Singapore gazettes Economic Expansion Incentives Amendment Bill 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
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
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
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
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
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
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
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
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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EU proposes permanent digital trade certificates with Turkey
The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to
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Kazakhstan: National Bank raises interest base rate
The National Bank of Kazakhstan has raised the base interest rate from 14.25% to 15.25%, effective from 2 December 2024. The base rate determines late payment interest, which is calculated as 1.25 times the base rate, divided by 365 to find the
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Portugal approves Budget Bill 2025
Portugal’s parliament has approved the Budget Bill 2025 on 29 November 2024. The President will promulgate the 2025 Budget Bill, after which the corresponding law will be officially published. Earlier, Portugal’s Finance Minister submitted
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Canada: Parliamentary Budget Officer revises fiscal multiplier estimates
Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s
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OECD: Norway signs multilateral agreement on exchange of information on CRS avoidance
A recent OECD update reported that Norway has signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on CRS Avoidance Arrangements and Opaque Offshore Structures (MDR-MCAA) on 26 November 2024. This
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Papua New Guinea presents Annual Budget 2025
Papua New Guinea’s Department of the Treasury has presented the 2025 Annual Budget to the Parliament on 29 November 2024. The budget totals PGK 28,357 million, which is PGK 980 million larger than the 2024 budget of PGK 27,377
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Dominican Republic clarifies taxation of foreign dividends
The Directorate General of Internal Revenue (DGII) of the Dominican Republic issued a consultation letter offering clarification regarding the taxation of foreign dividends received by residents on 15 August 2024. The letter clarifies that:
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Liberia: Draft National Budget 2025 to raise withholding tax on consultancy services, introduce new VAT system
Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024. The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent
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Singapore: IRAS issues updated e-tax guide on the GST advance ruling system
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide GST: Advance Ruling System (Tenth Edition) on 15 July 2024. This e-Tax Guide explains the GST advance ruling system and the application
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