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
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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
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Romania grants tax amnesty for interest and penalties on unpaid taxes
The Romanian government enacted an Emergency Ordinance on 4 September 2024 to regulate fiscal and budgetary measures to address the budget deficit. The Emergency Ordinance also includes proposed measures aimed to enhance budget claims collection
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Australia revises penalty, interest guidelines
The Australian Taxation Office (ATO) revised its guidance on Penalties and Interest on 21 August 2024, explaining how penalties and interest are applied in different situations, including failure to meet tax obligations. Interest charges Tax
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Costa Rica amends tax code regulations
Costa Rica’s Ministry of Finance published Executive Decree No. 44597-H in the Official Gazette, on 14 August 2024, amending the Tax Code and its regulations, clarifying provisions related to administrative procedures for determining tax
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Netherlands announces new decree on non-deductible interest under corporate tax law
On 14 June 2024, the Netherlands State Secretary of Finance published Decree No. 2024-12473 of 30 May 2024 in the Official Gazette. This new decree updates Decree No. BLKB2013/110M of 25 March 2013, which relates to non-deductible
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UK: 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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Cyprus extends deadline for 2022 transfer pricing documentation submission
On 23 February 2024, the Cyprus Tax Department (CTD) issued a letter that clarified the extension of the deadline for submission of the income tax returns of companies obligated to submit the Table of Summarised Information (TSI) for 2022. The
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Colombia increases UVT value for 2024
On 28 November 2023, the Colombian tax authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) issued Resolution No. 000187 of 28 November 2023, amending the adjusted tax value unit (Unidad de Valor Tributario - UVT) for 2024. The UVT value is
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Peru updates tax code on interest for refunds and penalties
On 20 December 2023, Peru’s Congress announced it amended its tax code concerning Law 31962. The amendment is related to the interest rate that the Tax Authority should consider involving cases on refund claims for improper or excessive tax
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UK: Research on Taxpayer Experience of the Profit Diversion Compliance Facility
On 7 February 2023 HMRC published the results of research commissioned in order to understand taxpayers’ experience of the Profit Diversion Compliance Facility (PDCF) and Diverted Profits enquiry process. The research was conducted through
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Ireland updates guidance on payment and receipt of interest and royalties without deduction of income tax
On 22 December 2022, the Irish Revenue published eBrief No. 221/22 on payment and receipt of interest and royalties without deduction of income tax. Accordingly, Tax and Duty Manual Part 08-03-06 - Payment and Receipt of Interest and Royalties
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Saudi Arabia: GAZT extends tax penalty relief measures up to 31 May 2023
On 30 November 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of tax penalty relief measures in response to the COVID-19 pandemic. Accordingly, the taxpayers can be exempted from fines and financial penalties
See MoreLuxembourg issues guidance on non-deductible interest and royalty expenses
On 31 May 2022, the Luxembourg Tax Authorities published Circular L.I.R. no. 168/2 which clarifies the non-deductibility of interest or royalties paid to associate enterprises established in countries that are “blacklisted” as being
See MoreColombia reduces interest and penalties in response to COVID-19
On 29 October 2021, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued Resolution No. 000126, through which DIAN has temporarily reduced penalties to 20% and a default interest rate of 20% of the
See MoreColombia issues Draft Resolution to set UVT for 2022
On 8 November 2021, the Colombian National Tax Authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) has issued a Draft Resolution to set out the tax unit value (Unidad de Valor Tributario – UVT) applicable for the year 2022. The UVT is
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