Bosnia and Herzegovina proposes mandatory e-invoicing
The government of Bosnia and Herzegovina has proposed mandatory electronic invoicing and reporting requirements to combat tax fraud, particularly for sales conducted through the internet and digital platforms. The electronic invoicing and
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Turkey updates investment project evaluation criteria
Turkey's Ministry of Industry and Technology issued a new Communiqué on Wednesday, 13 November 2024 amending the guidelines for Communiqué on Strategic Priority and Technical Assessment of Investment Projects, introducing a revised financial
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New Zealand: Inland Revenue opens public consultation on draft Tax residence interpretation statement
New Zealand Inland Revenue has initiated a public consultation on a draft Interpretation Statement (IS) regarding Tax Residence, which clarifies the tax residence rules under the Income Tax Act 2007 for individuals, companies, and trusts. The
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UK: HMRC publishes new guidelines for patent box computations assistance
The UK tax authority, His Majesty's Revenue & Customs (HMRC) has released new guidelines to assist with Patent Box computations GfC9, on 7 November 2024, to address common errors in Patent Box computations. The aim is to improve compliance by
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Turkey, Guinea discuss expanding trade and tax cooperation
A release from the Turkish Ministry of Family, Labour, and Social Services, published on 6 November 2024, reported that officials from Guinea and Turkey met to discuss areas of bilateral cooperation, with Turkey expressing interest in negotiating an
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UK: HMRC releases XML schema, related documents for digital platform reporting
UK HMRC published the Digital platform reporting XML schema and supporting documents 24 October 2024. The documents include XML schema and supporting documents and Sample XML files. The UK is signed up to the Organisation for Economic Development
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Ireland: Parliament passes Finance Bill 2024
Ireland’s Senate passed the Finance Bill 2024 on 6 November 2024. Earlier, on 5 November 2024, the lower house of parliament approved the Finance Bill 2024, which outlines various tax measures as part of the Budget 2025. The Finance Bill
See MoreTurkey consults on departure tax implementation
The Turkish government has initiated a public consultation on the implementation of departure tax regulated by Law No. 5597 on the Exit Fee and the Amendments to Various Laws, which was recently amended by Article 51 of Law No. 7524 on Amendments to
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Pakistan to cut power tariffs this winter
Pakistan will be introducing reduced electricity tariffs this winter according to an interview of Power Minister Awais Leghari on Saturday, 9 November 2024. Business and citizens are likely to benefit from a 7-8% reduction in power
See MoreUK cuts interest rates on late payment, repayment of tax
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has announced a reduction in interest rates for late payments and repayments of tax, setting them at 7.25% (down from 7.5%) and 3.75% (down from 4.0%), respectively. This adjustment
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UAE offers grace period for updating tax registration information
The Federal Tax Authority (FTA) of UAE Â announced that a new Decision has been issued to support businesses in efficiently meeting their tax obligations on 6 November 2024, offering a grace period for tax registrants who have fallen behind on
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Greece unveils tax reform plans for 2025Â
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025 on 5 November 2024. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and
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Taiwan mandates reporting obligations for income not subject to tax withholding
Taiwan's Ministry of Finance has issued a notice mandating the submission of Non-Withholding Tax Statements for payments that are exempt from withholding on 4 November 2024. The tax withholding system aims to supervise and urge tax withholders to
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Turkey consultation on e-commerce tax withholding regulations
The Turkish Revenue Administration has launched a consultation on the draft Income Tax General Communique No. 329, on 4 November 2024, which addresses amendments to individual income and corporate tax as outlined in Law No. 7524/2024 related to
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Germany consults draft bill to implement DAC 8
The German Ministry of Finance announced a public consultation regarding the implementation of Council Directive (EU) 2023/2226, which amends Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC 8). The draft bill was
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Ecuador: Tax Authority updates electronic invoicing regulations amid energy crisis
In response to the national energy crisis, the Ecuadorian Tax Authority (SRI) has issued Resolution NAC-DGERCGC24-00000035, amending the rules for the transmission of electronic invoices. Taxpayers must transmit electronic invoices to the Tax
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US: IRS finalises rules for disposing taxpayers’ seized property
The US Internal Revenue Service (IRS) issued the amended final regulations (TD 10011, RIN 1545-BQ34), on 4 November 2024,the document contains final regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy. The final
See MoreTurkey extends tax debt restructuring instalments due to earthquake
Earlier, Turkey’s Revenue Administration released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in
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