Italy approves decree for reforming tax collection system
Italy’s Council of Ministers announced, on 3 July 2024, that it passed the Legislative Decree for reforming the tax collection system. It was passed after consultation with the relevant parliamentary commissions under Law No. 111 of 9 August
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Nigeria passes new withholding tax regime
Nigeria’s federal government passed a new withholding tax regime on Tuesday, 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. These changes include reduced rates for businesses with low margins and
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Malaysia publishes guidelines on tax treatment of hybrid instruments
The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a
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Malaysia updates e-invoice guidelines
The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version
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Netherlands proposes Box Three tax reform
The Netherlands’ Ministry of Finance announced on 19 June, 2024, that it had submitted draft legislation to reform the taxation of Box Three income, which includes taxable income from taxable earnings from savings and investments. The draft
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US: Vermont approves new tax rules for remote software access
The US state of Vermont has enacted a new bill that makes changes regarding the taxation of remotely accessed software. The legislation was approved despite a veto from Vermont’s Governor Phil Scott. The bill categorises taxable tangible
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Kazakhstan initiates public consultation for new draft taxation code
The Republic of Kazakhstan initiated a public consultation regarding the new draft Tax Code (On taxes and other obligatory payments to the budget) on 21 June, 2024. The consultation is set to conclude on 15 July, 2024. The Ministry of National
See MoreUS: Supreme Court upholds mandatory repatriation tax
On 20 June, 2024, the U.S. Supreme Court delivered its opinion on Moore v. United States. This case addresses the one-time mandatory repatriation tax enacted under the 2017 Tax Cut and Jobs Act. As previously reported, the repatriation tax
See MoreUS: California’s Senate Bill 167 introduces revenue raising measures
The US state of California’s Senate Bill 167 proposes several revenue raising measures. The bill, which is still pending signature, pertains to corporate income tax and suspends net operating losses (NOLs) for the 2024, 2025, and 2026 tax
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US: IRS and Treasury issues guidance to tackle abusive basis shifting in partnerships
On 17 June, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS), in a release, announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships. This initiative is one step
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US: IRS and Treasury issue guidelines on partnership basis shifting transactions
On 17 June 2024, the Department of the Treasury and the Internal Revenue Service (IRS) in a release—FS-2024-21 issued a guidance on the inappropriate use of partnership rules to inflate the basis of the underlying assets without causing any
See MoreUS: FY 2025 State and Foreign Operations Appropriations Bill defunds several international programmes
The US House Appropriations Committee released the Fiscal Year 2025 State and Foreign Operations Appropriations Bill on 3 June, 2024. It proposes terminating several programmes including funding for the Organisation for Economic Cooperation and
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Slovak Republic considers new depreciation option for tangible asset improvements
The Slovak Republic's parliament is reviewing a draft bill to promote investment in the modernisation and eco-friendliness of tangible assets, which introduces a new depreciation option for technical improvements to such assets. Under existing
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US: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
See MoreUS: Working groups to examine TCJA provisions
US Senate Finance Committee ranking member Mike Crapo (R-Idaho) has reportedly established “working groups” of Republican taxwriters to examine various tax provisions affecting individuals, estates, and passthrough entities. These provisions
See MoreUS publishes list of boycott countries
The US Treasury Department issued a notice on Tuesday, 21 May, 2024, in the Federal Register, regarding the current list of countries that need participation in, or cooperation with, an international boycott. The list includes Kuwait, Iraq,
See MoreUS: JCT releases overview of federal tax system (2024)
The United States’ Joint Committee on Taxation (JCT) released an annual overview of the four main elements of the federal tax system on Thursday, 23 May, 2024. The main elements include an income tax on individuals, estates, trusts, and
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UAE publishes corporate tax guide on free zone regime
The UAE Federal Tax Authority (FTA) has released a corporate tax guide for the free zone regime, stipulating that qualifying free zone persons are entitled to a 0% corporate tax rate on qualifying income and a 9% rate on other taxable
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