US: IRS publishes 2024 Financial Report
The US Internal Revenue Service (IRS), in a release IR-2024-286 on 7 November 2024, published the financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. During fiscal year 2024, the
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Panama offers amnesty for late interest payments for tax liabilities until December
Panama introduced a tax amnesty through Law 446, published in the Official Gazette on 28 October 2024, offering tax relief on surcharges and late interest payments for various tax liabilities, such as income tax, real estate tax, VAT, selective
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European Commission launches anti-dumping probe on Chinese choline chloride
The European Commission issued the Notice of initiation of an anti-dumping proceeding concerning imports of choline chloride originating in the People's Republic of China in the Official Journal of the European Union (OJEU) on 31 October
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US: Massachusetts plans limits on amnesty programme for non-filers
The Massachusetts Department of Revenue has issued a draft notice outlining potential restrictions on eligibility for certain taxpayers seeking to benefit from the Massachusetts Tax Amnesty Program 2024. The draft notice, “Working Draft TIR:
See MoreUN Tax Committee: Progress on Handbook on Health Taxes
On 18 October 2024 the UN Tax Committee held a first discussion on some new chapters of the Handbook on Health Taxes for Developing Countries. The subcommittee also presented revised versions of some chapters that had already been presented at an
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US: IRS to handle 400,000 employee retention credit claims
The US Internal Revenue Service (IRS) has issued the ERC claims update in a news release (IR-2024-263) on October 10, 2024, stating it is processing about 400,000 claims, representing approximately USD10 billion in eligible claims. Work on the
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US: Senator Wyden presses Pfizer to comply with pharma tax investigation
US Senate Finance Committee Chair Ron Wyden (D-OR), in a release, on 3 October 2024 announced that Pfizer is the sole company unwilling to cooperate with the Finance Committee's investigation into how major pharmaceutical firms utilise offshore tax
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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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Argentina gets first financial data exchange from the US
Argentina’s federal tax authority (AFIP) announced that it received its first exchange of financial account information from the US on 2 October 2024. Similarly, Argentina has issued a statement stating that it sent financial information
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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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Argentina introduces new procedure for tax residence certificates
Argentina’s tax authority (AFIP) announced a new procedure for obtaining a certificate of tax residence for individuals and legal entities. The rules were outlined in General Resolution 5572 and published in the Official Gazette on 24 September
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Argentina extends tax amnesty opt-in deadlines
Argentina’s Executive Branch issued Decree 864/2024, which extends the deadlines to opt for the tax amnesty regime, published in the Official Gazette of 30 September 2024. The tax amnesty regime was introduced by Law 27,743 setting new
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US: IRS Appeals launches corporate group mailbox pilot for large businesses with multiple representatives
The US Internal Revenue Service (IRS) Independent Office of Appeals (Appeals) has announced that it launched a pilot programme as part of the IRS' ongoing transformation efforts to expand online tools and improve user experiences on 30 September
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Cyprus sets deadline for ultimate beneficial owners information
The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has declared that all companies and partnerships registered under the Companies Law, including European Public Limited Liability Companies, should log into the UBO
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Poland to implement Crypto-Asset Reporting Framework (CARF)
Poland's Ministry of Finance in a release announced that Poland will enact the Crypto-Asset Reporting Framework (CARF) on 24 September 2024. The Crypto-Asset Reporting Framework (CARF) is a standard for reporting and exchange of tax
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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
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Philippines 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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