Ireland: Revenue issues eBrief on VAT updates in Finance Act 2024
The Irish Revenue has released eBrief No. 297/24 on 4 November 2024 regarding the VAT Notes for Guidance under the Finance Act 2024. Interpretation (Part 3) This section defines the Principal Act as the Value-Added Tax Consolidation Act
See More
Singapore revises e-tax guide for securities lending and repo transactions
The Inland Revenue Authority of Singapore (IRAS) has issued an updated e-Tax Guide Securities Lending and Repurchase Arrangements (Second Edition) on 4 December 2024. This e-Tax Guide gives details on the income tax treatments and tax concessions
See More
Greece enacts 2025 tax reform measures
Greece has published Law No. 5162 in the Official Gazette on 5 December 2024 enacting 2025 tax reform measures. The legislation eliminates the business (trade) tax for all individuals and extends the suspension of capital gains tax on the
See More
Brazil further updates electronic invoicing amid tax reforms
Brazil’s government has released an updated version of Technical Note NT 2024.002 on 6 December 2024. This updated version introduces new validation rules to calculate the monthly amounts due for the recently implemented indirect taxes - CBS
See More
Malaysia: House of Representatives pass Finance Bill 2024
Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after
See More
EU adopts new withholding tax rules (FASTER)
The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The
See More
Singapore gazettes Economic Expansion Incentives Amendment Bill 2024
Singapore published the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2024 in the Official Gazette on 10 December 2024. It introduces a new 15% Concessionary Tax Rate (CTR) under the Development and Expansion Incentive
See More
Denmark: Bookkeeping Act effective from January 2025
The Danish Business Authority is notifying companies about new digital bookkeeping rules effective 1 January 2025, as per the Danish Bookkeeping Act. These rules mandate that companies use a digital bookkeeping system capable of receiving and
See More
Uruguay mandates remaining VAT taxpayers join e-invoicing regime by December 2024
The Uruguayan tax authority (DGI) has issued a reminder to taxpayers on 28 November 2024 that the deadline for joining the electronic invoicing regime (régimen de documentación fiscal electrónica) is 31 December 2024. The universalisation of
See More
UAE: Corporate tax registration deadline for juridical persons with licences issued in December set for before end of 2024
The UAE Federal Tax Authority (FTA) has announced that all Resident Juridical Persons with licenses issued in December, regardless of the year of issuance, must submit their Corporate Tax registration applications by 31 December 2024. In a press
See More
Poland: Ministry of Finance designates Head of the Kujawsko-Pomorskie Tax Office as authority for global tax compliance
The Polish Ministry of Finance has announced designating the Head of the Kujawsko-Pomorskie Tax Office in Bydgoszcz as the sole authority responsible for matters related to the global minimum tax. This decision, outlined in a draft regulation
See More
Ireland: Revenue clarifies interest deduction restrictions for intercompany loans
The Irish Revenue Commissioners released eBrief No. 289/24 on 27 November 2024, clarifying restrictions surrounding interest deductions for intercompany loans. The update explains which subsidiary companies are no longer able to claim deductions
See More
OECD updates FAQs on ICAP, clarifies applications may be submitted year-round
The Organisation for Economic Cooperation and Development (OECD) released an updated version of its Frequently Asked Questions (FAQs) regarding the International Compliance Assurance Programme (ICAP) in December 2024. ICAP is a voluntary
See More
US: Congressional Research Service publishes report on economic impact of expiring tax cuts
The US Congressional Research Service (CRS) has released a report titled Expiring Provisions of P.L. 115-97 (the Tax Cuts and Jobs Act): Economic Issues on 26 November 2024. Most provisions affecting the individual income tax in the 2017 tax law
See More
EU proposes permanent digital trade certificates with Turkey
The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to
See More
Kazakhstan: National Bank raises interest base rate
The National Bank of Kazakhstan has raised the base interest rate from 14.25% to 15.25%, effective from 2 December 2024. The base rate determines late payment interest, which is calculated as 1.25 times the base rate, divided by 365 to find the
See More
Canada: Parliamentary Budget Officer revises fiscal multiplier estimates
Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s
See More
OECD: Norway signs multilateral agreement on exchange of information on CRS avoidance
A recent OECD update reported that Norway has signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on CRS Avoidance Arrangements and Opaque Offshore Structures (MDR-MCAA) on 26 November 2024. This
See More