Kenya: Finance Bill 2024 introduces economic presence and minimum top-up taxes
Kenya's National Assembly has started the consideration of the Finance Bill 2024. This announcement was made on Monday, 13 May, 2024. The National Assembly also announced an invitation to submit memoranda (comments) on the bill, which detailed the proposed tax measures. The tax measures from
Read MoreUS issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
Read MoreMalta implements new tax measures in 2024 budget
Malta’s Budget Measures Implementation Act, 2024, is ushering in a series of amendments to various fiscal laws, including the Income Tax Act, Income Tax Management Act, Duty on Documents and Transfers Act, and Value Added Tax (VAT) Act; signalling
Read MoreHong Kong reminds taxpayers and employers of tax reporting obligations
The Hong Kong Inland Revenue Department published a notice reminding taxpayers and employers of their obligations to submit tax-related information. Taxpayers are reminded of their obligations under Sections 51(2), (6), (7) and (8) of the Inland
Read MoreFrance: Tax Authority updates interest deduction rates for shareholder loans
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 31 December, 2023, and 29 June,
Read MoreThailand announces tax and other incentives for PCB manufacturers
Thailand’s Board of Investment (BOI) declared a series of incentives for businesses engaged in the manufacture of printed circuit boards (PCBs). These incentives include: Up to eight years of exemption from corporate income tax.
Read MoreAustralia: House of Representatives dismiss amendments to small business and charities bill
Australia’s House of Representatives dismissed the Senate's amendments to the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023. This bill intends to raise the instant asset write-off threshold from
Read MorePoland: Taxable VAT must equal shares’ issuance value for property contributions
The Court of Justice of the European Union (CJEU), on 8 May, 2024, ruled, under Article 73 of the EU Value Added Tax (VAT) directive, that the taxable amount for a property contribution from one company to the capital of a second company, in
Read MoreAustralia: ATO announces tax incentives for hydrogen and critical minerals production
The Australian Taxation Office (ATO) published a release on the proposed Hydrogen Production and Critical Minerals Tax Incentives on Tuesday, 14 May, 2024, as part of the 2024-25 Budget. The initiative is designed to accelerate investment in
Read MoreCorporate Tax
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Hong Kong reminds taxpayers and employers of tax reporting obligations
May 17, 2024
The Hong Kong Inland Revenue Department published a notice reminding
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US issues new guidance on domestic content bonus credit for clean energy projects
May 17, 2024
The US Department of the Treasury and Internal Revenue Service (IRS), on
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Malta implements new tax measures in 2024 budget
May 17, 2024
Malta’s Budget Measures Implementation Act, 2024, is ushering in a
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France: Tax Authority updates interest deduction rates for shareholder loans
May 17, 2024
The French tax authority has updated the interest rates used to define the
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Thailand announces tax and other incentives for PCB manufacturers
May 17, 2024
Thailand’s Board of Investment (BOI) declared a series of incentives for
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Australia: House of Representatives dismiss amendments to small business and charities bill
May 17, 2024
Australia’s House of Representatives dismissed the Senate's amendments
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US: IRS extends tax relief for Ohio taxpayers impacted by tornadoes
May 17, 2024
The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a
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Bangladesh: Reduced tax for asset management companies and exporters of goods, exemptions for OBU
May 16, 2024
The tax environment in Bangladesh is undergoing significant changes due to
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Australia: ATO announces tax incentives for hydrogen and critical minerals production
May 16, 2024
The Australian Taxation Office (ATO) published a release on the proposed
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Czech Republic updates non-cooperative jurisdictions list for CFC rules
May 16, 2024
The Czech Republic Ministry of Finance issued the Financial Bulletin No.
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Transfer Pricing
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France: Tax Authority updates interest deduction rates for shareholder loans
May 17, 2024
The French tax authority has updated the interest rates used to define the deductibility of interest payments made to shareholders. These updates are pertinent to companies with fiscal years ending between 31 December, 2023, and 29 June, 2024. Generally, any portion of
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Malaysia: MIRB announces updated guidelines for advance pricing arrangement (APA)
May 16, 2024
The Malaysia Inland Revenue Board (MIRB) has revised its Advance Pricing Arrangement (APA) guidelines to align with updates introduced in the Income Tax (Advance Pricing Arrangement) Rules 2023, introduced in May, 2023. The revision imposes stricter eligibility criteria for
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Estonia aligns tax laws with EU directives
May 15, 2024
Estonia, on 2 May, 2024, unveiled a new Act in their official gazette. The Act supplements existing tax legislation, including the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act, to align with European Union directives. Public CbC Reporting One
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Ghana mandates transfer pricing compliance in CbC reporting
May 14, 2024
Ghana has made it mandatory for Multinational Enterprises (MNEs) operating in the country, that meet specific revenue thresholds, to provide detailed information on their worldwide operations through Country-by-Country Reporting (CbCR). MNEs are required to include the
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Costa Rica announces consultation on draft legislation for reporting on digital platform operators
May 13, 2024
Costa Rica’s tax authority released a draft resolution, on 26 April, 2024, "Resolution on Automatic Exchange of Information Regarding Sellers Who Carry Out Relevant Activities Through Digital Platforms (Spanish)," for public consultation. The objective is to implement
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US: IRS releases 2025 HSA inflation-adjusted amounts
May 10, 2024
The US Internal Revenue Service (IRS) published on Thursday, 9 May, 2024, the Rev. Proc. 2024-25, in which it detailed the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the 2025 calendar year. The Rev. Proc. 2024-25
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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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Most Read
Singapore: 31 May deadline for FATCA & CRS reporting
Singapore’s Inland Revenue Authority (IRAS) issued on 6 May, 2024, a reminder to all reporting financial institutions that they must submit
Read MoreMalaysian 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 MoreUAE announces public consultation on R&D tax incentives
The UAE Ministry of Finance has opened a public consultation on the proposed introduction of tax incentives for research and development. The
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