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An amnesty has been announced for unpaid social security contributions and contributions for compensation for accidents at work and occupational diseases. This means that penalties for overdue and unpaid contributions due until the second quarter of 2024 are exempted. The exemption is granted if the principal amount is paid in full by March 31, 2025 or in monthly installments according to the schedule agreed on March 31,...
The new Strategy takes into account key risks identified by agencies in recent years, including the recently updated National Money Laundering Risk Assessment. The Strategy focuses on three main objectives: 1) preventing criminal proceeds from entering the Singapore system, 2) detecting, identifying and countering illicit flows and activities in a timely and effective manner, and 3) enforcing, taking tough and deterrent action against those who abuse Singapore’s AML system. The Strategy proposes measures that will enhance beneficial ownership transparency for legal persons and entities, review and develop the next phase of the beneficial ownership framework. It also proposes to improve the beneficial ownership framework for trusts by amending the Trusts...
The Turkish Tax Administration announced the publication of a communication amending General Communication No. 1 on Transfer Pricing. The main amendment is to align the deadline for submitting CbC notifications in General Communication No. 1 with Presidential Decision No. 8956 dated September 14, 2024. Presidential Decision No. 8956 provided that the deadline for submitting CbC notifications is within 6 months after the end of the reporting financial year, instead of the end of June of the year following the reporting year. In addition to aligning the relevant provision of General Communication No. 1, a new example has been added regarding the deadlines for submitting the CbC notification (within 6 months) and the CbC report (within 12...
The breaks include a general increase in the thresholds for individual income taxes, with the exception of the €1 million threshold for the top 55% rate. The law also includes various other incentives for individuals, as well as certain breaks for small businesses. This includes raising the small business income threshold to €55,000 for both VAT and income tax from...
The measures to implement the pilot water resource tax reform stipulate that the water resource tax will be implemented nationwide from December 1, 2024, replacing the current water fee mechanism. China first launched the water resource tax pilot in 2016. In 2019, the water resource tax was formally incorporated into the Resource Tax Law, including different rates based on local water resources, water use types, and economic...
The Australian Parliament's Joint Committee on Social Media and the Australian Community has published its second interim report on digital platforms. The report makes a variety of recommendations, including on taxing social media platforms like Meta. This includes a recommendation that the Australian government consider introducing a digital services tax to ensure that global giants pay their fair share to the communities they profit from, similar to what is done in countries like France and...
Thailand has acceded to the Multilateral Competent Authority Agreement on Automatic Exchange of Information under the Crypto Asset Reporting Program. The Crypto Asset Reporting Program provides tax information on crypto asset transactions in a standardized manner for the purpose of automatic exchange of such information. Thailand plans to begin information exchange under CARF by...
A proposed amendment to the 2025 finance bill. The tax is currently levied at a rate of 3%, but it is proposed to increase the DST rate to 5%. Such a move could generate more than €500 million in additional revenue in 2025. An increase in the DST rate to 6% was previously proposed, but...
In October, an official letter was issued that regulates this issue. It states that storing the image part of a hybrid invoice in its original form is mandatory if it contains relevant entries for tax purposes, such as booking notes. An earlier version stated that providing an email address was sufficient to comply with the requirement to receive electronic invoices from 1 January 2025. It is now clarified that it is not necessary to have a separate email address to receive electronic invoices. And as an example of other acceptable European invoice formats, the Peppol BIS electronic invoice format is mentioned in the letter, replacing the Italian FatturaPA...
One of the main measures of the bill is to increase the VAT registration threshold from EUR 40,000 to EUR 50,000. The bill also proposes measures under the EU small business scheme for cross-border supplies. A taxable person established in another EU Member State may be exempt from VAT registration in Croatia if its annual turnover in Croatia does not exceed EUR 50,000 and its annual turnover in the EU does not exceed EUR 100,000. Measures are also proposed that will enable small businesses established in Croatia to apply for an exemption in other EU Member States if their annual turnover in the EU does not exceed EUR 100,000. If approved, the bill will enter into force on 1 January 2025. Comments can be submitted until 24 October...
