Ireland updates stamp duty rates on residential property
Irish Revenue issued eBrief No. 261/24 on Revised Rates of Stamp Duty on Residential Property on 21 October 2024, the rates were revised as part of Budget 2025. Starting 2 October, the standard rates of Stamp Duty in respect of residential
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Turkey enforces increased tax penalties under amended Tax Procedure Law
Turkey's Ministry of Treasury and Finance has released General Communiqué No. 571 on 19 October 2024, officially enforcing heightened tax penalties in accordance with the amended Tax Procedure Law (TPL) as outlined in Law No. 7524. According to
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Lithuania: Parliament reviews draft law to adjust social insurance contribution rates for 2025
The Lithuanian parliament is currently reviewing a draft law concerning the State Social Insurance Fund Budget for 2025, which outlines changes to social insurance contribution rates. Under the proposed framework, employee contributions will
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UN Tax Committee concludes 29th session, advances multilateral fast track instrument
The 29th Session of the United Nations Committee of Experts on International Cooperation in Tax Matters (UNTC), held from 15–18 October 2024 in Geneva, announced major advancements in various domains of international taxation. The session of
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Ireland updates guidance on exchange of information requirements in respect of tax rulings
Irish Revenue released eBrief No. 260/24 regarding updated guidance on Revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements in Respect of Tax Rulings Part 35-00-01 on 21 October 2024. Section 1.1: Updated to
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UAE: Tax Authority releases guide on tax residence and residency certificates
The UAE Federal Tax Authority released a new guide on tax residence and tax residency certificates, titled Tax Procedures Guide on Tax Resident and Tax Residency Certificate - TPGTR1. Federal Decree-Law No. 47 of 2022 on the Taxation of
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Germany updates Non-Cooperative Tax Jurisdictions List
The Ministry of Finance released a draft bill on 10 October 2024 of an updated decree listing states and territories considered non-cooperative in tackling tax avoidance and unfair tax competition. The list is important in domestic law that
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Turkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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Puerto Rico extends 2023 annual report deadline again
Puerto Rico’s Department of State (DOS) released Administrative Order No. 2024-03, on 15 October 2024, granting an extension for submitting 2023 annual reports, including audited financial statements, until 16 December 2024. This extension applies
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UAE: MoF drops economic substance reporting requirements
The Ministry of Finance (MoF) has cancelled the economic substance reporting requirements for companies with financial years concluding after 31 December 2022. This update follows Cabinet Decision No. (98) of 2024, which revises certain aspects
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UK: Comprehensive and Progressive Agreement for Trans-Pacific Partnership to take effect in December 2024
Douglas Alexander, Minister of State (Department for Business and Trade), in a written ministerial statement on 16 October 2024, on behalf of the UK government, confirmed UK’s accession to the Comprehensive and Progressive Agreement for
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UK consults green paper for its 2035 modern industrial strategy
The UK government has launched a public consultation on the green paper, ‘Invest 2035: the UK's Modern Industrial Strategy on 17 October 2024. This is a public consultation that will develop the new Industrial Strategy, the Government's
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Malaysia: 2025 budget unveils dividend tax, new tax incentives, sales and service tax changes
Malaysia announced its 2025 Budget on 18 October 2024 with various tax measures. Dividend tax Starting from the year of assessment 2025, a 2% dividend tax will be applied to the annual chargeable dividend income of individuals exceeding MYR
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US lawmakers urge Biden administration to address double taxation issues with Taiwan
Congressman Gerry Connolly (D-VA), a senior member of the House Committee on Foreign Affairs, co-Chair of the Congressional Taiwan Caucus, and the author of the Taiwan Tax Agreement Act of 2023, led four of his colleagues in writing to Secretary of
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Turkey withdraws Draft Omnibus Law on motor vehicle tax
On 15 October 2024, the Turkish government withdrew a draft Omnibus Law that had been submitted to the Grand National Assembly of Türkiye (GNAT) just four days earlier, on 11 October 2024. The proposed law aimed to amend the Motor Vehicles Tax
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Kuwait tightens rules on fixed asset disposal
The Kuwait Tax Authority (KTA) has announced stricter regulations regarding the disposal and destruction of fixed assets, focusing on compliance with the current Executive Rules of the Kuwait tax law. Taxpayers are now required to notify the KTA
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France to facilitate extensive adoption of electronic invoicing
The French government has announced plans to facilitate the extensive adoption of electronic invoicing on 15 October 2024. The initiative is expected to improve payment timelines and streamline invoicing processes while simplifying interactions with
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Lithuania proposes draft law to eliminate double taxation on Taiwan related income
Lithuania's Ministry of Finance has announced a draft law on the Elimination of Double Taxation and the Prevention of Tax Evasion and Avoidance, which proposes to include in the Lithuanian legal system the solutions for the avoidance of double
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