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
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Turkey 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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Kenya proposes new economic presence and minimum top-up taxes in Tax Laws Bill 2024
Kenya's National Assembly presented the Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024 on 1 November 2024. Both Tax Laws (Amendment) Bill 2024 along with the Tax Procedures (Amendment) (No.2) Bill 2024
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EU Council approves digital age VAT package
The Council of the EU has announced that an agreement on the VAT in the Digital Age package was reached during the meeting on 5 November 2024. With new rules on electronic invoices, real-time data reporting, and business carried out through
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Brazil announces new layout for VAT, excise tax returns
Brazil’s tax authorities have revised the layout for the monthly returns for the value-added tax (ICMS) and excise tax (IPI) on 5 November 2024. This updated layout features modifications to validation rules, inclusion of new fields, and
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Singapore issues advance ruling on classification of hybrid instruments and related matters
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 7/2024, addressing the classification of hybrid instruments and related matters on 1 November 2024. Subject: Whether: The fixed rate subordinated
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Spain: MOF issues Order on e-invoicing software systems
The Spanish Ministry of Finance(MOF) has released an Order HAC7/1177/2024 of 17 October 2024 concerning computerised billing systems for entrepreneurs and professionals on 28 October 2024. The publication of this Ministerial Order marks the
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