Author: News Desk

In a crucial reminder to individuals conducting business activities, the Federal Tax Authority (FTA) is urging all natural persons in the UAE to register for Corporate Tax by March 31, 2025. Failing to meet this deadline could result in administrative penalties. The FTA has outlined the guidelines in their document on the Registration of Natural Persons for Corporate Tax (CTGRNP1), which is aimed at enhancing awareness of tax obligations. According to the FTA, “natural persons” refers to individuals, regardless of their age or residency status, who engage in business operations in the UAE. This encompasses proprietors of sole establishments and…

In 2024, Azerbaijan’s tax administration took major strides towards simplifying tax processes and enhancing taxpayer services. The year saw a surge in the use of Asan İmza certificates, a vital component of the country’s digital transformation. With more than 601,000 certificates issued and a significant number of services provided at taxpayer service centers, Azerbaijan’s commitment to improving the tax experience for businesses and individuals is clearer than ever. A Landmark Year for Asan İmza Certificates The Asan İmza system, a digital signature solution that allows individuals to sign documents and conduct transactions securely online, proved to be a game-changer in…

In a significant development, Colombian President Gustavo Petro has agreed to permit U.S. military flights to transport deportees back to Colombia. This decision follows earlier tensions after President Petro denied entry to U.S. military aircraft designated for deportations, citing concerns about ensuring humane treatment for Colombian deportees. The diplomatic exchange between the two leaders intensified and led to a statement from the White House on Saturday night. In the statement, the U.S. administration noted that because President Petro agreed to comply with established terms, the previously threatened tariffs would not be imposed. However, other measures, including visa restrictions, will remain…

  Since January 1, 2025, Luxembourg has raised the exemption threshold for small businesses from €35,000 to €50,000, with a tolerance limit of 10%, bringing the maximum to €55,000. This change is set to benefit not only local enterprises but also small businesses established in other EU Member States that engage with the cross-border franchise scheme in their respective countries. Under the new measures, Luxembourg-based companies can also access this exemption regime in other EU countries as long as their total turnover within the European Union remains below €100,000. To participate in this scheme, businesses registered in Luxembourg must complete…

September 4, 2024, The Swiss Federal Council announced that The Income Inclusion Rule (IIR) is set to officially take effect on January 1, 2025. This step follows the introduction of the Swiss Supplementary Tax, known as the Qualified Domestic Minimum Tax (QDMTT), in 2024, aimed at ensuring that tax revenues remain within Switzerland rather than being transferred abroad, while also providing legal clarity for businesses operating under these regulations. In a significant move last year, Swiss voters supported the Federal Council’s initiative to adopt the OECD/G20 minimum tax rate framework. The primary goal is to safeguard Switzerland’s tax revenues by…

  On October 22, 2023, the Chief Executive in Council announced five new Orders under the Inland Revenue Ordinance (Cap. 112), aimed at implementing Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with Armenia, Bahrain, Bangladesh, Croatia, and Türkiye. These Orders are set to be published in the Gazette on October 25. The introduction of these agreements is expected to significantly benefit residents of Hong Kong and the respective countries involved. According to a government spokesperson, “Under the CDTAs, residents will no longer face double taxation on a single source of income. This change will provide much-needed clarity regarding tax liabilities…

On October 18,2024, the Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 is set to be gazetted. This new legislation aims to introduce two significant enhancements to the profits tax framework as part of the 2024-25 Budget: a tax deduction for expenses related to reinstating leased premises and the removal of the time limit for claiming annual allowances on industrial and commercial buildings. Key Provisions of the Bill Under the proposed Bill, lessees who are required to restore their leased premises to their original condition—either at the end of the lease…

In a significant move to boost economic cooperation, the Sultanate of Oman and the Republic of Estonia have formally signed an agreement aimed at avoiding double taxation and preventing fiscal evasion related to income taxes. The agreement was finalized today in Muscat, marking a pivotal step in strengthening bilateral relations between the two nations. Representing the Omani government, His Excellency Nasser bin Khamis Al Jashmi, Chairman of the Tax Authority, underscored the importance of this agreement. Her Excellency Ingrid Amer, the accredited Ambassador of the Republic of Estonia to Oman, represented Estonia in this pivotal signing. The primary objective of…

The New Jersey Department of the Treasury has announced an increase in the gas tax rate of 2.6 cents per gallon, effective January 1, 2025. This change is aimed at bolstering the State’s Transportation Trust Fund (TTF) program, following a detailed examination of fuel consumption data and discussions with the Legislative Budget and Finance Officer. The tax adjustment comes as a result of Chapter 7, a 2024 law that establishes a gradual increase in New Jersey’s Highway Fuel Cap, spanning from Fiscal Year 2025 to Fiscal Year 2029. For FY2025, the Highway Fuel Cap has been set at $2.032 billion,…

In compliance with Act 435 of 2021, the Arkansas Department of Finance and Administration (DFA) has announced a new purchasing threshold for cities and counties, effective January 1, 2025. This adjustment reflects a significant increase driven by the Consumer Price Index (CPI) over the past five years. The updated threshold will rise from $35,000 to $42,921, marking a 22.63% increase. This change is detailed in the provisions of Ark. Code Ann. §14-22-102(c)(1)-(2), §14-22-104(b)(1)-(2), and §14-58-303(b)(3)(A)-(B). The new figure will apply uniformly to various code sections, ensuring consistency across different financial regulations for local governments. Key Details: For cities of the…