El Salvador exempts foreign earnings from income tax
El Salvador’s Legislative Decree No. 969 – published on 14 March 2024 in the Official Gazette – broadens the scope of income exempted from income tax, as per Article 3 of the Income Tax Law, which effectively exempts all foreign-sourced income. It should be noted that any income, capital
Read MoreBangladesh and Thailand set sight on FTA in 2024
Bangladesh and Thailand have set their sights on a Free Trade Agreement (FTA) by the end of 2024, according to a joint announcement following a meeting in Bangkok on 26 April, 2024. Thai Prime Minister Srettha Thavisin, at the joint press
Read MoreCzech Republic: Parliament approves changes to investment companies and investment funds (ICIF) act
The Czech Parliament has approved an amendment to the Investment Companies and Investment Funds (ICIF) Act. This amendment includes a technical amendment to the Income Tax Act and introduces various practical modifications related to
Read MoreSlovak Republic consults public regarding draft bill to tax sugary beverages
The Slovak Republic’s Ministry of Finance has proposed a draft bill for public consultation on taxing sugary beverages and drinks with sweeteners. The tax on sweetened soft drinks (TSSD) is classified as an indirect tax on consumption. This
Read MorePhilippines provides clarification on CREATE Act
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No. 09, series of 2024, announced that the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) did not revoke the Board of Investments (BOI)’s authority to
Read MoreCanada: New federal budget proposal may impact charities
Canada’s 2024 federal budget proposal may affect charities due to amendments made to the donation receipt requirements, and modification to the communication process between Canada Revenue Agency (CRA) and charitable organisations. The budget
Read MoreEuropean Commission initiates public consultation to evaluate Directive on Administrative Cooperation
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness,
Read MoreUS: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that
Read MoreSingapore: IRAS publishes updated guidance on audits and investigations on missing trader fraud arrangements
The Inland Revenue Authority of Singapore (IRAS) has released an updated guidance on conducting audits and investigations related to Missing Trader Fraud Arrangements. IRAS identifies Missing Trader Fraud arrangements to be one of the key
Read MoreCorporate Tax
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Czech Republic: Parliament approves changes to investment companies and investment funds (ICIF) act
May 08, 2024
The Czech Parliament has approved an amendment to the Investment Companies
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Taiwan: Ministry of Finance relaxes taxation for CFC
May 08, 2024
The Ministry of Finance in Taiwan has released a notification regarding
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Slovak Republic consults public regarding draft bill to tax sugary beverages
May 08, 2024
The Slovak Republic’s Ministry of Finance has proposed a draft bill for
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El Salvador exempts foreign earnings from income tax
May 08, 2024
El Salvador’s Legislative Decree No. 969 – published on 14 March 2024
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Philippines provides clarification on CREATE Act
May 08, 2024
On 13 February, 2024, the Department of Justice (DOJ), in its Opinion No.
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Canada: New federal budget proposal may impact charities
May 08, 2024
Canada’s 2024 federal budget proposal may affect charities due to
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UAE: FTA issues guide on registration of natural persons for corporate tax
May 08, 2024
The UAE Federal Tax Authority (FTA) released the Corporate Tax Guide on
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Pakistan disables half a million SIMs to push for tax compliance
May 07, 2024
The Federal Board of Revenue (FBR) in Pakistan, announced on 30 April,
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UK: HMRC extends tax relief for freeports and investment zones
May 07, 2024
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30
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South Africa: SARS clarifies tax exemptions for national ships
May 07, 2024
The South African Revenue Service (SARS) issued Interpretation of Note 131
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Transfer Pricing
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European Commission initiates public consultation to evaluate Directive on Administrative Cooperation
May 08, 2024
The European Commission has initiated a public consultation concerning Directive 2011/16/EU, commonly referred to as the Directive on Administrative Cooperation (DAC). This consultation is being conducted to evaluate the effectiveness, efficiency, and ongoing relevance of
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Albania signs multilateral competent authority agreement on exchange of CbC reports
May 06, 2024
The Organisation for Economic Co-operation and Development (OECD) updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), on 30 April 2023, showing that the Albania joined the agreement on 11
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Filing deadline approaches for CbCR in Dominican Republic
May 06, 2024
The Country-by-Country Report (CbCR) must be filed in the Dominican Republic by 31 May 2024. The General Norm 08-2021 was released by The Dominican Republic's Tax Administration (DGII) on the CbCR in October 2021. The provisions established in General Norm 08-2021 apply to
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Austria considering draft law for greater transparency from large companies
May 03, 2024
The Austrian National Council is considering a new law that would require large companies to publicly disclose their financial activities. The draft – titled “CBCR Publication Act – CBCR-VG (327/ME)” – was submitted by the Federal Ministry of Justice on 3 April
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Australia ATO introduces change to CbC local file reporting from 2025
May 03, 2024
The Australian Taxation Office (ATO) released a notice announcing changes to the Country-by-Country (CbC) Local file reporting on Wednesday, 1 May 2024. These changes will take effect starting 1 January 2025. The key points of the notice include: Starting on or after 1
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Slovak Republic releases 2023 transfer pricing documentation guidelines
May 02, 2024
Slovak Republic's Ministry of Finance has issued guidelines (MF/020061/2022-724) outlining the requirements for transfer pricing documentation for 2023. These guidelines categorise transfer pricing documentation into three types: Full-scope documentation Full-scope
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Ireland: Irish Revenue makes changes to bilateral advance pricing agreement guidelines
April 30, 2024
On 26 April 2024, the Irish Revenue published eBrief No. 127/24 outlining the updated Tax and Duty Manual Part 35-02-07 Bilateral Advance Pricing Agreement Guidelines. The updated Guidelines take into account international best practices in relation to bilateral Advance Pricing
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Poland enacts public country-by-country (CbC) reporting
April 24, 2024
On 16 April 2024, Poland’s President has signed into law the legislation enacting the EU public country-by-country (CbC) reporting directive (EU Directive 2021/2101). This law will go into effect 14 days following its official promulgation. The new regulations will be
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Algeria extends deadline for 2023 tax returns and transfer pricing documentation
April 24, 2024
On 21 April 2024, the Directorate General of Taxes in Algeria announced via a communiqué an extension for the deadline to submit annual tax returns for the fiscal year 2023. As per the communiqué, the deadline for filing the 2023 tax return has been extended to 31 May 2024
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Germany gazettes order declaring MCAA-CbC
April 23, 2024
On 27 March 2024, the German Official Gazette published a regulation that revises the list of jurisdictions involved in the Multilateral Competent Authority Agreement (MCAA) for exchanging country-by-country (CbC) reports. The regulation comes into force and becomes effective on
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Most Read
Malaysian Service Tax Regime: New policies and guidelines impact Repair & Maintenance, Logistics, Brokerage, and F&B Industries
Over the last three weeks, there has been significant developments with regards to the Malaysian service tax regime, namely three new service tax
Read MoreIreland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The
Read MoreTaiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the
Read MoreSingapore: IRAS publishes updated e-tax guide on tax treatment of pharmaceutical R&D and IP expenditure
On 20 March 2024, the Singaporean Inland Revenue Authority (IRAS) released a revised e-Tax Guide titled “Tax Treatment of Research &
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