India: CBDT introduces new features for AIS
India’s Central Board of Direct Taxes (CBDT) of the Income Tax Department in a release announced on Monday, 13 May, 2024, the introduction of a new functionality in their Annual Information Statement (AIS) to display the status of the information
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Belgium passes global minimum tax law amendments
The Belgian Chamber of Representatives, on 2 May, 2024, passed the law on various tax provisions including initiatives for reforming investment deductions. Other notable measures include provisions concerning the Pillar Two Global Minimum Tax and
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US: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
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Canada: Parliament discusses 2024 Budget Implementation Bill No. 1
Canada’s Bill C-69, Budget Implementation Act, 2024, No. 1, was presented to the House of Commons of Canada’s Parliament on Thursday, 2 May, 2024. Bill C-69 enacts the provisions outlined in the Notice of Ways and Means Motion (NWMM)
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Canada: CFIB opposes capital gains changes
The Canadian Federation of Independent Business (CFIB) published a release, on Thursday, 9 May, 2024, regarding its opposition to the proposed capital gains tax changes in the 2024 federal budget. The proposal aims to increase the capital gains
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Australia announces consultation on draft bill to amend GST treatment for vehicle supplies
The Australian Taxation Office (ATO) issued a draft, on 10 May, 2024, for public consultation of the legislation A New Tax System (Goods and Services Tax): Waiver of Tax Invoice Requirement (Motor Vehicle Incentive Payment Made to Motor Vehicle
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Australia introduces consultation on draft legislation to waive withholding tax for US entertainers
The Australian Taxation Office (ATO) issued a draft for public consultation on 10 May, 2024, regarding the legislation Taxation Administration (Withholding Variation for Certain Payments to US Resident Entertainers Including Athletes) Legislative
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Algeria eases criteria for reinvestment of tax savings
The Algerian government has eased restrictions for reinvesting tax savings under the Algerian investment incentives regime. The government expects that this will attract more foreign investment in Algeria. Determining the reinvestment
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UAE: FTA issues corporate tax guide for investment funds and investment managers
The UAE Federal Tax Authority (FTA) issued the Corporate Tax Guide on Investment Funds and Investment Managers - CTGIFM1 on Monday, 6 May, 2024, in order to provide general guidance to help persons understand the UAE Corporate Tax treatment for
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Czech Republic: Parliament approves changes to investment companies and investment funds (ICIF) act
The Czech Parliament has approved an amendment to the Investment Companies and Investment Funds (ICIF) Act. This amendment includes a technical amendment to the Income Tax Act and introduces various practical modifications related to
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Philippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
See MoreUAE: FTA issues guide on registration of natural persons for corporate tax
The UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on Registration of Natural Persons - CTGRNP1 on Monday, 6 May, 2024. It is designed to provide general guidance on the registration of natural persons in the UAE for Corporate Tax
See MoreUS: Proposed bill could affect a taxpayer’s CAMT liability for 2023
A new provision was included in the "Inflation Reduction Act of 2022" (IRA) on Monday, 6 May, 2024, officially known as H.R. 5376, which included a new Corporate Alternative Minimum Tax (CAMT). This tax is determined based on the financial
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Belgium: Parliament adopts changes to pillar two global minimum tax rules
Belgium’s Parliament has adopted the changes to the Pillar Two global Minimum Tax Rules approved for multinational enterprises and large-scale domestic groups in December, 2023. The amendments will be enforced for fiscal years beginning from 31
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Turkey extends force majeure for areas hit by 2023 earthquake
The Turkish Revenue Administration announced on 26 April 2024 that it had extended the state of force majeure for regions affected by the 6 February 2023 earthquakes. Initially set from 6 February 2023 to 31 July 2023, the state of force majeure
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Bolivia amends procedures for export tax refund requests, includes surety insurance policy
Bolivia’s tax authority (Servicio de Impuestos Nacionales—SIN), on Thursday, 2 May, 2024, issued guidance “RND No. 102400000014”, in which it provided the following: After submitting an export tax refund request (SDI) with a
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Philippines extends withholding tax transition period for online platform payments to suppliers
On 15 April 2024, the Philippines Bureau of Internal Revenue (BIR) published the Revenue Memorandum Circular No. 55-2024 of 15 April 2024. The Circular offers an extension of the transition period for digital financial services providers and
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US: IRS issues final guidance on credit transfers for cash payments under inflation reduction act
On 25 April 2024, the US Internal Revenue Service (IRS) released the final guidance (regulations) for the transfer of eligible credits under the Inflation Reduction Act of 2022 (IRA) in a taxable year, including specific rules for partnerships and S
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