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 meetingÂ
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 2025Â
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 2024Â
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
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Turkey 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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UAE: Tax Authority releases guide on tax residence and residency certificates
The UAE Federal Tax Authority released a new guide on tax residence and tax residency certificates, titled Tax Procedures Guide on Tax Resident and Tax Residency Certificate - TPGTR1. Federal Decree-Law No. 47 of 2022 on the Taxation of
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Germany updates Non-Cooperative Tax Jurisdictions List
The Ministry of Finance released a draft bill on 10 October 2024 of an updated decree listing states and territories considered non-cooperative in tackling tax avoidance and unfair tax competition. The list is important in domestic law that
See MoreTurkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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Puerto Rico extends 2023 annual report deadline again
Puerto Rico’s Department of State (DOS) released Administrative Order No. 2024-03, on 15 October 2024, granting an extension for submitting 2023 annual reports, including audited financial statements, until 16 December 2024. This extension applies
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UAE: MoF drops economic substance reporting requirements
The Ministry of Finance (MoF) has cancelled the economic substance reporting requirements for companies with financial years concluding after 31 December 2022. This update follows Cabinet Decision No. (98) of 2024, which revises certain aspects
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