US: IRS to handle 400,000 employee retention credit claims
The US Internal Revenue Service (IRS) has issued the ERC claims update in a news release (IR-2024-263) on October 10, 2024, stating it is processing about 400,000 claims, representing approximately USD10 billion in eligible claims. Work on the
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Malaysia revises e-invoicing rules, implementation dates
The Inland Revenue Board of Malaysia (IRBM) released updated guidelines on the new electronic invoicing (e-invoicing) requirements on 4 October 2024. These include the new e-Invoice Guideline (Version 4.0) and e-Invoice Specific Guideline (Version
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OECD launches second BEPS Action 5 review, releases initial BEPS Action 14 peer reviews
The Organisation for Economic Cooperation and Development (OECD) announced a second series of peer reviews for BEPS Action 5 and released the initial two batches of BEPS Action 14 peer reviews. These are part of the streamlined mutual agreement
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UN Tax Committee organises 29th Session of Experts on International Cooperation in Tax Matters
The UN Tax Committee announced that it will hold its 29th Session from 15 to 18 October 2024 at the United Nations Headquarters in Geneva, Switzerland. This is the penultimate session of this Committee membership, focused on delivering its
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Kazakhstan: New Tax Code to take effect in early 2026
Kazakhstan's National Economy Minister Nurlan Baibazarov said the country’s new Tax Code will take effect in January 2026. This follows Kazakhstan's President Kassym-Jomart Tokayev's announcement in his State of the Nation address on 2
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India publishes guidance for Direct Tax Vivad se Vishwas Scheme
India's Central Board of Direct Taxes (CBDT) published a guidance, Circular No. 12 of 2024, on Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024 on 15 October 2024, which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
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Switzerland lowers interest rates for federal taxes
The Swiss Federal Finance Department (DFF) has announced a reduction in the interest rates for late, refunded, Advance Tax Payments, effective from 2025. Starting 1 January 2025, the tax arrears, refunds, and conditional payment obligations will
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Azerbaijan joins CIS tax reform and digital innovation talks
Azerbaijan attended a high-profile Coordination Council meeting in Bishkek, Kyrgyzstan, on 7 October 2024. The meeting comprised high-ranking tax officials from the Commonwealth of Independent States (CIS) Armenia, Belarus, Russia, Tajikistan,
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Singapore updates guidance on applying for Certificate of Residence, tax reclaim form
The Inland Revenue Authority of Singapore (IRAS) has released revised guidance on the Applying for a Certificate of Residence and Tax Reclaim Form. The Certificate of Residence (COR) is a letter issued by IRAS to certify that the company is a tax
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India introduces key amendments to CGST rules
The Indian Ministry of Finance has issued Notification No. 20/2024 on 8 October 2024, implementing significant amendments to the Central Goods and Services Tax (CGST) Rules, 2017. Key changes in CGST Rules Removal of IGST refund restrictions:
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India consults Income Tax Act, 1961
India's Central Board of Direct Taxes (CBDT) has initiated a public consultation to conduct a comprehensive review of the Income Tax Act, 1961. The announcement was made on 7 October 2024. In the Budget 2024-2025 speech, the Finance Minister
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Dominican Republic unveils fiscal reform plans
The Dominican Republic introduced a draft Law on Fiscal Modernization aimed at modernising its tax system and increasing revenue on 8 October 2024. The reform is reviewing tax incentives for sectors like tourism and cinema, and it will introduce
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UN Tax Committee publishes transfer pricing guidelines for agriculture, pharma industry
The UN Committee of Experts on International Cooperation in Tax Matters published advanced unedited versions of guidance on transfer pricing for agricultural products and transfer pricing in the pharmaceutical industry on 23 September
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Kenya consults proposed income tax treaty with Iceland
Kenya has initiated a public consultation on the proposed income tax treaty with Iceland. The announcement was made in a public notice by the National Treasury on 2 October 2024. The consultation is set to conclude on 7 November 2024. The
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USA: FinCEN updates FAQs on beneficial ownership information under CTA
The Financial Crimes Enforcement Network (FinCEN) USA has updated FAQs regarding Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA) on 3 October 2024. The FAQs aim to provide clarification regarding the reporting
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Turkey clarifies application and payment periods for restructuring public receivables in earthquake-affected areas
The Ministry of Treasury and Finance Turkey has issued General Communiqué No. 7 on Law No. 7440 to clarify the application and payment periods for the restructuring of public receivables in earthquake-affected areas on 4 October 2024. Law No.
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South Africa lowers interest rate for interest-free, low-interest loans
The South African Revenue Service (SARS) has lowered the interest rate Table 3 for interest-free or low-interest loans from 9.25% to 9.00%, effective from 1 October 2024, following the Reserve Bank’s Monetary Policy Committee’s decision to
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Taiwan: MOF clarifies application of tax treaties
Taiwan's Ministry of Finance (MOF) has published a statement clarifying the application of the country's tax treaties on 26 September 2024. Currently, Taiwan has 35 signed and effective comprehensive income tax agreements. The MOF will continue
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