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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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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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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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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Bangladesh: Reduced tax for asset management companies and exporters of goods, exemptions for OBU
The tax environment in Bangladesh is undergoing significant changes due to the implementation of Income Tax Act 2023 and Customs Act 2023. Recent tax-related developments allow for decreased tax rates for asset management companies (which have
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Australia: Senate Committee releases reports on tax promoter and superannuation concessions bills
Australia’s Senate Economics Legislation Committee has released reports on proposed legislation to enhance the Australian Taxation Office's (ATO) ability to target promoters of tax exploitation schemes. The report proposes to implement new
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Council of the EU agrees to adopt new withholding tax procedures
The Council of the European Union agreed to adopt new regulations for withholding tax procedures under the Council Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) on Tuesday, 14 May 2024. Due to the changes the Council
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India: CBDT introduces new features for AIS
India’s Central Board of Direct Taxes (CBDT) of the Income Tax Department in a release announced on Monday, 13 May, 2024, the introduction of a new functionality in their Annual Information Statement (AIS) to display the status of the information
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Belgium passes global minimum tax law amendments
The Belgian Chamber of Representatives, on 2 May, 2024, passed the law on various tax provisions including initiatives for reforming investment deductions. Other notable measures include provisions concerning the Pillar Two Global Minimum Tax and
See MoreUS: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
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Canada: Parliament discusses 2024 Budget Implementation Bill No. 1
Canada’s Bill C-69, Budget Implementation Act, 2024, No. 1, was presented to the House of Commons of Canada’s Parliament on Thursday, 2 May, 2024. Bill C-69 enacts the provisions outlined in the Notice of Ways and Means Motion (NWMM)
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Canada: CFIB opposes capital gains changes
The Canadian Federation of Independent Business (CFIB) published a release, on Thursday, 9 May, 2024, regarding its opposition to the proposed capital gains tax changes in the 2024 federal budget. The proposal aims to increase the capital gains
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Australia announces consultation on draft bill to amend GST treatment for vehicle supplies
The Australian Taxation Office (ATO) issued a draft, on 10 May, 2024, for public consultation of the legislation A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle
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Australia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
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Pakistan introduces amendments to tax appeals procedures
On Friday, 3 May 2024, Pakistan enacted the Tax Laws (Amendment) Act, 2024 (the Amendment Act). This law substantially modifies the tax appeals procedures for sales tax, federal income tax, and federal excise laws. These reforms aim to
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Algeria eases criteria for reinvestment of tax savings
The Algerian government has eased restrictions for reinvesting tax savings under the Algerian investment incentives regime. The government expects that this will attract more foreign investment in Algeria. Determining the reinvestment
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UAE: FTA issues corporate tax guide for investment funds and investment managers
The UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Investment Funds and Investment Managers - CTGIFM1 on Monday, 6 May, 2024, in order to provide general guidance to help persons understand the UAE Corporate Tax treatment for
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