Poland: Council of Ministers propose corporate tax reforms
Poland’s Council of Ministers has presented a legislative agenda to amend the Individual Income Tax Law (IITL), Corporate Income Tax Law (CITL), and other tax measures. The proposed changes are intended to simplify tax regulations, remove
See MoreWTO: World Trade Statistics 2023
On 31 July 2024 the WTO launched a new online interactive tool, World Trade Statistics 2023. The interactive tool includes charts of the growth in merchandise trade value and volume, the top 20 exporters in merchandise trade and the growth in
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UAE raises awareness about corporate tax compliance
UAE’s Federal Tax Authority (FTA) intensified its awareness activities and events this year, organised to highlight the importance, objectives, procedures, and requirements for complying with the Corporate Tax Law, which came into effect last year
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Bulgaria adopts euro as national currency
Bulgaria published the law for the introduction of the euro in the Official Gazette, on 20 August 2024, paving the way for Bulgaria to shift away from using Lev, in line with EU regulations. The purpose of the law is to supplement and facilitate
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Kenya: SC halts COA ruling, declares Finance Act 2023 unconstitutional
Kenya’s Supreme Court ruled, on 20 August 2024, suspending the Court of Appeal's recent judgment that declared the Finance Act 2023 unconstitutional. The Supreme Court implemented a conservatory order to suspend and stay most of the declarations
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Singapore: IRAS publishes new corporate income tax FAQs
The Inland Revenue Authority of Singapore (IRAS) published new FAQs on their website on 19 August 2024. The FAQs address ECI or Form C-S/ Form C-S (Lite)/ Form C Filing; General Corporate Income Tax Matters; Corporate Income Tax Treatment; Late
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Kenya plans to reintroduce tax proposals from Finance Bill 2024, including amended eco levy
Kenya's new Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi, announced in a post on X that he met the Kenya Revenue Authority (KRA) on 20 August 2024, and reaffirmed the government's commitment to boosting revenue
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Canada: PBO predicts CAD 17.4b revenue boost from capital gains tax hike
Canada’s Parliamentary Budget Officer (PBO) published an estimate that the increased capital gains inclusion rate, implemented in the 2024 Budget, will boost income tax revenues by CAD 17.4 billion from 2024-25 to 2028-29. The PBO issued this
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Taiwan revises business tax deadlines
The President of Taiwan has officially revised and promulgated key provisions of the Value-Added and Non-Value-Added Business Tax Law (Business Tax Law) on 7 August 2024. These amendments aim to enhance the compliance of electronic invoicing and
See MoreUN: Terms of Reference on Framework Convention for Tax Cooperation
At the second session of the Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation, held from 29 July to 16 August 2024, the Terms of Reference for a UN Tax Convention were adopted by
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UK to overhaul tax system with new residence-based regime
The UK government has announced changes to the tax system which aims to address perceived unfairness and enhance its international competitiveness. Effective from 6 April 2025, the outdated concept of domicile status will be eliminated, replaced by
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Vietnam updates indirect overseas investment rules
The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 23/2024/TT-NHNN which simplifies administrative procedures by eliminating the need for SBV approval, easing the process for organisations to implement equity award programmes
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UN approves final draft of the terms of reference for international tax framework convention
The United Nations approved the final draft terms of reference (ToR) for the UN Framework Convention on International Tax Cooperation. The decision passed with a majority vote of 110 countries in favour, with 44 abstentions and eight countries
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Switzerland wants to negotiate revision to FTA with Japan
Switzerland wants to negotiate a revision to the 2009 free trade agreement (FTA) with Japan, the announcement was made through a press release on 7 August 2024. President Viola Amherd travelled to Tokyo on Wednesday, 7 August, to meet with
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Ecuador introduces new rules for large taxpayers on income tax, remittance credits
The Ecuadorian Tax Authority, Servicio de Rentas Internas (SRI), has introduced a Resolution No. NAC-DGER CGC24-00000030 which allows large taxpayers to utilise credit notes from the remittance tax to offset their income tax obligations. The
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Switzerland consults on determination of partner states for cryptoassets AEOI
The Swiss Federal Council has initiated a public consultation on selecting partner states for the automatic exchange of information regarding cryptoassets on Wednesday, 14 August 2024. The Federal Council wants to use the bill to determine when
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Australia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
See MoreWTO: World Tariff Profiles 2024
On 25 July 2024 the WTO published World Tariff Profiles 2024, which sets out information on tariffs and non-tariff measures imposed by more than 170 countries and customs territories. The publication is issued jointly with the International Trade
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