US: 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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Bosnia and Herzegovina implements advance tax ruling regulations
The Federal Ministry of Finance has implemented changes to the regulations governing advance tax rulings within the Federation of Bosnia and Herzegovina. Under the revised regulations, a standard template has been introduced for taxpayers seeking
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Australia: Victoria consults draft ruling for business insurance tax
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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European Commission launches anti-dumping probe on Chinese steel track shoe imports
The European Commission is set to launch an anti-dumping investigation into steel track shoe imports from China. The Notice of initiation of an anti-dumping proceeding concerning imports of steel track shoes originating in the People's Republic of
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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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US: IRS, Treasury issue final regulations for digital asset reporting regulations
The US IRS and Department of the Treasury Department, on 9 July 2024, published ‘“Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realised and Basis for Digital Asset Transactions”, outlining the final regulations
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US introduces PSAs on beneficial ownership reporting requirements for local businesses
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced, on 8 August 2024, the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new
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France limits access to beneficial ownership register
The French government, in a release, on 29 July 2024, announced that it will restrict public access to the beneficial ownership register to only individuals with a legitimate interest. This change went into force on 31 July, 2024. This follows
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European Commission ends probe into Hungary advertisement tax
The European Commission announced in a report on 26 July 2024 that it closed its in-depth investigation, which opened in March 2015, into the Hungarian advertisement tax. In November 2016, the Commission found that the Hungarian advertisement
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US: FinCEN informs financial institutions on beneficial ownership information rules
The US Financial Crimes Enforcement Network (FinCEN) released a notice to customers of financial institutions about reporting beneficial ownership information on 26 July, 2024. The Corporate Transparency Act requires certain entities, including
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Macau approves tax information exchange deal with China
Macau issued Chief Executive Order No. 39/2024 in the Official Gazette on 22 July, 2024, authorising the automatic exchange of tax information on financial accounts with Mainland China. This Order, "Agreement on the Automatic Exchange of Fiscal
See MoreIMF: Africa Economic Summit
At the Africa Economic Summit on 11 July 2024, the Director of the IMF’s Africa Department noted that a squeeze in funding had developed as a result of the tightening of monetary conditions; the decline in official development assistance flows;
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US: IRS issues fact sheet on inflated tax refund claims due to inadequate social media advice
The US Internal Revenue Service (IRS), in a release FS-2024-24 in July 2024, issued alert IR-2024-139 on 14 May 2024, about a series of scams and inaccurate social media advice. Social media schemes led to thousands of inflated refund claims during
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US: FinCEN updates FAQs on beneficial ownership for pre-Corporate Transparency Act, defunct entities
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has released new and revised FAQs concerning beneficial ownership reporting requirements, effective 1 January, 2024. The new FAQs were issued on 8 July 2024. FinCEN has
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Italy approves decree for reforming tax collection system
Italy’s Council of Ministers announced, on 3 July 2024, that it passed the Legislative Decree for reforming the tax collection system. It was passed after consultation with the relevant parliamentary commissions under Law No. 111 of 9 August
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Germany issues new guidance on advance ruling procedures
The Ministry of Finance has issued new guidance on section 89a of the General Tax Code (GTC), which has been the legal basis for advance ruling procedures since 2021. Published on 26 June 2024, the guidance clarifies the application and
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