The new rule involves determining average daily, monthly and annual amounts of income from commercial and professional activities. If the declared amounts differ from the average amounts by more than 20%, the taxpayer is “asked” to explain the difference. This applies to both individuals and corporate...
The FAQs were updated on September 24. The update adds questions 25-43. The main question is question 25. It concerns whether the company should account for non-interest-bearing balances payable for the local file and summary information table. Non-interest-bearing balances payable are not accounted for in 2022 and 2023, but are accounted for from 2024. The other questions clarify administrative...
The country's Ministry of Finance has announced plans to increase the VAT rate on broadcasting from 10% to 14%. The changes are scheduled to be introduced on 1 January 2026. The increase follows updated budget plans for 2025. The plan includes an increase in the VAT rate on supplies currently subject to a VAT rate of 10% to 14%, with the exception of newspapers, magazines and broadcasting. In addition, there is a proposal to raise the income threshold above which individuals pay broadcasting tax from 14,000 euros to 15,150 euros from 2025. And the maximum amount of broadcasting tax could be reduced from 163 euros to 160...
Currently, Taiwan has tax treaties with 35 countries. The Ministry of Finance has issued an explanation on this matter, as it is actively working to promote further agreements. The Ministry of Finance reports that in accordance with the provisions of the income tax treaties, the taxing rights are distributed among the states that sign the agreements. The basic rule is that states provide reasonable tax incentives or exemptions from income tax. The country is trying to become attractive to foreign investors and is actively working in this...
A consultation has begun on proposed minimum tax rules for multinational enterprises. Singapore will introduce a multinational enterprise profits tax and a domestic profits tax under a tax initiative. The minimum effective tax rate will be 15% on corporate profits for financial years beginning on or after 1 January 2025. The tax will apply to multinational enterprise groups with annual group revenue of EUR 750 million or more for at least two of the four preceding financial...
The law was signed into law by the President. The law imposes a 12% VAT on all digital services consumed in the Philippines, including those provided by foreign digital service providers. The law is set to go into effect on October 18. Thereafter, implementing regulations are to be issued within 90 days, with a transition period of 120 days from the effective date of the rules and...
The country's Finance Ministry announced that amendments to the tax legislation have been posted for public consultation. These amendments include amendments to the "Corporate Income Tax Act", "Personal Income Tax Act", "Value Added Tax Act" and "Excise and Tax Warehouse Act". What amendments are we talking about? They include extending tax incentives for investments in areas with high unemployment until 2030, updating the legislation on the minimum global tax, and introducing the EU Small Business Scheme for cross-border deliveries. Comments can be submitted until 18 October...
The volume of the banking sector in the Arab countries is USD 4.574 million. Such growth (by 5%) by the end of the year is predicted by the Arab Monetary Fund. At the same time, the largest share of assets in the banking sector belongs to UAE banks - 24.3%. UAE and Saudi Arabian banks took first and second place, respectively, in terms of asset growth in the Arab banking sector at the end of last year compared to 2022. The report indicates that the growth rate of UAE banking sector assets reached 11% as a result of growth in total loans and investments, while the growth of Saudi Arabian banking sector assets reached 9.3%, which was due to an 11.5% increase in real estate loans and an increase in loans in other sectors of the...
The relevant law was published in September. Among other changes, the law proposes an amnesty for undeclared assets of residents and non-residents. Thus, until December 15, 2024, it is possible to notify the Federal Revenue Service of undeclared assets that appeared before December 31, 2023. The amnesty is valid for assets both outside the country and for assets of legal origin that were transferred to Brazil. Persons resident or domiciled in Brazil will also be able to apply for the amnesty, but the application must be submitted on time, income tax and 100% fine paid. In addition, a statement must be provided that the repatriated assets are obtained as a result of legal economic activity. The regime proposes a reduction in taxes and fines and a criminal amnesty. The amnesty will remove the punishability of crimes committed before the date of compliance with the...
The incentives were announced in September. They were introduced to attract investment to the financial zone with special conditions Forest City. What exactly is proposed? Introduce preferential corporate tax rates of 0%-5% for companies operating in the financial technology and services sector. There is also talk of a zero rate for family investment offices and a reduced tax rate (15%) on income for Forest City employees. Financial companies can also receive various incentives, and foreign investors and skilled workers can count on multiple entry...
