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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Saudi Arabia: ZATCA sets criteria for selecting taxpayers for wave 16 of e-invoicing, compliance starts 1 April 2025
Saudi Arabiaโs 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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Japan, UAE initiates negotiations for CEPA
Japanโs Ministry of Foreign Affairs announced that it has launched negotiations with Japan for a comprehensive economic partnership agreement (CEPA) on 18 September 2024. โI hope that concluding an ambitious, balanced, and comprehensive EPA
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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,
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Turkey revises special consumption tax for certain tobacco products
Turkeyโs 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
Lithuaniaโs President, Gitanas Nausฤda, 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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Taiwan: NTBNA clarifies evidence requirements for tax evasion reports
Taiwan's Ministry of Finance has released a notice outlining the evidence requirements for reporting tax evasion. The National Taxation Bureau of the Northern Area ๏ผNTBNA), Ministry of Finance, indicated that, since online media is quite
See MoreGreece proposes new digital transaction fee to replace stamp duty
The Greek parliament is reviewing a draft bill from the Ministry of Finance, submitted on 2 September 2024. The bill proposes eliminating stamp duty and introducing a new digital transaction fee of up to 3.6% on certain transactions. The new
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UK extends EIS and VCT schemes for 10 years to boost start-ups
The UK government has announced a ten-year extension for the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme, which will run until 5 April 2035. This move aims to support start-ups and entrepreneurs in driving economic
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India: GST collections rise 10% in August 2024
India's Goods and Services Tax (GST) collections for August 2024 totalled to INR 1.75 trillion (USD 20.87 billion), marking a 10% increase from the same month last year; according to a government statement released on Saturday, 2 September
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New Zealand introduces Taxation 2024โ25 Tax Bill, proposes incorporating CARF into lawย
New Zealandโs Minister of Revenue, Hon Simon Watts, introduced the Taxation (Annual Rates for 2024โ25, Emergency Response, and Remedial Measures) Bill into the House on 26 August 2024. The Bill passed its first reading on 29 August
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Australia updates corporate tax transparency reporting 22-23
The Australian Taxation Office (ATO) has updated corporate tax transparency for the 2022โ23 income year and onwards. The corporate tax transparency population includes any corporate tax entity that has total income equal to or exceeding AUD 100
See MoreIreland releases second consultation feedback on participation exemption for foreign dividends
Ireland's Department of Finance has released a second feedback statement for consultation on implementing a participation exemption for foreign-sourced dividends on 27 August 2024. Minister Chambers publishes second feedback statement on
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New Zealand revises emission trading scheme
New Zealandโs Climate Change Minister Simon Watts announced that the government has updated its Emission Trading Scheme (ETS) to better meet climate targets. The government will reduce the number of ETS units available between 2025 and 2029 from
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Ireland updates tax manual on employer-provided vehicles
Irish Revenue updated the tax and duty manual on employer-provided vehicles detailing the tax implications when an employer provides a vehicle for an employee's private use. The notice was published in eBrief No. 219/24. The updates are as
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