Bulgaria adopts euro as national currency
Bulgaria published the law for the introduction of the euro in the Official Gazette, on 20 August 2024, paving the way for Bulgaria to shift away from using Lev, in line with EU regulations. The purpose of the law is to supplement and facilitate
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Singapore: IRAS publishes new corporate income tax FAQs
The Inland Revenue Authority of Singapore (IRAS) published new FAQs on their website on 19 August 2024. The FAQs address ECI or Form C-S/ Form C-S (Lite)/ Form C Filing; General Corporate Income Tax Matters; Corporate Income Tax Treatment; Late
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Taiwan revises business tax deadlines
The President of Taiwan has officially revised and promulgated key provisions of the Value-Added and Non-Value-Added Business Tax Law (Business Tax Law) on 7 August 2024. These amendments aim to enhance the compliance of electronic invoicing and
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UK to overhaul tax system with new residence-based regime
The UK government has announced changes to the tax system which aims to address perceived unfairness and enhance its international competitiveness. Effective from 6 April 2025, the outdated concept of domicile status will be eliminated, replaced by
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Vietnam updates indirect overseas investment rules
The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 23/2024/TT-NHNN which simplifies administrative procedures by eliminating the need for SBV approval, easing the process for organisations to implement equity award programmes
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UN approves final draft of the terms of reference for international tax framework convention
The United Nations approved the final draft terms of reference (ToR) for the UN Framework Convention on International Tax Cooperation. The decision passed with a majority vote of 110 countries in favour, with 44 abstentions and eight countries
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Switzerland wants to negotiate revision to FTA with Japan
Switzerland wants to negotiate a revision to the 2009 free trade agreement (FTA) with Japan, the announcement was made through a press release on 7 August 2024. President Viola Amherd travelled to Tokyo on Wednesday, 7 August, to meet with
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Ecuador introduces new rules for large taxpayers on income tax, remittance credits
The Ecuadorian Tax Authority, Servicio de Rentas Internas (SRI), has introduced a Resolution No. NAC-DGER CGC24-00000030 which allows large taxpayers to utilise credit notes from the remittance tax to offset their income tax obligations. The
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Switzerland consults on determination of partner states for cryptoassets AEOI
The Swiss Federal Council has initiated a public consultation on selecting partner states for the automatic exchange of information regarding cryptoassets on Wednesday, 14 August 2024. The Federal Council wants to use the bill to determine when
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Australia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
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Saudi Arabia approves updated investment law
The Saudi Press Agency announced the approval of a new Updated Investment Law, published on 11 August 2024. Set to come into effect in early 2025, the law aims to attract foreign investors, enhance the competitiveness of the investment
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South Africa updates guidance on PBO funding to associations of persons
The South African Revenue Service (SARS) has released an updated guidance concerning the provision of funds, assets, or other resources by a public benefit organisation (PBO) to any association of persons. This Note offers guidance on several key
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Singapore publishes updated e-tax guide on tax deductions for renovation, refurbishment
The Inland Revenue Authority of Singapore (IRAS) has released the seventh edition of its updated e-Tax Guide titled "Income Tax: Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises". Primary updates
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UN releases second revised draft terms for international tax framework convention
The UN Ad Hoc Committee released a second revised draft of the terms of reference (ToR) (Rev.2) for a United Nations Framework Convention on International Tax Cooperation on Sunday, 11 August 2024. This draft reflects the discussions held during
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OECD releases framework for transfer pricing of lithium
The OECD published a toolkit designed to assist developing countries in tackling transfer pricing challenges associated with lithium pricing. This initiative is part of the ongoing collaboration between the OECD and the Intergovernmental Forum on
See MoreIMF Looks at the Contribution of China’s Service Sector to Economic Growth
An IMF country focus published on 2 August 2024 noted that reforms to further open China’s service sector can promote sustainable growth and help create jobs. The report notes that China’s growth has been rapid in recent decades and will remain
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US: IRS unveils measures to support small businesses, curb employee retention credit misuse
The US IRS has announced new measures aimed at assisting small businesses and preventing improper payments within the Employee Retention Credit program yesterday, 8 August 2024. These measures also include accelerating more payments and continuing
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UK increases energy profits levy rate, eliminates main investment allowance
UK HM Treasury has released a policy paper detailing changes to the Energy Profits Levy (EPL), which involve raising the EPL rate and eliminating the investment allowance. The Energy (Oil and Gas) Profits Levy (EPL) was introduced in May 2022 to
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