US: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
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Canada: Parliament discusses 2024 Budget Implementation Bill No. 1
Canada’s Bill C-69, Budget Implementation Act, 2024, No. 1, was presented to the House of Commons of Canada’s Parliament on Thursday, 2 May, 2024. Bill C-69 enacts the provisions outlined in the Notice of Ways and Means Motion (NWMM)
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Canada: CFIB opposes capital gains changes
The Canadian Federation of Independent Business (CFIB) published a release, on Thursday, 9 May, 2024, regarding its opposition to the proposed capital gains tax changes in the 2024 federal budget. The proposal aims to increase the capital gains
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Australia announces consultation on draft bill to amend GST treatment for vehicle supplies
The Australian Taxation Office (ATO) issued a draft, on 10 May, 2024, for public consultation of the legislation A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle
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Australia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
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Pakistan introduces amendments to tax appeals procedures
On Friday, 3 May 2024, Pakistan enacted the Tax Laws (Amendment) Act, 2024 (the Amendment Act). This law substantially modifies the tax appeals procedures for sales tax, federal income tax, and federal excise laws. These reforms aim to
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Algeria eases criteria for reinvestment of tax savings
The Algerian government has eased restrictions for reinvesting tax savings under the Algerian investment incentives regime. The government expects that this will attract more foreign investment in Algeria. Determining the reinvestment
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UAE: FTA issues corporate tax guide for investment funds and investment managers
The UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Investment Funds and Investment Managers - CTGIFM1 on Monday, 6 May, 2024, in order to provide general guidance to help persons understand the UAE Corporate Tax treatment for
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Czech Republic: Parliament approves changes to investment companies and investment funds (ICIF) act
The Czech Parliament has approved an amendment to the Investment Companies and Investment Funds (ICIF) Act. This amendment includes a technical amendment to the Income Tax Act and introduces various practical modifications related to
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Philippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
See MoreCanada: New federal budget proposal may impact charities
Canada’s 2024 federal budget proposal may affect charities due to amendments made to the donation receipt requirements, and modification to the communication process between Canada Revenue Agency (CRA) and charitable organisations. The budget
See MoreUAE: FTA issues guide on registration of natural persons for corporate tax
The UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Registration of Natural Persons - CTGRNP1 on Monday, 6 May, 2024. It is designed to provide general guidance on the registration of natural persons in the UAE for Corporate Tax
See MoreUS: Proposed bill could affect a taxpayer’s CAMT liability for 2023
A new provision was included in the "Inflation Reduction Act of 2022" (IRA) on Monday, 6 May, 2024, officially known as H.R. 5376, which included a new Corporate Alternative Minimum Tax (CAMT). This tax is determined based on the financial
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Belgium: Parliament adopts changes to pillar two global minimum tax rules
Belgium’s Parliament has adopted the changes to the Pillar Two global Minimum Tax Rules approved for multinational enterprises and large-scale domestic groups in December, 2023. The amendments will be enforced for fiscal years beginning from 31
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Turkey extends force majeure for areas hit by 2023 earthquake
The Turkish Revenue Administration announced on 26 April 2024 that it had extended the state of force majeure for regions affected by the 6 February 2023 earthquakes. Initially set from 6 February 2023 to 31 July 2023, the state of force majeure
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UN: Ad Hoc Committee Discusses Issues for Early Protocols
Following an earlier Resolution on international tax cooperation and a report by the Secretary General setting out options going forward, UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of
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UN: Ad Hoc Committee on Framework Convention Discusses Substantive Elements
UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of reference for a UN framework convention on international tax cooperation. The first session of the ad hoc committee is being held between 26
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Bolivia amends procedures for export tax refund requests, includes surety insurance policy
Bolivia’s tax authority (Servicio de Impuestos Nacionales—SIN), on Thursday, 2 May, 2024, issued guidance “RND No. 102400000014”, in which it provided the following: After submitting an export tax refund request (SDI) with a
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