Malaysia: MIRB announces updated guidelines for advance pricing arrangement (APA)
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 APA applications and
Read MoreCzech Republic updates non-cooperative jurisdictions list for CFC rules
The Czech Republic Ministry of Finance issued the Financial Bulletin No. 3/2024, on 28 February, 2024, which contains an updated notice regarding the list of non-cooperative jurisdictions concerning the Czech Republic's Controlled Foreign Company
Read MoreFinland: Belarus’ suspension will have no impact on tax treaty
Finland's Ministry of Finance released Notification 48/2024 concerning the ongoing enforcement of the 2007 tax treaty with Belarus on Monday, 13 May, 2024. Belarus has ceased the application of Articles 10, 11, and 13 from 1 June, 2024, to 31
Read MoreHong Kong updates EDI lists for tax benefits
The Hong Kong Inland Revenue Department (IRD) updated lists regarding the Qualifying Debt Instruments (QDI) on Monday, 13 May, 2024. The lists include: Qualifying Debt Instruments issued before 1 April 2018 Short Term/ Medium Term Debt
Read MoreNorway initiates consultation on 12-month deadline for tax deduction on unrecoverable receivables
Norway's Ministry of Finance has initiated a public consultation regarding the proposed introduction of a 12-month time limit for tax deductions for companies on unrecoverable trade receivables from related parties. A corresponding time limit is
Read MoreAustralia: Senate Committee releases reports on tax promoter and superannuation concessions bills
Australia’s Senate Economics Legislation Committee has released reports on proposed legislation to enhance the Australian Taxation Office's (ATO) ability to target promoters of tax exploitation schemes. The report proposes to implement new
Read MoreRussia and Abkhazia sign tax treaty
Russia and Abkhazia took a significant step towards economic cooperation by signing an income tax treaty, on 7 May, 2024, marking the agreement as a first between the two regions. The treaty, once ratified, will prevent double taxation and
Read MoreUS: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
Read MoreIndia: Access to foreign booking systems by domestic entities does not establish a taxable presence
The Delhi Bench of India's Income-tax Appellate Tribunal (ITAT) on 9 February, 2024, delivered a landmark decision asserting that granting domestic travel agents access to a computer reservation system located abroad does not establish a fixed place
Read MoreCorporate Tax
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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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Hong Kong updates EDI lists for tax benefits
May 16, 2024
The Hong Kong Inland Revenue Department (IRD) updated lists regarding the
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Norway initiates consultation on 12-month deadline for tax deduction on unrecoverable receivables
May 16, 2024
Norway's Ministry of Finance has initiated a public consultation regarding
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Council of the EU adopts new withholding tax procedures
May 15, 2024
The Council of the European Union agreed to adopt new regulations 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
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Belgium passes global minimum tax law amendments
May 14, 2024
The Belgian Chamber of Representatives, on 2 May, 2024, passed the law on
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Colombia clarifies tax obligations for non-resident filers
May 14, 2024
The Colombian tax authority (DIAN) on 30 April, 2024, released Ruling 305,
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Austria proposes tax breaks for startups and SMEs
May 14, 2024
The Ministry of Finance has released the draft Tax Amendment Act 2024 for
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India: Access to foreign booking systems by domestic entities does not establish a taxable presence
May 13, 2024
The Delhi Bench of India's Income-tax Appellate Tribunal (ITAT) on 9
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India: Tribunal rules zero CoA of bonus shares for capital gain
May 13, 2024
The Bangalore bench of the Tribunal recently made a significant ruling
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Transfer Pricing
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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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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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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 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 &
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
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