US: Georgia consults digital sales tax rules
Georgia’s Department of Revenue has launched a public consultation on the proposed regulations regarding the taxation of digital product sales. The rules set forth the application of Georgia sales and use tax concerning the sale or use of
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Philippines proposes VAT rules for digital services
The Philippines Bureau of Internal Revenue (BIR) has released draft revenue regulations on 8 November 2024 to implement the Republic Act No. 12023. This act introduces a 12% VAT on all digital services used in the Philippines, including those
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Switzerland updates list of jurisdictions of automatic exchange of financial account information
The Swiss State Secretariat for International Finance has released an updated list of Automatic Exchange of Financial Account Information (AEOI) under the Common Reporting Standard (CRS) on 19 November 2024. The Automatic Exchange of Information
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European Commission develops standard forms, formats for DAC7 compliance
The European Commission announced its plans to draft an implementing regulation featuring standard forms and digital formats on 18 November 2024. These tools will be related to the Amending Directive of the 2011 Directive on Administrative
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Mexico introduces several tax incentive with economic package 2025
Mexico’s Federal Executive submitted the 2025 economic package to the Congress of the Union on 15 November 2024. This package does not include new taxes or increases to existing ones but adjustments to tax incentives and withholding taxes on
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Colombia: DIAN proposes adjusted tax value unit for 2025
The Colombian National Directorate of Taxes and Customs (DIAN) has published a draft resolution proposing to adjust the tax value unit the Tax Value Unit (UVT) for 2025 at COP 49,799. Comments on this draft resolution opened for submission until
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Lithuania proposes tax reforms on DAC8, reporting tax information
Lithuania’s government has proposed several tax reforms to curb tax evasion and improve compliance as per international standards. These include DAC8 and amending the Code of Administrative Offences, among others. On 9 October 2024, the
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Hungary ratifies new CbC reporting pact with US
Hungary’s President has signed Law No. XLIII of 2024, officially ratifying the new Country-by-Country (CbC) reports exchange agreement with the US. The ratification was published in the Official Gazette No. 113 (Magyar Közlöny) on 13 November
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EU releases updated public CbC reporting forms
The European Commission (EC) published a revised regulation that provides the common template and electronic reporting formats for the EU public country-by-country (CbC) reporting directive on 21 October 2024. This follows after the conclusion of
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Germany: MoF publishes draft bill revising participating jurisdictions for MCAA-CbC exchange
The German Ministry of Finance (MoF) issued a draft bill proposing updates to the list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) for the exchange of country-by-country (CbC) reports on 14 November 2024.
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Bulgaria to sign CARF MCAA for crypto-asset reporting
The Council of Ministers of Bulgaria has approved the signing of the Multilateral Competent Authority Agreement for the Automatic Exchange of Information under the Crypto-Asset Reporting Framework (CARF MCAA) on Wednesday, 13 November 2024. The
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Hungary considers retail tax extension for online marketplaces
Hungary's parliament is currently discussing Draft Bill T/9724, which proposes to extend the retail sales tax to include online marketplaces. The bill is expected to go into force on 1 January 2025. Hungary implemented a retail sales tax on
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Australia: ATO extends CbC reporting deadlines
The Australian Taxation Office (ATO) announced, on 13 November 2024, an extension for the filing deadline of country-by-country (CbC) reporting entities for the year ending 31 December 2023. The deadline has been extended until 31 January
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Peru: Congress approves bill to ratify MLI
The Economy, Banking, Finance, and Financial Intelligence Committee of the Peruvian Congress approved a bill to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 6
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Luxembourg updates CbC reporting guidance
The Luxembourg Administration of Direct Tax has updated its Country-by-Country (CbC) reporting guidance page, including an updated CbC reporting FAQ, to reflect the latest OECD recommendations. The update addresses whether profits (losses) before
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Bangladesh: NBR to conduct first transfer pricing audit to tackle tax evasion
Bangladesh tax authority National Board of Revenue (NBR) announced that it will conduct its first transfer pricing audit of multinational companies (MNCs) operating in the country. Bangladesh first introduced transfer pricing provisions in the
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Chile details VAT representative process for foreign digital platforms
Chile’s Tax Administration (Servicio de Impuestos Internos, SII) has issued Resolution Ex. SII 101-2024 was published on 24 October 2024, outlining guidelines for digital platform companies not based in Chile regarding the appointment of a Chilean
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Costa Rica issues framework for automatic exchange of information for digital platform sellers
Costa Rica’s Ministry of Finance issued resolution MH-DGT-RES-0025-2024 in the Official Gazette on 6 November 2024, establishing a framework for automatically exchanging information concerning sellers operating on digital platforms. The
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