Labour has been consulting investors about closing a tax break on carried interest ahead of a wider budget announcement in October
Fees paid for "private clarification" of tax will be refunded in certain cases if the clarification is not issued, effective August 1, the Federal Tax Authority (FTA) announced.
Under "private clarification", companies could submit a request to seek further clarification related to one tax, or more than one tax issued by the FTA. The companies had to pay for this service starting June 1, 2023.
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If the request was related to one or more than one tax, and the clarification was not issued, the full fee shall be refunded. If the request is relating to more than one tax, and the clarification was issued for only one tax, a part of the fee shall be refunded.
The amount to be refunded will be decided by calculating the difference between the fee for more than one tax, and the fee for one tax.
According to Federal Tax Authority Decision No. 5 of 2024, issued on July 19, the cases where the clarification is not issued and the fee will be refunded will include:
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