Ukraine: MCAA for financial data exchange enters into force
Ukraine's Ministry of Foreign Affairs published Letter No. 72/14-612-106482, on 5 August 2024, stating that the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) entered into force for Ukraine
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Google ads to cost more in Canada
According to a new Google update on jurisdiction-specific surcharges guidance, Google Ads will implement an additional fee for ads displayed in Canada. This surcharge aims to help offset the costs associated with complying with the country's new
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Ireland updates guidance on exchange of information
Irish Revenue has released eBrief No. 210/24, on 6 August 2024, which provides updated guidance on information exchange. The Guide to Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation Agreements and Tax
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Japan publishes guidance on consumption tax rules for online platforms
Japan's National Tax Agency (NTA) has issued new rules for the collection of consumption tax by online platform operators, which will apply from 1 April 2025. Businesses who provide electronic services such as application distribution for the
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UK: HMRC publishes digital platform reporting guidelines
The UK HMRC published a guidance on Reporting rules for digital platforms on the UK’s implementation of the OECD’s Model Rules for Platform Reporting, on 1 August 2024, outlining the reporting requirements for individuals selling goods or
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Turkey extends Q2 2024 provisional tax return deadline
Turkey's Revenue Administration has announced an extension for the submission of the provisional tax return for the second quarter of the 2024 accounting period. The deadline has been moved from 19 August 2024 to 27 August 2024. Normally,
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Argentina: Foreign affairs committee approves BEPS agreement
Argentina's Chamber of Deputies' Budget and Finance Committee approved the draft legislation for ratifying the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 31 July,
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Saudi Arabia releases third edition of transfer pricing guidelines
The Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia published the third edition of its Transfer Pricing (TP) Guidelines on 29 July 2024, introducing several changes. Key updates include: Exemptions for group companies: Group
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Turkey enacts tax reform law, includes Pillar Two global minimum tax
The Turkish Revenue Administration has officially published Law No. 7524 in the Official Gazette, on 2 August 2024, introducing significant tax reforms aimed at aligning with international standards. This legislation encompasses various measures,
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UAE: FTA introduces new guidelines for corporate tax clarifications, APA submissions
In a move aimed at enhancing clarity and support for taxpayers in the UAE, the Federal Tax Authority (FTA) has introduced new guidelines under Decisions No. 4 and No. 5 of 2024. These decisions, which took effect on 1 July and 1 August respectively,
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Australia: Senate releases report on public CbC reporting bill
Australia’s Senate Economics Legislation Committee has released its report on legislation introducing public country-by-country (CbC) reporting in Australia. The committee advised to approve the legislation with amendments to ensure the proposed
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Australia: Guidance on Thin Capitalisation Rules Published Online
Following the enactment of the new thin capitalisation laws in April 2024, the ATO has developed web guidance to assist taxpayers in applying the new rules, which are effective for income years commencing on or after 1 July 2023. Under the rules,
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Hong Kong extends deadline for 2023-24 tax returns
The Hong Kong Inland Revenue Department (IRD) released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns, on 25 July 2024, extending the deadline for 2023-24 tax returns. Recognising the
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Singapore updates CRS FAQs with guidance for investment entity trusts
The Inland Revenue Authority of Singapore (IRAS) has released updated FAQs regarding the Common Reporting Standard (CRS) on 25 July 2024. The Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development
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Bulgaria approves pending CbC report exchange agreement with the US
Bulgaria's Council of Ministers approved the pending Intergovernmental Agreement (IGA) with the US regarding the exchange of Country-by-Country (CbC) reports. Bulgaria’s Ministry of Finance signed a country-by-country (CbC) exchange agreement
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India to expand transfer pricing safe harbour rules
India’s finance minister, Nirmala Sitharaman, said India plans to broaden its safe harbour regulations for transfer pricing. The minister said this while presenting the 2024-24 federal budget on 23 July, 2024. The planned expansion of the
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Austria enacts Tax Amendment Act 2024
Austria has enacted the Tax Amendment Act 2024, the law was published as Law No. 113 in the Austrian Official Gazette on 19 July 2024. The Tax Amendment Act 2024 came into effect on 20 July, 2024. Key highlights Country-by-Country
See MoreOECD: Report to the July Meeting of G20 Finance Ministers
On 25 July 2024 the OECD published the report prepared for the meeting of G20 Finance Ministers and Central Bank Governors held in Brazil from 25 to 26 July 2024. The report notes some recent developments in important areas of international tax
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