Albania: New law brings significant changes to withholding tax application
Albania’s newly enacted Income Tax Law No. 29/2023 significantly modifies the imposition of withholding tax. One key aspect of this updated income tax legislation is the distinction it highlights between payments to registered persons (local
See MoreUN: Committee Discusses Terms of Reference for Framework Convention on Tax
On 20 February 2024 the first meeting took place of the Ad Hoc Committee to draft terms of reference for a UN Framework Convention on International Tax Cooperation. The Committee was established by UN Resolution 78/230 of 22 December 2023. It aims
See More
OECD: Report on the Simplified and Streamlined Approach Under Amount B
On 19 February 2024 the OECD/G20 Inclusive Framework released the report on Amount B of Pillar One, following a previous consultation. The report sets out how jurisdictions can choose to apply the simplified and streamlined approach to qualifying
See More
Saudi Arabia publishes tax regulations for regional headquarters
On 4 February 2024, Saudi Arabia’s Saudi Zakat, Tax, and Customs Authority (ZATCA) released the Regional Headquarters Tax Rules. This guide provides the rules and requirements for the regional headquarters program announced in December 2023. The
See MoreUN: Guide on Tax Treaties for Investment Policymakers
On 13 February 2024 UNCTAD released a guide with the title Double taxation treaties: What investment policymakers need to know. The guide deals with the aspects of double tax treaties that are important for investment policymakers to understand, and
See More
UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
See More
Philippines proposes legislation for simplifying passive income tax
On 14 February 2024, the Philippines Department of Finance declared a refined proposal for a bill for simplifying passive income taxes. The bill entitled ‘Package 4 of the Comprehensive Tax Reform Program (CTRP)’ is a measure recalibrated by
See More
Philippines: ADB to support tax collection and tax reform plans
On 7 February 2024, the Philippines Department of Finance (DOF) published a release declaring that the Asian Development Bank (ADB) will support the country’s tax collection strategy using digital technologies for a more efficient and aggressive
See More
South Korea implements tax reforms including deferring UTPR to 2025
South Korea has implemented various tax changes as part of the 2024 tax reform measures passed by the parliament in late 2023. The main tax measures are: The global minimum tax (GloBE) rules have been amended, with the undertaxed payment/profit
See More
US: House Passes Bill to Extend Business Tax Provisions
On 1 February 2024 the House of Representatives voted to approve a Bill to expand the child tax credit and extend some business tax provisions. The legislation, which required a two thirds majority in the House, was passed in a vote of 357 to 70.
See More
IMF Report Discusses the Economy of Slovenia
On 30 January 2024 the IMF issued a report following discussions with Slovenia under Article IV of the IMF’s articles of agreement. The Slovenian economy has recovered from the pandemic but has been affected by the war in Ukraine. Following a
See More
Argentina annuls tax collection for certain taxpayers
On 1 February 2024, Argentina released General Resolution 5482/2024, which outlines the suspension of collection lawsuits and enforced collection measures for specific groups of taxpayers. These include: micro, small, and medium enterprises
See More
IMF Comments on UK Fiscal Position
On 30 January 2024 the IMF held a press briefing on the latest update to the World Economic Outlook. During the press briefing Pierre-Olivier Gourinchas, the Chief Economist and Director of the Research Department at the IMF, responded to
See More
Australia: ATO release guidance on depreciation of composite items
The Australian Taxation Office (ATO) has released the final iteration of the Taxation Ruling (TR) 2024/1, titled "Income tax: composite items - identifying the relevant depreciating asset for capital allowances". This ruling provides guidance to
See More
OECD releases ICAP statistics
On 29 January 2024 the OECD released the first aggregated statistics from the Forum on Tax Administration’s International Compliance Assurance Programme (ICAP). ICAP The ICAP is a voluntary risk assessment and assurance program whose
See More
OECD: Comments Received on Changes to the Commentary to Article 5
On 22 January 2024, the OECD published comments on proposed amendments to the commentary to Article 5 in relation to an alternative provision on activities in connection with the exploration and exploitation of natural resources. The additional
See More
IMF Report Comments on Greece’s Economy
On 23 January 2024 the IMF issued a report following discussions with Greece under Article IV of the IMF’s articles of agreement. Greece’s economic outlook has improved with real GDP growth projected at 2.3% in 2023 and 2.1% in 2024. Positive
See More
IMF Report Comments on Finland’s Economic Position
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
See More