Turkey extends force majeure for areas hit by 2023 earthquake
The Turkish Revenue Administration announced on 26 April 2024 that it had extended the state of force majeure for regions affected by the 6 February 2023 earthquakes. Initially set from 6 February 2023 to 31 July 2023, the state of force majeure
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Bolivia amends procedures for export tax refund requests, includes surety insurance policy
Bolivia’s tax authority (Servicio de Impuestos Nacionales—SIN), on Thursday, 2 May, 2024, issued guidance “RND No. 102400000014”, in which it provided the following: After submitting an export tax refund request (SDI) with a
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Philippines extends withholding tax transition period for online platform payments to suppliers
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
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US: IRS issues final guidance on credit transfers for cash payments under inflation reduction act
On 25 April 2024, the US Internal Revenue Service (IRS) released the final guidance (regulations) for the transfer of eligible credits under the Inflation Reduction Act of 2022 (IRA) in a taxable year, including specific rules for partnerships and S
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)
The US Internal Revenue Service (IRS) has published Notice 2024-33, providing relief from penalties for underpayment of estimated income tax due to a portion of a corporation's Corporate Alternative Minimum Tax (CAMT) liability. This penalty relief
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Saudi Arabia: ZATCA releases guidelines for new RHQ program
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has published guidelines detailing the new Regional Headquarters (RHQ) Program in the country. As per previous reports, the RHQ program offers tax advantages such as a 0% corporate income tax rate
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Canada 2024 federal budget includes higher capital gains rate and other tax measures
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal budget. The following are some of the key tax measures of the budget: Capital gains inclusion rate The 2024 Budget proposes increasing the capital gains inclusion rate
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Finland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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Netherlands releases spring memorandum 2024 and tax plan for 2025
On 15 April 2024, the Dutch government released the Spring Memorandum 2024, highlighting an update on the budget allocations for 2024 and beyond. The document details several proposed tax measures, such as - the energy tax rates on natural gas for
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Australia: ATO updates trust tax returns and private rulings forms
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide detailing the upcoming modifications to the annual tax return form for trust income reporting, effective from 1 July 2024. ATO also announced updating its application forms for
See MoreBolivia updates export tax refund regulations
On 10 April 2024, Bolivia announced Supreme Decree No. 5145, which introduces a new modality of export tax refund. The Decree aims to streamline the process of submitting tax refund requests. The key aspects of the Decree are: The deadline
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Malaysia releases tax guidelines for foreign capital asset disposals
On 27 March 2024, the Inland Revenue Board of Malaysia (IRBM) released guidelines about the Tax Treatment on Gains from the Disposal of Foreign Capital Assets Received from Outside Malaysia. The key points of the guidelines are as
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Estonia passes laws for public CbC reporting and partial adoption pillar 2 GloBE rules
On 10 April 2024, Estonia’s parliament passed the Act supplementing the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act (379 SE). This law outlines the requirements for the implementation of public CbC reporting in
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Ireland: Irish Revenue updates tax manuals for outbound payments defensive measures
On 11 April 2024, the Irish Revenue issued eBrief No. 119/24 regarding to the updates on the tax and duty manuals related to the new outbound payments defensive measures. The outbound payments defensive measures are included in the Finance (No.2)
See MoreNetherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
See MoreMalaysia: IRBM updates e-invoicing guidelines and releases new software development kit version
On 6 April 2024, the Inland Revenue Board of Malaysia (IRBM) issued updated guidelines for the new electronic invoicing (e-invoicing) requirements, e-Invoice Guideline (Version 2.3, and e-Invoice Specific Guideline (Version 2.1). These two updates
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Ireland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The details of these provisions are included in the Finance (No. 2) Act 2023. The two enhancements are:
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New Zealand releases Taxation Act 2024 with source rule amendments for 2023-24
On 28 March 2024, New Zealand officially published the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 in the Official Gazette. This legislation received royal assent on 28 March 2024 with various measures.
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