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
See More
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
See More
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
See More
US: IRS, Treasury issue final regulations for digital asset reporting regulations
The US IRS and 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 regarding
See More
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
See More
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
See More
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
See More
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
See More
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;
See More
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
See More
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
See More
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
See More
Australia: ATO issues guidance on disregarding Division 7A
The Australian Taxation Office (ATO) issued an advisory regarding the Division 7A provisions on Monday, 24 June 2024, providing clarification on when the Commissioner of Taxation may disregard the operation of Division 7A or allow a deemed dividend
See MoreUK: Tax Gap for 2022/23
On 20 June 2024 HMRC published details of the UK’s tax gap for 2022/23. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be
See More
Cyprus extends deadline for payment of central body fee for real estate transfers
In an announcement, the Cyprus tax authority, based on a new decision of the Tax Commissioner, the deadline for payment of the Fee of the Central Body of Equitable Burden Distribution without the imposition of monetary charges and interest has been
See More
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
See More
Colombia grapples with COP 27 trillion budget shortfall
Colombia faces a budget shortfall of COP 27 trillion (USD 6.9 billion) this year due to a sharp drop in tax collection. Tax collection plummeted 40.9% in April to COP 18.9 trillion (USD 4.83 billion), contributing to an overall shortfall of about
See More