Luxembourg details certificate requirements for investment tax credit
Luxembourg’s Minister of Finance has introduced a new decree specifying the data required on certificates for claiming the investment tax credit under Article 152bis of the Income Tax Act. The decree was published in Official Gazette No. A380
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Germany unveils Future Financing Act II to boost capital market
Germany's Ministry of Finance unveiled a second draft bill, the Zukunftsfinanzierungsgesetz II (Future Financing Act II), aimed at further enhancing the German capital market on 27 August 2024. Building on the previous Future Financing Act, this new
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India: GST collections rise 10% in August 2024
India's Goods and Services Tax (GST) collections for August 2024 totalled to INR 1.75 trillion (USD 20.87 billion), marking a 10% increase from the same month last year; according to a government statement released on Saturday, 2 September
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OECD publishes reference guide on tax authority organisation
The OECD announced the publication of a reference guide to enhance national tax system administration yesterday, 29 August 2024. This reference guide presents the critical features to be considered in designing the organisational arrangements for
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Ireland updates R&D relief guidance
Irish Revenue has updated the guidance on relief for key employees involved in R&D activities, detailed in eBrief No. 228/24, on 27 August 2024. This relief permits employees to benefit from the R&D tax credit or any excess R&D
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UK: PM warns of ‘painful’ October budget, unveils GBP 22 billion financial gap
UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) budget
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New Zealand introduces Taxation 2024–25 Tax Bill, proposes incorporating CARF into law
New Zealand’s Minister of Revenue, Hon Simon Watts, introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House on 26 August 2024. The Bill passed its first reading on 29 August
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Australia updates corporate tax transparency reporting 22-23
The Australian Taxation Office (ATO) has updated corporate tax transparency for the 2022–23 income year and onwards. The corporate tax transparency population includes any corporate tax entity that has total income equal to or exceeding AUD 100
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Ireland releases second consultation feedback on participation exemption for foreign dividends
Ireland's Department of Finance has released a second feedback statement for consultation on implementing a participation exemption for foreign-sourced dividends on 27 August 2024. Minister Chambers publishes second feedback statement on
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Philippines: Finance department’s 2025 budget focuses on digital tax administration
The Philippines’ Department of Finance announced plans to present its 2025 budget proposal to the Senate on 27 August 2024. This proposal emphasises digitalization to enhance the efficiency of tax administration. Finance Secretary Ralph G.
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
See MoreIMF: Tax Policy Can Limit Carbon Emissions from AI and Crypto
An IMF blog of 15 August 2024, written by Shafik Hebous and Nate Vernon-Lin, indicated that tax policy can be used to restrict the surge in carbon emissions resulting from artificial intelligence (AI) and crypto. Owing to the amount of
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OECD publishes public comments on GloBE Pillar Two information return XML schema, schema user guide
The OECD announced the release of feedback received in response to its 10 July 2024 public consultation concerning a draft XML schema and schema user guide, explaining the submission and exchange of standardised Pillar Two global minimum tax "GloBE
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Hong Kong updates lists of qualifying debt instruments
The Hong Kong Inland Revenue Department (IRD) has released updated lists of Qualifying Debt Instruments (QDIs) as of 30 June 2024. Qualifying Debt Instruments issued before 1 April 2018 Short Term/ Medium Term Debt Instruments Eligible for
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New Zealand revises emission trading scheme
New Zealand’s Climate Change Minister Simon Watts announced that the government has updated its Emission Trading Scheme (ETS) to better meet climate targets. The government will reduce the number of ETS units available between 2025 and 2029 from
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Ireland updates tax manual on employer-provided vehicles
Irish Revenue updated the tax and duty manual on employer-provided vehicles detailing the tax implications when an employer provides a vehicle for an employee's private use. The notice was published in eBrief No. 219/24. The updates are as
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New Zealand consults Inland Revenue’s long-term insights briefing
New Zealand’s Inland Revenue is consulting on the scope of its next long-term insights briefing (LTIB). You can provide feedback on this consultation by emailing policy.webmaster@ird.govt.nz with "LTIB topic" in the subject line. The closing
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US releases report on Inflation Reduction Act
The US Internal Revenue Service (IRS) released IR-2024-223 on Friday, 23 August 2024, publishing its Inflation Reduction Act two-year report card. The IRS has made significant progress on a range of improvements, including that all taxpayers can
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