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
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WTO: 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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OECD: Transfer Pricing Framework for Lithium
On 12 August 2024 the OECD released the final report on the transfer pricing framework for lithium. The report applies the mineral pricing framework previously outlined in the OECD/IGF report on Determining the Price of Minerals: A Transfer Pricing
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Saudi Arabia approves updated investment law
The Saudi Press Agency announced the approval of a new Updated Investment Law, published on 11 August 2024. Set to come into effect in early 2025, the law aims to attract foreign investors, enhance the competitiveness of the investment
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Canada consults on 2024 budget additions, including Pillar Two UTPR
Canada's Department of Finance, in a release, announced a public consultation on a legislation that includes new measures for Budget 2024 on 12 August, 2024. This follows the enactment of several budget measures in June 2024 under the Fall
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South Africa updates guidance on PBO funding to associations of persons
The South African Revenue Service (SARS) has released an updated guidance concerning the provision of funds, assets, or other resources by a public benefit organisation (PBO) to any association of persons. This Note offers guidance on several key
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Singapore publishes updated e-tax guide on tax deductions for renovation, refurbishment
The Inland Revenue Authority of Singapore (IRAS) has released the seventh edition of its updated e-Tax Guide titled "Income Tax: Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises". Primary updates
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UN releases second revised draft terms for international tax framework convention
The UN Ad Hoc Committee released a second revised draft of the terms of reference (ToR) (Rev.2) for a United Nations Framework Convention on International Tax Cooperation on Sunday, 11 August 2024. This draft reflects the discussions held during
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Finland releases 2025 draft budget proposal
Finland’s Ministry of Finance published its draft proposal for Budget 2025 on Friday, 9 August 2024. The draft budget totals EUR 88.1 billion and shows a deficit of EUR 12.2 billion. The deficit will decrease due to measures taken by the
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OECD releases framework for transfer pricing of lithium
The OECD published a toolkit designed to assist developing countries in tackling transfer pricing challenges associated with lithium pricing. This initiative is part of the ongoing collaboration between the OECD and the Intergovernmental Forum on
See MoreIMF Report Looks at China’s Economy
On 2 August 2024 the IMF released a report following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China’s economy has remained resilient even though there is continuing weakness in the
See MoreIMF Looks at the Contribution of China’s Service Sector to Economic Growth
An IMF country focus published on 2 August 2024 noted that reforms to further open China’s service sector can promote sustainable growth and help create jobs. The report notes that China’s growth has been rapid in recent decades and will remain
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OECD: Global Forum Report to the G20 Finance Ministers
A report was prepared by the Global Forum for the meeting of G20 Finance Ministers and Central Bank Governors on 25 and 26 July 2024. This report reflects the Forum’s commitment to fighting tax evasion and illicit financial flows by measures
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US: IRS unveils measures to support small businesses, curb employee retention credit misuse
The US IRS has announced new measures aimed at assisting small businesses and preventing improper payments within the Employee Retention Credit program yesterday, 8 August 2024. These measures also include accelerating more payments and continuing
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