UK cuts interest rates on late payment, repayment of tax
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has announced a reduction in interest rates for late payments and repayments of tax, setting them at 7.25% (down from 7.5%) and 3.75% (down from 4.0%), respectively. This adjustment
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UAE offers grace period for updating tax registration information
The Federal Tax Authority (FTA) of UAE announced that a new Decision has been issued to support businesses in efficiently meeting their tax obligations on 6 November 2024, offering a grace period for tax registrants who have fallen behind on
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Greece unveils tax reform plans for 2025
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025 on 5 November 2024. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and
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Taiwan mandates reporting obligations for income not subject to tax withholding
Taiwan's Ministry of Finance has issued a notice mandating the submission of Non-Withholding Tax Statements for payments that are exempt from withholding on 4 November 2024. The tax withholding system aims to supervise and urge tax withholders to
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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Hong Kong gazettes stamp duty waiver legislation introduced in 2024-25 budget
Hong Kong has gazetted the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024 on 8 November 2024, which eliminates stamp duties payable on the transfer of real estate investment trust (REIT) units and the jobbing business of option
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Turkey consultation on e-commerce tax withholding regulations
The Turkish Revenue Administration has launched a consultation on the draft Income Tax General Communique No. 329, on 4 November 2024, which addresses amendments to individual income and corporate tax as outlined in Law No. 7524/2024 related to
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Germany consults draft bill to implement DAC 8
The German Ministry of Finance announced a public consultation regarding the implementation of Council Directive (EU) 2023/2226, which amends Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC 8). The draft bill was
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Ecuador: Tax Authority updates electronic invoicing regulations amid energy crisis
In response to the national energy crisis, the Ecuadorian Tax Authority (SRI) has issued Resolution NAC-DGERCGC24-00000035, amending the rules for the transmission of electronic invoices. Taxpayers must transmit electronic invoices to the Tax
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South Africa seeks tax proposals for 2025 budget
South Africa's National Treasury extended an invitation until 25 November 2024 to submit technical tax proposals, which may be considered for inclusion in Annexure C of the 2025 Budget Review. The Minister of Finance announces new tax proposals
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US: IRS finalises rules for disposing taxpayers’ seized property
The US Internal Revenue Service (IRS) issued the amended final regulations (TD 10011, RIN 1545-BQ34), on 4 November 2024,the document contains final regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy. The final
See MoreTurkey extends tax debt restructuring instalments due to earthquake
Earlier, Turkey’s Revenue Administration released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in
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Kenya proposes new economic presence and minimum top-up taxes in Tax Laws Bill 2024
Kenya's National Assembly presented the Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024 on 1 November 2024. Both Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024
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Israel announces 2025 state budget, increases VAT rate
Israel’s government passed the budget for 2025 on 1 November 2024. The 2025 budget includes various tax hikes, such as an increase in the standard VAT rate from 17% to 18% and spending cuts on most ministries. The Israeli Cabinet cited that tax
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EU Council approves digital age VAT package
The Council of the EU has announced that an agreement on the VAT in the Digital Age package was reached during the meeting on 5 November 2024. With new rules on electronic invoices, real-time data reporting, and business carried out through
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Brazil announces new layout for VAT, excise tax returns
Brazil’s tax authorities have revised the layout for the monthly returns for the value-added tax (ICMS) and excise tax (IPI) on 5 November 2024. This updated layout features modifications to validation rules, inclusion of new fields, and
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US elections: Tax policies to expect in a second term Trump presidency
Since the inception of his political career, Trump had championed the working middle-class, however, his biggest tax reliefs were reserved for corporations and the wealthy. As the US election concludes, it seems like a second term for Donald J Trump
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Singapore issues advance ruling on classification of hybrid instruments and related matters
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 7/2024, addressing the classification of hybrid instruments and related matters on 1 November 2024. Subject: Whether: The fixed rate subordinated
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