Austria gazettes Progression Compensation Act 2025
Austria published the Progression Compensation Act 2025 (Progressionsabgeltungsgesetz 2025, PrAG 2025) in the Official Gazette on 9 October 2024, implementing relief measures announced by the Ministry of Finance in July 2024, The Act primarily
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UAE publishes guide on corporate tax for real estate investment
The UAE Federal Tax Authority has published a guide outlining corporate tax rules for individuals earning income from real estate investments on 24 October 2024. Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and
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UAE to implement mandatory e-invoicing for B2B, B2G transactions
The UAE Ministry of Finance (MoF) has announced plans to implement a mandatory electronic invoicing (e-invoicing) system for business-to-business (B2B) and business-to-government (B2G) transactions. The implementation of this e-invoicing system
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Turkey: GNAT passes law to enhance consumer protections, competitiveness
The Grand National Assembly of Turkey (GNAT) has passed a new law (Law No. 213) to enhance consumer protections and boost competitiveness in domestic markets. The bill includes provisions for inflation adjustments which were initially included
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G20 finance ministers and central bank governors release communiqué on global taxation cooperation
The G20 Finance Ministers and Central Bank Governors released their official Communiqué after their meeting in Washington DC, United States, on 23-24 October 2024. Regarding international taxation cooperation, the Communiqué says that
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European Commission approves Danish State Aid for greenhouse gas tax cuts
The European Commission announced it approved, under EU State aid rules, a EUR 724 million (DKK 5.4 billion) Danish scheme to lower the rate of new greenhouse gas (GHG) emissions tax for certain companies. The scheme offers a reduced tax rate for
See MoreEuropean Union publishes minutes of VAT Expert Group’s 36th meeting
The European Commission released the minutes of the 36th meeting of the VAT Expert Group (VEG) on 14 October 2024. The VEG held its 36th meeting on 6 June 2024, According to the minutes, the following points were addressed: VAT after VAT in
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Portugal proposes several VAT measures in draft state budget law 2025
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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Latvia updates list of tax havens, removes Antigua and Barbuda
Latvia announced an updated list of low-tax and tax-free jurisdictions in the Official Gazette on 23 October 2024. This list, derived from the latest EU list of non-cooperative jurisdictions, notes the removal of Antigua and Barbuda, effective 1
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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OECD presents Secretary-General Tax Report to G20 finance ministers, central bank governors
The Organisation for Economic Co-operation and Development (OECD) has released the OECD Secretary-General Tax Report (G20 Brazil, October 2024), which was presented to the G20 Finance Ministers and Central Bank Governors at their meeting in
See MoreAustralia: ATO issues guidance on international transactions drawing attention
The Australian Taxation Office (ATO) has released guidance on international transactions that captured its attention. These transactions include: Related party financing - Cross-border financing arrangements involving non-arm’s length
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Kenya keeps market and deemed interest rates unchanged for Q4 2024
The Kenya Revenue Authority has released a public notice regarding the market interest rate applicable to fringe benefit tax and the deemed interest rate for specific non-resident loans for October, November, and December 2024, which has been
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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
See MoreTurkey 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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