information Statement (AIS) to display the status of the information
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Spain releases 2023 personal income and wealth tax returns forms
On 22 March 2024, the Spanish Tax Agency published Order HAC/265/2024 in the Official Gazette. This announcement introduces the personal income tax and wealth tax return forms (modelos) for the fiscal year 2023. These are as follows: Form
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