Malaysia publishes guidance on Pillar Two global minimum tax, updates FAQs

13 December, 2024

The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on

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EU: European Court of Auditors issue report on ATAD, DAC6, TDRD

13 December, 2024

The European Court of Auditors released a report, “Combating Harmful Tax Regimes and Corporate Tax Avoidance” on 28 November 2024. The report evaluates the effectiveness of measures and strategies implemented by the European Commission (EC)

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France enacts Special Budget Bill for 2025

13 December, 2024

France has approved a special budget bill on 11 December 2024, allowing the State to collect taxes and borrow funds necessary for financing essential public expenditure until the 2025 Finance and Social Security Finance Laws are implemented. This

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Ireland: Revenue issues eBrief on VAT updates in Finance Act 2024

12 December, 2024

The Irish Revenue has released eBrief No. 297/24 on 4 November 2024 regarding the VAT Notes for Guidance under the Finance Act 2024. Interpretation (Part 3) This section defines the Principal Act as the Value-Added Tax Consolidation Act

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Singapore revises e-tax guide for securities lending and repo transactions

12 December, 2024

The Inland Revenue Authority of Singapore (IRAS) has issued an updated e-Tax Guide Securities Lending and Repurchase Arrangements (Second Edition) on 4 December 2024. This e-Tax Guide gives details on the income tax treatments and tax concessions

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Greece enacts 2025 tax reform measures

12 December, 2024

Greece has published Law No. 5162 in the Official Gazette on 5 December 2024 enacting 2025 tax reform measures. The legislation eliminates the business (trade) tax for all individuals and extends the suspension of capital gains tax on the

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Zambia proposes new tax measures in 2025 budget draft

11 December, 2024

Zambia's Ministry of Finance and National Planning have introduced new tax measures in the draft 2025 Budget. The proposed tax changes include limiting the offset of carried-forward losses to 50% of taxable income across all sectors, a reduction

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Malaysia: House of Representatives pass Finance Bill 2024

11 December, 2024

Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after

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EU adopts new withholding tax rules (FASTER)

11 December, 2024

The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The

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Singapore gazettes Economic Expansion Incentives Amendment Bill 2024

11 December, 2024

Singapore published the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2024 in the Official Gazette on 10 December 2024. It  introduces a new 15% Concessionary Tax Rate (CTR) under the Development and Expansion Incentive

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Denmark: Bookkeeping Act effective from January 2025

10 December, 2024

The Danish Business Authority is notifying companies about new digital bookkeeping rules effective 1 January 2025, as per the Danish Bookkeeping Act. These rules mandate that companies use a digital bookkeeping system capable of receiving and

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Uruguay mandates remaining VAT taxpayers join e-invoicing regime by December 2024

10 December, 2024

The Uruguayan tax authority (DGI) has issued a reminder to taxpayers on 28 November 2024  that the deadline for joining the electronic invoicing regime (régimen de documentación fiscal electrónica) is 31 December 2024. The universalisation of

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Bulgaria: Ministry of Finance announces 2025 State Budget draft

10 December, 2024

Bulgaria's Ministry of Finance has issued an announcement on the draft law for the 2025 State Budget on 4 December 2024, which will be submitted to the National Assembly. "An analysis of revenues and expenditures for the next calendar year

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UAE: Corporate tax registration deadline for juridical persons with licences issued in December set for before end of 2024

09 December, 2024

The UAE Federal Tax Authority (FTA) has announced that all Resident Juridical Persons with licenses issued in December, regardless of the year of issuance, must submit their Corporate Tax registration applications by 31 December 2024. In a press

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Poland: Ministry of Finance designates Head of the Kujawsko-Pomorskie Tax Office as authority for global tax compliance

08 December, 2024

The Polish Ministry of Finance has announced designating the Head of the Kujawsko-Pomorskie Tax Office in Bydgoszcz as the sole authority responsible for matters related to the global minimum tax. This decision, outlined in a draft regulation

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Ireland: Revenue clarifies interest deduction restrictions for intercompany loans

08 December, 2024

The Irish Revenue Commissioners released eBrief No. 289/24 on 27 November 2024, clarifying restrictions surrounding interest deductions for intercompany loans. The update explains which subsidiary companies are no longer able to claim deductions

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OECD updates FAQs on ICAP, clarifies applications may be submitted year-round

08 December, 2024

The Organisation for Economic Cooperation and Development (OECD) released an updated version of its Frequently Asked Questions (FAQs) regarding the International Compliance Assurance Programme (ICAP) in December 2024. ICAP is a voluntary

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US: Congressional Research Service publishes report on economic impact of expiring tax cuts

08 December, 2024

The US Congressional Research Service (CRS) has released a report titled Expiring Provisions of P.L. 115-97 (the Tax Cuts and Jobs Act): Economic Issues on 26 November 2024. Most provisions affecting the individual income tax in the 2017 tax law

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