India releases clarifications on new capital gains regime proposed in union budget 2024
India’s Central Board of Direct Taxes (CBDT) issued a set of Frequently Asked Questions (FAQs) to clarify details of the new capital gains regime outlined in the Union Budget 2024 On 24 July 2024. These clarifications come in the wake of proposed
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Ireland: Revenue issues eBrief on updated interest charges for late tax payments
Irish Revenue has released eBrief No. 198/24, detailing updated guidelines for charging interest on late payments of income tax, corporation tax, capital gains tax, VAT, and other taxes on 15 July 2024. Revenue supports voluntary compliance by
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Colombia proposes updates to electronic invoicing rules
Colombia's National Tax and Customs Directorate (DIAN) has issued a draft resolution aimed at updating and expanding the electronic invoicing system on 9 July 2024. The proposed changes would amend Resolution 165 of 2023, focusing on electronic
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Saudi Arabia revises customs duties to boost national industries
Saudi Arabia's Finance Minister, who also chairs the Zakat, Tax, and Customs Authority (ZATCA), issued Minister of Finance Resolution No. (1-88-1446) on 15 July 2024. The resolution, now in effect, amends customs duty rates on certain goods,
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Portugal appoints committee to revamp tax procedures
As part of tax measures introduced by Portugal’s 24th constitutional government, the Portuguese Minister of Finance, Joaquim Miranda Sarmento, on 25 July 2024, established a Commission tasked with reviewing and proposing a comprehensive reform of
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Malaysia updates e-invoicing guidance, confirms implementation timeline
Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,
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UN tax committee issues unedited version of transfer pricing compliance assurance toolkit
The UN Tax Committee’s Transfer Pricing Subcommittee released the unedited version of the Transfer Pricing Compliance Toolkit and the unedited version of the Interstitial Guidance on Transfer Pricing. Both guidelines address the economic
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OECD publishes Secretary General’s report to G20
The Secretary General of OECD, on 24 July 2024, released its report titled, ‘OECD Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors’. It was published on 25 July, 2024, ahead of their third meeting which was held
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G20 finance ministers announce global tax cooperation plan
After their meeting from 25 - 26 July, 2024, in Rio de Janeiro, Brazil, the G20 Finance Ministers released a Ministerial Declaration on International Tax Cooperation. Building on the outcomes of successful International Tax Cooperation at the
See MoreG20: Ministerial Declaration on International Tax Cooperation
At the close of the meeting of G20 Finance Ministers and Central Bank Governors held from 25 to 26 July 2024 a Ministerial declaration was issued on international tax cooperation. The declaration noted that the OECD/G20 Inclusive Framework on
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UAE: FTA issues tax bulletin for natural persons
The UAE Federal Tax Authority has published a Basic Tax Information Bulletin, in which it provided clarifications about the scenarios where natural persons may be subject to corporate tax. According to the FTA’s bulletin, natural persons are
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G20: Future of Pillar One hangs in the balance at Rio de Janeiro
Negotiations regarding the future of OECD Pillar One Amount A are taking place at this week's G20 finance leaders meeting in Rio de Janeiro, discussions have now extended beyond the 30 June, 2024, deadline. This latest round of talks are aimed to
See MoreIndia: Finance Bill 2024 proposes corporate tax reform, new personal income tax regime
India’s Finance Minister Nirmala Sitharaman presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July, 2024. The Bill includes several proposals aimed at reforming the corporate tax framework. Corporate income tax New
See MoreIMF Issues Report on the Economic Situation of Lithuania
On 24 July 2024 the IMF issued a report following discussions with Lithuania under Article IV of the IMF’s articles of agreement. The Lithuanian economy has begun a recovery with lower inflation reflecting lower commodity prices, tighter
See MoreOECD: Report to the July Meeting of G20 Finance Ministers
On 25 July 2024 the OECD published the report prepared for the meeting of G20 Finance Ministers and Central Bank Governors held in Brazil from 25 to 26 July 2024. The report notes some recent developments in important areas of international tax
See MoreIMF: Policies to Avoid Prolonged Slow Growth and Inequality
In an IMF blog on 23 July 2024 the IMF Director General noted that long periods of slow growth can increase inequality, but this outcome can be avoided if the correct policies are pursued. Referring to the upcoming meeting of the G20 finance
See MoreIMF Issues Report Following Consultations with Italy
On 23 July 2024 the IMF issued a report following the consultation with Italy under Article IV of the IMF’s articles of agreement. The report noted that Italy’s economy has recovered from the pandemic and energy price shocks, with economic
See MoreIMF Issues Report on the Economy of Germany
On 18 July 2024 the IMF issued a report following consultations with Germany under Article IV of the IMF’s articles of agreement. The German economy has begun to recover from the energy price shock. The high energy prices caused by the
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