New Zealand consults Inland Revenue’s long-term insights briefing
New Zealand’s Inland Revenue is consulting on the scope of its next long-term insights briefing (LTIB). You can provide feedback on this consultation by emailing [email protected] with "LTIB topic" in the subject line. The closing
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US releases report on Inflation Reduction Act
The US Internal Revenue Service (IRS) released IR-2024-223 on Friday, 23 August 2024, publishing its Inflation Reduction Act two-year report card. The IRS has made significant progress on a range of improvements, including that all taxpayers can
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Poland: Council of Ministers propose corporate tax reforms
Poland’s Council of Ministers has presented a legislative agenda to amend the Individual Income Tax Law (IITL), Corporate Income Tax Law (CITL), and other tax measures. The proposed changes are intended to simplify tax regulations, remove
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UAE raises awareness about corporate tax compliance
UAE’s Federal Tax Authority (FTA) intensified its awareness activities and events this year, organised to highlight the importance, objectives, procedures, and requirements for complying with the Corporate Tax Law, which came into effect last year
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Bulgaria adopts euro as national currency
Bulgaria published the law for the introduction of the euro in the Official Gazette, on 20 August 2024, paving the way for Bulgaria to shift away from using Lev, in line with EU regulations. The purpose of the law is to supplement and facilitate
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Taiwan revises business tax deadlines
The President of Taiwan has officially revised and promulgated key provisions of the Value-Added and Non-Value-Added Business Tax Law (Business Tax Law) on 7 August 2024. These amendments aim to enhance the compliance of electronic invoicing and
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Switzerland wants to negotiate revision to FTA with Japan
Switzerland wants to negotiate a revision to the 2009 free trade agreement (FTA) with Japan, the announcement was made through a press release on 7 August 2024. President Viola Amherd travelled to Tokyo on Wednesday, 7 August, to meet with
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Ecuador introduces new rules for large taxpayers on income tax, remittance credits
The Ecuadorian Tax Authority, Servicio de Rentas Internas (SRI), has introduced a Resolution No. NAC-DGER CGC24-00000030 which allows large taxpayers to utilise credit notes from the remittance tax to offset their income tax obligations. The
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Australia announces corporate plan for 2024-25
The Australian Taxation Office (ATO) has published its corporate plan for 2024-2025, on 12 August 2024. This plan encompasses the ATO, the Tax Practitioners Board (TPB), and the Australian Charities and Not-for-profits Commission (ACNC). The ATO
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Saudi Arabia approves updated investment law
The Saudi Press Agency announced the approval of a new Updated Investment Law, published on 11 August 2024. Set to come into effect in early 2025, the law aims to attract foreign investors, enhance the competitiveness of the investment
See MoreUS: IRS unveils measures to support small businesses, curb employee retention credit misuse
The US IRS has announced new measures aimed at assisting small businesses and preventing improper payments within the Employee Retention Credit program yesterday, 8 August 2024. These measures also include accelerating more payments and continuing
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Kenya keeps market and deemed interest rates, raises low-interest loan rate
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 July, August, and September, 2024. Additionally, the
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Malaysia updates e-invoicing guidelines
Malaysia’s Inland Revenue Board (IRBM) released updates regarding electronic invoicing (e-invoicing) guidelines on 30 July, 2024. These include revised versions of the e-invoice guideline (version 3.2) and the e-invoice specific guideline (version
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Saudi Arabia revises customs duties to boost national industries
Saudi Arabia's Finance Minister, who also chairs the Zakat, Tax, and Customs Authority (ZATCA), issued Minister of Finance Resolution No. (1-88-1446) on 15 July 2024. The resolution, now in effect, amends customs duty rates on certain goods,
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Portugal appoints committee to revamp tax procedures
As part of tax measures introduced by Portugal’s 24th constitutional government, the Portuguese Minister of Finance, Joaquim Miranda Sarmento, on 25 July 2024, established a Commission tasked with reviewing and proposing a comprehensive reform of
See MoreMalaysia updates e-invoicing guidance, confirms implementation timeline
Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,
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Argentina publishes new reform laws and regularisation regimes
Argentina has published new reform laws - Law of Bases and Starting Points for the Freedom of Argentines ("Ley de Bases y Puntos de Partida para la Libertad de los Argentinos") and the Law of Palliative and Relevant Fiscal Measures ("Ley de Medidas
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Brazil: Congress approves bill for major tax reforms
Brazil's lower house of Congress, on 10 July 2024, passed legislation to overhaul the tax system. This follows after lawmakers demanded Brazil implement major tax reforms to improve productivity by simplifying Brazil's complicated taxation
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