OECD: Tax Arbitrage Through Closely Held Businesses
On 7 October 2024 the OECD published a taxation working paper with the title Tax arbitrage through closely held businesses: Implications for OECD tax systems, written by Tom Zawisza, Sarah Perret, Pierce O’Reilly and Antonia Ramm. The working
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Kenya consults proposed income tax treaty with Iceland
Kenya has initiated a public consultation on the proposed income tax treaty with Iceland. The announcement was made in a public notice by the National Treasury on 2 October 2024. The consultation is set to conclude on 7 November 2024. The
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USA: FinCEN updates FAQs on beneficial ownership information under CTA
The Financial Crimes Enforcement Network (FinCEN) USA has updated FAQs regarding Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA) on 3 October 2024. The FAQs aim to provide clarification regarding the reporting
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Turkey clarifies application and payment periods for restructuring public receivables in earthquake-affected areas
The Ministry of Treasury and Finance Turkey has issued General Communiqué No. 7 on Law No. 7440 to clarify the application and payment periods for the restructuring of public receivables in earthquake-affected areas on 4 October 2024. Law No.
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South Africa lowers interest rate for interest-free, low-interest loans
The South African Revenue Service (SARS) has lowered the interest rate Table 3 for interest-free or low-interest loans from 9.25% to 9.00%, effective from 1 October 2024, following the Reserve Bank’s Monetary Policy Committee’s decision to
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Taiwan: MOF clarifies application of tax treaties
Taiwan's Ministry of Finance (MOF) has published a statement clarifying the application of the country's tax treaties on 26 September 2024. Currently, Taiwan has 35 signed and effective comprehensive income tax agreements. The MOF will continue
See MoreUS: TIGTA urges IRS to improve Free File Programme
According to a report by the Treasury Inspector General for Tax Administration (TIGTA) the US Internal Revenue Service (IRS) needs to enhance the Free File Programme to ensure better oversight and boost participation on 30 September 2024. What
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Norway announces 2025 budget, lowers tax and VAT rates
Norway’s government presented the 2025 Budget Bill, on 7 October 2024, with the aim to enhance the financial well-being of Norwegians, strengthen Norway's preparedness against war and crime, and reduce social and geographical
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Nigeria presents four tax reform bills to National Assembly
Nigeria’s President presented four bills to the National Assembly outlining measures to revise tax laws and modernise Nigeria’s tax system on 3 October 2024. The bills have been forwarded to the House Committee on Finance for review and
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UK, Thailand sign ETP to boost economic partnership
Thailand and the United Kingdom formalised an Enhanced Trade Partnership (ETP) in Bangkok on 18 September 2024. Trade Minister Douglas Alexander will sign the pact alongside Thai Commerce Minister Pichai Naripthaphan in Bangkok this morning as
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UAE: FTA urges Resident Juridical Persons with licences issued in August and September to register for corporate tax before end of October
The UAE Federal Tax Authority (FTA) has urged Resident Juridical Persons with licences issued in August and September to submit their Corporate Tax registration applications by 31 October 2024 to avoid administrative penalties. The announcement
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India announces tax amnesty scheme rules and start date for dispute settlements
India’s Central Board of Direct Taxes (CBDT) announced the effective date and the rules for implementing the "Direct Tax Vivad Se Vishwas Scheme 2024" (VSV), which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
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Taiwan publishes guidance on application of tax laws for entities donating goods for charity
Taiwan's Ministry of Finance has released guidance on the application of business tax laws and regulations related to donations of goods to government agencies or charitable organisations. According to the National Taxation Bureau of Kaohsiung,
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Spain consults crypto-asset reporting framework
The Spanish Ministry of Finance and Public Administration has initiated a public consultation on a draft bill to implement EU Directive 2023/2226 (DAC8), which which integrates the OECD’s crypto-asset reporting framework (CARF) into the regulatory
See MoreSouth Africa publishes guidance for taxation of small businesses
The South African government has released a revised tax guide for small businesses for the 2023/24 fiscal year on 26 September 2024. It deals with the taxation of small businesses such as sole proprietors, partnerships and companies not part of
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OECD releases updated CRS XML schema, CARF XML schema, user guides
The OECD announced on 2 October 2024 the release of an XML schema and user guide to facilitate the exchange of information between tax authorities under the Crypto-Asset Reporting Framework (CARF). The OECD also unveiled an updated XML schema and
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Turkey ends requirement for purchase, sales notifications
Turkey has abolished the necessity of submitting the Notification on Purchases of Goods and Services (Form Ba) and the Notification on Sales of Goods and Services (Form Bs) starting from the September 2024 reporting period. The initiative aims to
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Hong Kong: BRITACOF tax forum unveils plan to boost cooperation among tax authorities
Hong Kong’s Inland Revenue Department hosted the 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) from September 24 to 26, 2024. This three-day annual mega event in the international tax community attracted about 500
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