Norway considers crypto ownership reporting rules
Norway’s Ministry of Finance unveiled a draft bill, which introduces reporting obligations for third parties serving as crypto asset exchanges or custodians, for public consultation on 15 November 2024. The consultation is set to conclude on 15
See More
Iceland approves budget bill for 2025
Iceland’s Budget Committee submitted the proposed amendments to the 2025 Budget on 15 November 2024 following its second parliamentary debate. The parliament approved the proposed amendments, incorporating them into the bill for the final round
See More
G20 leaders back Two-Pillar global tax reform, fair taxation for the ultra-wealthy individuals
The G20 Leaders' Declaration was released after a summit, which took place from 18–19 November 2024 in Rio de Janeiro, Brazil. Regarding taxation, the Declaration outlines the following points: We endorse the Rio de Janeiro G20 Ministerial
See More
Russia to tax cryptocurrency transactions
The Russian Ministry of Finance announced that the government has approved proposed amendments to a bill regarding the taxation of income and expenses related to cryptocurrency transactions and mining. A report by the Russian news agency Interfax
See More
Singapore publishes response summary on draft GST guide for implementing invoiceNow for GST-registered businesses
The Inland Revenue Authority of Singapore (IRAS) has released a summary of responses to the draft e-Tax guide on adopting InvoiceNow, an e-invoicing network built on the Peppol framework, for GST-registered businesses. IRAS conducted a Public
See More
Ireland: Revenue clarifies interpretation of ‘Control’ in updated tax manual
Irish Revenue has published eBrief No. 277/24 on 12 November 2024, which includes an update to the Tax and Duty Manual Part 01-00-05, providing clarification on the interpretation of "control" in certain contexts. The purpose of this manual is to
See More
India: CBDT launches campaign to ensure accurate disclosure of foreign assets for AY 2024-25
The Indian Central Board of Direct Taxes (CBDT) launched a Compliance and Awareness Campaign on Saturday, 16 November 2024, to ensure resident taxpayers fully disclose foreign income in their income tax returns (ITRs) for the Assessment Year (AY)
See More
UAE: FTA publishes guide on private clarifications
The UAE Federal Tax Authority (FTA) has published a detailed guide on Private Clarifications (Private Clarifications - TPGPC1). The following federal taxes apply in the UAE: Excise Tax – introduced with effect from 1 October 2017 VAT
See More
Dominican Republic consults end of tax exemptions on issuance from cheques, electronic transfers
The Dominican Republic's Directorate General of Internal Revenue (DGII), under instructions from the Ministry of Finance, has opened a public consultation regarding a draft regulation aimed at repealing all administrative exemptions from the 0.0015%
See More
OECD unveils initiatives to enhance digital transformation, tax certainty, capacity building partnerships
The Organisation for Economic Cooperation and Development (OECD) has announced that during the 17th annual plenary meetings of the Forum on Tax Administration, tax administrations reached a consensus on a series of practical initiatives. These
See More
Vietnam: Ministry of Finance consults draft decree for global minimum tax rules
Vietnam's Ministry of Finance has initiated a public consultation on a draft decree to implement Resolution No. 107/2023/QH15, outlining detailed guidelines for the implementation of GloBE rules. It is expected to be finalised and issued by December
See More
OECD releases Mutual agreement procedure (MAP), advance pricing agreement (APA) statistics for 2023
The Organisation for Economic Co-operation and Development (OECD) published the 2023 Mutual Agreement Procedure (MAP) Statistics and Advance Pricing Agreement (APA) Statistics on 15 November 2024. The OECD also presented MAP and APA awards to tax
See More
EU: European Parliament backs FASTER initiative
The European Parliament's plenary session adopted its opinion on 14 November 2024 after a consultation on the proposed Council Directive for the Faster and Safer Relief of Excess Withholding Taxes (FASTER). The opinion endorses the compromise
See More
Netherlands: Lower House passes 2025 Tax Plan with EBITDA rule changes, VAT rate cancellation
The Netherlands lower house of Parliament has approved the 2025 Tax Plan with some amendments on 14 November 2024. The amendments include changes to the EBITDA interest deduction limitation, anti-fragmentation rule for real estate companies in
See More
OECD presents tax report to G20 leaders in Brazil
The OECD has released the OECD Secretary-General Tax Report to G20 Leaders, prepared for the G20 Leaders' Summit taking place on 18-19 November 2024, in Rio de Janeiro, Brazil. This report sets out recent developments in international tax reform,
See More
Turkey revises VAT rates for medical products, telecom equipment
Turkey revised the VAT rates for medical products, special-purpose foods, and telecommunications equipment and related devices through Presidential Decision No. 9126 on Thursday, 14 November 2024. This decision establishes that the VAT rate for
See More
OECD publishes tax administration report 2024
The Organisation for Economic Co-operation and Development (OECD) has released the report Tax Administration 2024, which provides comparative insights into the tax systems and administrations of 58 OECD member countries and other advanced and
See More
Philippines streamlines tax treaty rules for government securities
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
See More