US: Illinois governor receives 2025 budget revenue bill
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
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OECD highlights extra revenue and tax benefits for Latin America via transparency and information exchanges
The OECD, on Thursday, 30 May, 2024, published the Tax Transparency in Latin America 2024. Published by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), Tax Transparency in Latin America 2024 shows how
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UK: Parliament enacts Spring Finance Bill
The Committee stages of the Finance (No. 2) Bill 2023-24 (also known as the Spring Finance Bill) concluded on 21 May, 2024. The bill was introduced after the conclusion of the March Spring Budget and reviewed by a Public Bill Committee where no
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Slovak Republic considers new depreciation option for tangible asset improvements
The Slovak Republic's parliament is reviewing a draft bill to promote investment in the modernisation and eco-friendliness of tangible assets, which introduces a new depreciation option for technical improvements to such assets. Under existing
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Bangladesh considers ending tax breaks for investors of infrastructure projects
The Bangladeshi government is reportedly in consideration of ending a decade-long tax break programme for investors of new physical infrastructure projects. This potential policy shift comes as the National Board of Revenue (NBR) prioritises
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Bangladesh debates cashless tax policy change
Bangladesh is reportedly considering a tax policy change to promote cashless transactions. Listed companies on the capital market with less than 10% of their shares available for public trade will see their corporate tax rate increase from 22.5%
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US: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
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US: Working groups to examine TCJA provisions
US Senate Finance Committee ranking member Mike Crapo (R-Idaho) has reportedly established “working groups” of Republican taxwriters to examine various tax provisions affecting individuals, estates, and passthrough entities. These provisions
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US publishes list of boycott countries
The US Treasury Department issued a notice on Tuesday, 21 May, 2024, in the Federal Register, regarding the current list of countries that need participation in, or cooperation with, an international boycott. The list includes Kuwait, Iraq,
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US: JCT releases overview of federal tax system (2024)
The United States’ Joint Committee on Taxation (JCT) released an annual overview of the four main elements of the federal tax system on Thursday, 23 May, 2024. The main elements include an income tax on individuals, estates, trusts, and
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Hong Kong approves legislation for two-tier tax rates for individuals and 24/25 budget measures
The Hong Kong Inland Revenue Department announced that the Legislative Council has passed legislation to implement specific measures from the 2024-25 Budget on Wednesday, 22 May, 2024. These measures include a two-tiered standard rates regime for
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UAE publishes corporate tax guide on free zone regime
The UAE Federal Tax Authority (FTA) has released a corporate tax guide for the free zone regime, stipulating that qualifying free zone persons are entitled to a 0% corporate tax rate on qualifying income and a 9% rate on other taxable
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EU Council approves levy on frozen Russian assets to fund Ukraine’s military
The Council of the EU approved a measure that effectively imposes a levy on the proceeds from frozen Russian assets on 21 May, 2024. The generated funds will largely be used to support Ukraine's military efforts in its conflict with Russia. The
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US: House of Representatives approve disaster tax relief bill
The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024. This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal
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US: California governor releases May budget revisions
The governor of California has announced the May budget revisions, which include proposals for corporate income tax. These revisions clarify the law in response to the recent Office of Tax Appeals decision in Microsoft. Additionally, it
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Netherlands: New coalition government reaches consensus on tax plans
The coalition parties of the new Dutch government (PVV, VVD, NSC and BBB) released their general agreement and budgetary annex on 16 May, 2024, outlining the government’s tax plans. The key measures include: Retaining the tax-free share
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Netherlands announces direct and indirect tax measures in coalition agreement
The four coalition parties (PVV, VVD, NSC and BBB) released their comprehensive agreement, along with a budgetary appendix outlining the main elements of the new coalition government's tax plans on 15 May, 2024. The agreement aims to emphasise on
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Germany proposes Annual Tax Act amendments
Germany's Ministry of Finance unveiled a draft proposal for the 2024 Annual Tax Act on 17 May, 2024. The 243-page document focuses on technical adjustments to comply with recent EU regulations, court decisions, and streamlining previous tax law
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