Hong Kong: BRITACOF tax forum unveils plan to boost cooperation among tax authorities
Hong Kong’s Inland Revenue Department hosted the 5th Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF) from September 24 to 26, 2024. This three-day annual mega event in the international tax community attracted about 500
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OECD reports tax reforms shift from crisis response to long-term fiscal goals
The OECD released its annual report on tax policy reform Tax Policy Reforms 2024, on 30 September 2024, detailing the tax reforms enacted in 2023 across 90 jurisdictions, encompassing all OECD member countries. According to this new report, the
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Ireland consults tax treatment of interest
Ireland's Department of Finance has announced the initiation of a public consultation regarding the tax treatment of interest on Friday, 27 September 2024. Irish tax legislation includes a number of provisions allowing for the deductibility of an
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South Africa updates corporate income tax return form, allows additional allowance for renewable energy production
The South African Revenue Service (SARS) has updated the corporate income tax return form (ITR14 form), allowing taxable entities to claim section 12BA allowances on 16 September 2024. The 12BA allowance offers a 125% enhanced allowance for
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Ireland publishes responses on second feedback statement for introduction of participation exemption for foreign dividends
The Irish Government published the responses collected from the second feedback statement regarding the implementation of a participation exemption regime for foreign dividends on 25 September 2024. It includes potential draft proposals for the
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Turkey clarifies electronic notification rules in tax procedure law
Turkey’s Ministry of Treasury and Finance has clarified taxpayers' obligations under the Electronic Notification Process in the Tax Procedure Law (TPL), published General Communiqué No. 568 in the Official Gazette, on Wednesday, 25 September
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Saudi Arabia: ZATCA sets criteria for selecting taxpayers for wave 16 of e-invoicing, compliance starts 1 April 2025
Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the criteria for selecting the targeted taxpayers in the Sixteenth Wave for implementing the "Integration Phase" of E-invoicing on 27 September 2024. ZATCA also clarified that
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Ecuador mandates new reporting requirements for final beneficiaries and corporate composition
Ecuador's Internal Revenue Service (SRI) has introduced Resolution NAC-DGERCGC24-00000033, outlining the Report of Final Beneficiaries and Corporate Composition (REBEFICS) requirements. It mandates all Ecuadorian companies, as well as foreign
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Japan, UAE initiates negotiations for CEPA
Japan’s Ministry of Foreign Affairs announced that it has launched negotiations with Japan for a comprehensive economic partnership agreement (CEPA) on 18 September 2024. “I hope that concluding an ambitious, balanced, and comprehensive EPA
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Ireland releases pre-filing notification forms for R&D corporation tax credit
Irish Revenue has published eBrief No. 239/24, announcing the release of pre-filing notification forms for the R&D Corporation Tax Credit on 13 September 2024. The R&D Corporation Tax Credit pre-filing notification forms in respect of
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UK: HMRC issues new guidance for non-UK companies involved in property sector
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released new guidance for non-UK resident companies involved in the property sector within the United Kingdom on 17 September 2024. This update is particularly important for
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Spain: Council of Ministers approve crypto-asset reporting framework
The Spanish Council of Ministers approved a draft bill to implement the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) DAC8 – which integrates the OECD's crypto-asset reporting framework (CARF) into the
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Germany: Tax revenue grows 5.3% in August
Germany's federal and state governments' tax revenue rose 5.3% in August when compared to the same month last year, said the finance ministry on Friday, 20 September 2024. According to the ministry's monthly report, tax revenue collected by
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Greece announces initiatives to boost startup investments and mergers
The Greek government has announced changes to its Golden Visa programme in an attempt to boost the startup ecosystem and provide new investment opportunities. A residence permit (similar to the Golden Visa) will be awarded to non-resident
See MoreGreece abolishes stamp duty, introduces digital transaction tax
The Greek government has enacted a new law that removes stamp duty and introduces a digital transaction tax on 16 September 2024. This fee will apply to Greek residents and permanent establishments for various transactions, such as loans,
See MoreTurkey revises special consumption tax for certain tobacco products
Turkey’s government has introduced changes to the special consumption tax (SCT) rates and fixed tax amounts for certain tobacco products through Presidential Decree No. 8958, published in the Official Gazette No. 32662 on 14 September 2024. The
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Lithuania: President approves law to end tax treaty with Russia
Lithuania’s President, Gitanas Nausėda, approved a draft law for terminating the 1999 tax treaty with Russia, which was submitted to the parliament for consideration on Monday, 16 September 2024. According to the treaty's stipulations, a
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Italy approves revised taxpayer reliability indices for 2023 tax period
Italy’s Ministry of Economy and Finance approved the revised synthetic indexes of taxpayer reliability (Indici Sintetici di Affidabilità fiscale, ISA) for specific business sectors for the 2023 tax period; issued a decree on 29 April 2024,
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