US: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB 1437, the individual income tax rate was 5.49% for
Read MoreRussia: Central bank maintains key interest rate at 16%
On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to
Read MoreGermany gazettes order declaring MCAA-CbC
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
Read MoreAustralia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
The Australian Parliament has recently approved the following bills, which are awaiting Royal Assent. The bills are as follows: The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill of 2023
Read MoreChile passes tax compliance bill with updated GAAR rules
On 10 April 2024, Chile's Chamber of Deputies passed the Tax Compliance Bill, which includes numerous tax measures aimed at improving tax compliance in Chile. The newly approved Bill also changes the Chilean tax code. The Senate must approve the
Read MoreBolivia extends deadline for corporate tax filings and statements
On 19 April 2024, Bolivia’s tax authority announced a new directive—RND No. 102400000011, in which it clarified the extension of the deadline for the submission of various reports and statements related to corporate income tax (Impuesto sobre
Read MoreAustralia: ATO updates trust tax returns and private rulings forms
On 12 April 2024, the Australian Taxation Office (ATO) issued a guide detailing the upcoming modifications to the annual tax return form for trust income reporting, effective from 1 July 2024. ATO also announced updating its application forms for
Read MoreJapan: Parliament approves comprehensive tax reform package 2024
On 28 March 2024, Japan's National parliament (Diet) approved the 2024 tax reform legislation. The legislation includes several significant measures aimed at economic stimulation and fiscal adjustment. The reform package encompasses multiple tax
Read MoreBolivia updates export tax refund regulations
On 10 April 2024, Bolivia announced Supreme Decree No. 5145, which introduces a new modality of export tax refund. The Decree aims to streamline the process of submitting tax refund requests. The key aspects of the Decree are: The deadline
Read MoreCorporate Tax
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Australia proposes laws on interest limits, foreign investment fees, and taxation for general insurers
April 26, 2024
The Australian Parliament has recently approved the following bills, which
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Chile passes tax compliance bill with updated GAAR rules
April 25, 2024
On 10 April 2024, Chile's Chamber of Deputies passed the Tax Compliance
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US: Georgia enacts tax cuts for individuals and corporations
April 24, 2024
On 18 April 2024, the Governor of Georgia announced the enactment of a tax
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Russia: Central bank maintains key interest rate at 16%
April 24, 2024
On 22 March 2024, the Russian Central Bank declared its decision to
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)
April 24, 2024
The US Internal Revenue Service (IRS) has published Notice 2024-33,
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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
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Lithuania proposes law to enhance tax benefits for investors in foreign companies
April 23, 2024
The Lithuanian parliament is reviewing Draft Law No. XIVP-2226(2), which
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Australia: ATO releases discussion paper on thin capitalization rules for foreign bank branches
April 23, 2024
On 17 April 2024, the Australian Taxation Office (ATO) published a
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Bolivia extends deadline for corporate tax filings and statements
April 23, 2024
On 19 April 2024, Bolivia’s tax authority announced a new
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Canada 2024 federal budget includes higher capital gains rate and other tax measures
April 22, 2024
On 16 April 2024, Canada’s Finance Minister delivered the 2024 federal
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Transfer 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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Australia: ATO releases discussion paper on thin capitalization rules for foreign bank branches
April 23, 2024
On 17 April 2024, the Australian Taxation Office (ATO) published a discussion paper regarding the safe harbor formula for calculating the minimum capital requirements for inward investing deposit-taking institutions (ADIs) under the thin capitalization rules. The document
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Albania: Tax Administration announces CRS reporting deadline
April 22, 2024
On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024. AEOI-CRS refers to the
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Oman: Tax authority issues important notice on CRS reporting and re-registration
April 19, 2024
On 9 April 2024, the Oman Tax Authority issued an announcement regarding the accessibility of its Automatic Exchange of Information (AEOI) system for submitting Common Reporting Standard (CRS) reports. The Tax Authority has issued a reminder to financial institutions (FIs) to
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India: CBDT signs record number of 125 advance pricing agreements in FY 2023-24
April 19, 2024
The Central Board of Direct Taxes (CBDT) has accomplished a landmark achievement by finalizing a record 125 Advance Pricing Agreements (APAs) during the fiscal year 2023-24 with Indian taxpayers. This figure includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs),
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France publishes updated list of participating and reportable jurisdictions for CRS purposes
April 17, 2024
On 28 March 2024, France's Official Journal No. 0074 published the Order of 15 March 2024, which provides a comprehensive and current list of participating and reportable jurisdictions for Common Reporting Standard (CRS) purposes. Common Reporting Standard is an international
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Kenya: KRA raises market and deemed interest rates for fringe benefit tax purposes
April 13, 2024
On 9 April 2024, the Kenya Revenue Authority (KRA) released a notice concerning the market interest rate for fringe benefit taxation and the deemed interest rate for specific loans from non-residents for the months of April 2024, May 2024, and June 2024. The market interest
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Estonia passes laws for public CbC reporting and partial adoption pillar 2 GloBE rules
April 13, 2024
On 10 April 2024, Estonia’s parliament passed the Act supplementing the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act (379 SE). This law outlines the requirements for the implementation of public CbC reporting in accordance with the Council Directive
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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 MoreSwitzerland releases Q&A guidance on application of transfer pricing rules
On February 23, 2024, the Swiss Federal Tax Authorities (SFTA) published the Q&A guidance regarding the application of transfer pricing
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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