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Hong Kong announces 2025-26 budget, proposes reducing profits tax amongst other measures. Hong Kong Financial Secretary Paul Chan delivered the 2025-26 budget on 26 February 2025, which included various tax measures such as reducing profits tax, salaries tax and tax under personal assessment; raising the maximum value ... | 22 |
Treaty between Slovenia and United Arab Emirates signed. It is reported that Slovenia and the United Arab Emirates signed a tax treaty on 12 October 2013, during the annual meeting of the World Bank Group and International Monetary Fund in Washington D.C. The treaty is expected to further the development of economic re... | 11 |
Cyprus: Finance Ministry issues revised decree on country-by-country reporting. On 26 May 2017 the Ministry issued a revised decree on Country-by-Country (CbC) Reporting, under the powers conferred by Section 6(16) of the Assessment and Collection of Taxes Law. The obligation of a Cyprus tax resident Constituent Entity... | 44 |
Hong Kong: Lower Tax for Captive Insurers. The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or self-employed persons. The Bill wo... | 22 |
China and Hong Kong Special Administrative Region (SAR) update. According to an announcement made in October 2011, a Value-Added Tax (VAT) pilot program will be introduced in Shanghai in January 2012, replacing the business tax in selected industrial sectors. Following the early success of that pilot, it looks likely t... | 33 |
South Africa: Call for comments regarding 2021 draft Tax Bills. On 28 July 2021, the National Treasury and the South African Revenue Service (SARS) have invited the public to comment by no later than 28 August 2021 on the second batch of the 2021 Draft Taxation Laws Amendment Bill and 2021 Draft Tax Administration Laws... | 22 |
Serbia, Egypt FTA enters into force. Serbia is the only country in the region to sign an FTA with Egypt. The Free Trade Agreement (FTA) between Serbia and Egypt entered into force on 1 September 2025. It provides preferential access for products originating in Serbia to a market of over 112 million inhabitants. A free ... | 11 |
Czech Republic: Deputies agrees with the postponement of the electronic registration. On 16 October 2020, the deputies approved the proposal of the Ministry of Finance to postpone all four phases of the electronic registration of sales until 1 January 2023. The amendment to the Act on the Registration of Sales is now h... | 55 |
Turkey clarifies electronic notification rules in tax procedure law. Turkey’s Ministry of Treasury and Finance has clarified taxpayers' obligations under the Electronic Notification Process in the Tax Procedure Law (TPL), published General Communiqué No. 568 in the Official Gazette, on Wednesday, 25 September 2024. Tax... | 55 |
OECD: Revenue Statistics Show Falling Corporate Tax Revenues. The OECD’s annual publication Revenue Statistics was published on 3 December 2015. The publication shows that since the financial crisis corporate tax revenues have been falling in the OECD countries. The statistics show that corporate income tax revenues de... | 00 |
Italy issues decree for Qualified Domestic Minimum Top-up Tax. Italy's Ministry of Finance announced on 3 July, 2024, the publication of the “Decree of 1 July 2024”. The Decree contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in Article 18 of Le... | 22 |
FATCA Agreement Signed between United States and Georgia. Georgia and the United States have signed a Foreign Account Tax Compliance Act (FATCA) agreement on 10 July 2015. This is a Model 1 Agreement. Under this reciprocal agreement, financial institutions in Georgia will report the information required under FATCA abo... | 11 |
Hong Kong: IRD plans to close voluntary filing of CbC report from 1 April 2019. On 1 February 2019, Hong Kong Inland Revenue Department (IRD) announced that effective from 1 April 2019, the department will not accept voluntary filing of a CbC Return for an accounting period ended on or before 31 March 2018. Under secti... | 44 |
Vietnam increases tax administrative violations penalties. On 19 October 2020, the Vietnam Government has released Decree 125/2020/ND-CP on sanctioning of administrative violations of tax and invoices. The Decree has adjusted to increasing the sanction level for a number of tax-related administrative violations and com... | 22 |
US: House of Representatives approve ‘One, Big, Beautiful Bill’. The bill makes the 2017 Trump tax cuts permanent, provide tax relief for families and small businesses, and encourage investment and manufacturing in the US. The US House Ways and Means Committee passed the One, Big, Beautiful Bill (Act) by the House of R... | 22 |
India introduces CbC reporting requirements. India has included a country-by-country (CbC) reporting requirement in section 286 of the Indian Income-tax Act, 1961, with effect from the financial year 2016-2017. The requirements are principally in line with BEPS Action 13. The first round of CbC reports, if applicable, ... | 44 |
US and Singapore sign agreement on exchange of CbC reports. On 4 November 2020, IRS published the updated page on CbC reporting jurisdiction status table. Accordingly, on 6 October 2020, U.S. and Singapore have entered into a CAA for the automatic exchange of CbC reports. Pursuant to the provisions of Article 1 of the ... | 44 |
India proposes changes in advance ruling forms for transparency in cross-border deals. On 10 April 2018, the central board of direct taxes (CBDT) issued a draft which includes changes to the income tax rules and forms to align them more closely with the OECD’s base erosion and profit shifting (BEPS) Action 5. The draft... | 33 |
China: super deduction regulation update for qualified R&D expenses. On 2 November 2015, China’s State Administration of Taxation, Ministry of Finance and the Ministry of Science and Technology jointly released Cai shui [2015] No.119 to provide expanded scope and follow-up guidance of qualified industries and research ... | 00 |
WTO reports on G20 trade measures. The World Trade Organization (WTO) issued its thirteenth trade monitoring report on G20 trade measures on 15 June 2015. The report shows a slowing down in the implementation of new restrictive trade measures in G20 countries. It is not clear if this trend is set to continue but the WT... | 33 |
OECD Working Paper looks at Environmental Taxes and Inequality in Income Sources. An OECD Working Paper published in February 2015 explores the relationship between environmentally related taxes and inequality in income sources. The paper looks at whether there is any difference between countries that have implemented ... | 00 |
Peru: SUNAT publishes frequently asked question on CbC Report. On 16 December 2020, the Peruvian tax authorities (SUNAT) has released frequently asked questions (FAQ) in Spanish providing an elaborate description of country-by-country (CbC) reporting, including the format of CbC report, local filing obligations, the pr... | 44 |
Poland: CJEU rules tax exemption for external investment funds breaches EU law. The Court of Justice of the European Union (CJEU), in its ruling C-18/23 on 27 February 2025, established that the Polish tax exemption for externally managed nonresident investment funds violated the free movement of capital under EU law. ... | 00 |
Philippines proposes VAT rules for digital services. The Philippines Bureau of Internal Revenue (BIR) has released draft revenue regulations on 8 November 2024 to implement the Republic Act No. 12023. This act introduces a 12% VAT on all digital services used in the Philippines, including those offered by foreign digit... | 11 |
Chile: Exemption from Least Developed Countries' exports. The World Trade Organization (WTO) has said that Chile has joined a number of developing countries that have opened their markets to products from least-developed countries (LDCs) by waiving duties and quotas on June 30, 2014. Since 28 February 2014, the South A... | 55 |
Transfer Pricing Brief: December 2017. Italy: CbC Reporting requirement-Timing: On December 11, the tax authority issued a Measure no. 288555 extending the due date for filing the CbC report for fiscal year 2016 from 31 December 2017 to 9 February 2018 within 60 days following the measure’s publication date. See the st... | 44 |
UK: PM warns of 'painful' October budget, unveils GBP 22 billion financial gap. UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) bud... | 22 |
France updates guidelines on royalties declaration under DAC7. French tax authorities clarified that companies managing copyright royalties and inventor rights require companies to include the beneficiary's date of birth in declarations when the recipient is an individual residing in another EU Member State. These roya... | 55 |
World Bank: Analysis of Tax Data to Understand Job Creation. A World Bank blog on 16 September 2025 looked at how administrative data drawn from tax returns can reveal information about the businesses that are creating employment. The blog, written by V. Wiedemann, T. Scot, L. Zavala and L. Serrano Pajaro, outlines the... | 55 |
OECD announces final package of BEPS measures. On 5 October 2015 the OECD presented the final package of measures resulting from the action plan on base erosion and profit shifting (BEPS). The package of measures based on the fifteen action points is to be presented to the G20 Finance Ministers on 8 October 2015 and th... | 33 |
Kazakhstan: Investor tax breaks enacts. The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation, other measures contain a capital ... | 55 |
Argentina: ARCA further extends deadline for settling tax debts from miscalculated losses. Argentina’s tax authority (ARCA) has issued General Resolution 5788/2025 on 13 November 2025, extending the deadline for taxpayers to access the payment plan facility for outstanding tax debts arising from miscalculated tax losse... | 44 |
US: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice. Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for ... | 22 |
EFTA-Moldova free trade agreement enters into force in relations between Moldova and Switzerland. The free trade agreement (FTA) between Moldova and the European Free Trade Association (EFTA) states will take effect in relations between Moldova and Switzerland on 1 April 2025. The European Free Trade Association (EFTA)... | 11 |
United States: ADD/CVD Roundup for June 2015. Following table shows the Federal Register notices related to ADD/CVD cases for June 2015 in United States. Australia Silicomanganese Postponement of Preliminary Determination of Antidumping Duty Investigation A-602-808 See the Federal Register notification Australia Certai... | 55 |
US: North Carolina extends corporate tax deadline to 7 months starting 2025. The North Carolina Department of Revenue (NCDOR) released a notice on 29 January 2025, announcing that it has revised the filing deadline for franchise and corporate income tax returns. As per the notice, for tax years beginning on or after 1 ... | 00 |
France: Court issues an explanatory note and six decisions on tax evasion. The Criminal Division of the Court of Cassation published an explanatory note and delivered six important decisions (n. 1174, no. 1175, no. 1176, no. 1177, no. 1178 and no. 1179) subsequently. This explanatory note helps to explain the exact pla... | 55 |
Netherlands publishes guidance on mandatory disclosure Rules/DAC6. The Dutch Tax Authority has published an English-language version of its general guidance on Mandatory Disclosure Rules/DAC6. The European Directive Mandatory Disclosure Rules (MDR)/DAC6 will come into effect on 1 January 2021. As a result of the Dutch ... | 33 |
UK: Regulations on Country by Country Reporting. The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 contain detailed regulation on country by country (CbC) reporting. The regulations provide the detailed procedure for CbC reporting in line with the recommendations of the G20/ O... | 44 |
OECD: Update on Convention on Mutual Assistance in Tax Matters. The OECD announced on 28 October 2016 that 106 jurisdictions globally have now signed the Multilateral Convention on Mutual Assistance in Tax Matters, the latest signatory being the Cook Islands. The OECD notes that this Convention is the most powerful ins... | 33 |
Brazil: Tax exemption to encourage Initial Public Offerings. On June 16 of 2014 the Ministry of Finance confirmed that the initial public offerings (IPOs) of smaller company’s investment will be cut from the capital gain tax by 15% and the capital gains tax will not have an effect on infrastructure debentures issued fr... | 55 |
Andorra, Italy EOI Agreement enters into force. On 27 March 2017, the Exchange of Information (EOI) Agreement between Andorra and Italy was entered into force. The agreement generally applies from 27 March 2017 for criminal tax issues and from 1 January 2018 for all other tax issues. | 11 |
Africa Finance and Economic Data. We have partnered with African Financial & Economic Data (AFED) - a provider of definitive financial and economic intelligence on Africa. They have recently launched a revolutionary new version of their data service. In this new version, you take control of the data. All data is update... | 55 |
Bahamas issues MAP guidance with Japan. The Bahamas Ministry of Finance has released guidance on Mutual Agreement Procedures (MAP) with Japan as per the tax information exchange agreement between the two nations. The guidance details the scope of MAP, eligibility for requesting MAP, the initiation process, the handling... | 11 |
Poland: Council of Ministers adopts draft law for updating PKD codes Excise Duty Act. Poland's Council of Ministers adopted a draft act for amending the Excise Duty Act on 4 November 2025. The draft act updates excise tax regulations to align with the new Polish Classification of Activities (PKD). Specifically, PKD cod... | 22 |
Angola, Turkey conclude third round of tax treaty talks. The third round of negotiations between Angola and Turkey concluded on 27-28 May 2025. Angola and Turkey have concluded the third round of income tax treaty negotiations, which took place from 27 to 28 May 2025. The negotiations, chaired by the Deputy Director of... | 11 |
France: Reduced VAT rate on digital newspapers and magazines. The French government is about to propose a VAT reduction for digital newspapers and magazines. The intention behind this move is to provide a level playing field for different forms of publication. The government wants to give the digital versions the same ... | 55 |
UNCTAD report on illicit financial flows. The UNCTAD publication Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa was published in July 2021. The UNCTAD report argues that tackling illicit financial flows is an important part of domestic resource mobiliz... | 55 |
Australia: ATO to collect data from online marketplaces. The Australian Taxation Office (ATO) registered a gazette notice stating that it will be acquiring sales data from online selling platforms operating in Australia from 2023–24 through to 2025–26. The announcement was made on Monday, 8 July 2024. The data to be co... | 55 |
Council of the EU agrees to adopt new withholding tax procedures. The Council of the European Union agreed to adopt new regulations for withholding tax procedures under the Council Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) on Tuesday, 14 May 2024. Due to the changes the Council made in t... | 11 |
Kazakhstan: BEPS MLI enters into force. On 29 September 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into force for Kazakhstan on 1 Octobe... | 11 |
Greece: Draft law on establishment of company under electronic one-stop shop procedure. The draft law regarding the company establishment under the electronic one-stop shop process was submitted to the parliament on 25th November 2016. The draft law covers the following things: The company establishment via an electron... | 22 |
Ireland: Revenue updates CbC user guide. On 30 November 2020, the Irish Revenue published an eBrief 216/20 on a new Tax and Duty Manual Part 38-03-21, which provides details of the release of CbC User Guide Version 2.0 and CbC XML Schema Version 2.0, which will be in use from 1 February 2021. To facilitate the migratio... | 44 |
Angola revises number of large taxpayers required to prepare TP documentation. On 15 March 2022, the Ministry of Finance of Angola has issued Order No. 1083/22 through which the list of the large taxpayers has been revised subject to the preparation of transfer pricing (TP) documentation. The listed large taxpayers mus... | 44 |
Bangladesh to shift tax exemption authority to parliament. Bangladesh will introduce a new policy placing full authority for tax exemptions with parliament, removing decision-making power from the government and National Board of Revenue (NBR). NBR Chairman Md Abdur Rahman Khan said the move aims to boost revenue and r... | 22 |
UK: Published draft guidance on DOTAS regime confidentiality hallmark. HM Revenue & Customs (HMRC) the UK tax authority published draft guidance on 21 August 2013 to accompany the present consultation on the confidentiality hallmark about the disclosure of tax avoidance schemes (DOTAS) regime. The guidance will be modi... | 33 |
Venezuela: Amendments to VAT legislation. The Decree No. 1436 became publicly available on 28th November 2014. The decree introduces amendments to the VAT legislation. This decree entered into force on 1st December 2014. The main amendments are given below: VAT input tax cannot be applied after 12 months following (i) ... | 22 |
Singapore gazettes order declaring MCAA-CbC as international tax compliance agreement with Georgia, Albania. Singapore has published Order No. S 813 in the Official Gazette on 24 October 2024 which officially recognises the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Re... | 11 |
Malta issues Regulations on Research & Development (R&D). On 17 November 2020, the Maltese Parliament has issued Research & Development Regulations 2020 (Legal Notice No. 346 of 2020), and these regulations shall be read and construed as one with the Research and Development, Regulations, hereinafter referred to as the... | 22 |
Canada: Government to introduce anti-fraud plan, financial crimes agency. The government plans to strengthen Canada’s fight against financial fraud by requiring banks to implement anti-fraud policies, exploring broader sector-wide measures, and establishing a new Financial Crimes Agency. Canada’s Department of Finance,... | 22 |
OECD: Digital Transformation of Tax Administration. On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) released a paper entitled Tax Administration 3.0: The Digital Transformation of Tax Administration outlining a concept for digital development of tax administrations that leads over time to a seamless pro... | 33 |
OECD publishes comments received on restriction of treaty benefits. On 13 January 2015 the OECD published on its website the comments received from interested parties on Action 6 of the action plan on base erosion and profit shifting (BEPS). This concerns the prevention of tax treaty abuse and involves developing recom... | 11 |
Belgium: CbC reporting deadline extended. The Federal Public Service of Belgium declared an extension of the deadline until 30 September 2017 to inform the tax administration that the parent corporation will file a consolidated country by country (CbC) report for the year 2016 in another jurisdiction, on 22 December 20... | 44 |
OECD updates BEPS Action 5 transparency framework on tax rulings. OECD updated BEPS Action 5 rules with new peer review terms and XML Schema for 2027. The OECD released a set of revisions to the BEPS Action 5 minimum standard on the spontaneous exchange of information on tax rulings (the “transparency framework”) on 8 ... | 33 |
France publishes revised VAT exemption lists for overseas departments. France updates VAT exemption lists for overseas departments with region-specific measures effective from March 2025 to December 2027. The French tax authorities released updated guidance (BOFiP, ACTU-2025-0010) on 23 July 2025, establishing revised ... | 55 |
Vietnam: Publishes a guidance on corporate income tax, VAT and customs. Vietnam’s tax authorities on 25 October 2016 circulated certain corporate income tax; value added tax (VAT), labour compliance, and customs duty matters. Corporate income tax -An official letter provides the conditions and supporting document to de... | 00 |
Sri Lanka proposes VAT and income tax reforms. Sri Lanka has announced a series of tax reforms through proposed legislation published on 21 February 2025. The changes, affecting VAT and income tax, will be implemented in phases from April 2025. A key measure is the introduction of an 18% VAT on digital services supplie... | 00 |
The UK and Bermuda Sign Competent Authority Agreement for Exchange of Financial Information. The UK and Bermuda have signed a competent authority agreement on automatic exchange of information. The agreement was signed on 20 June 2017 by the UK and on 27 June 2017 by Bermuda. This Agreement provides the effective excha... | 11 |
Hong Kong: Government Renews Anti-Money Laundering Guidelines. Hong Kong has gazetted an anti-money laundering amendment notice that will allow its financial institutions to continue to delegate customer due diligence (CDD) functions. The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Or... | 55 |
Taiwan: MoF announces changes to the transfer pricing documentation rules. The Ministry of Finance (MoF) published the amendment of Transfer Pricing Audit Rules on 13th November 2017. The rules established three-tiered transfer pricing documentation in accordance with the OECD under the base erosion and profit shifting... | 44 |
Iraqi Cabinet approves DTA between Iraq and Saudi Arabia. On 6 August 2019, the Iraqi Cabinet approved the draft Double Taxation Agreement (DTA) with the Kingdom of Saudi Arabia. The agreement was signed on 17 April 2019. | 11 |
Sweden publishes CbC reporting threshold rules. The Swedish Tax Agency published a guidance on companies' country-by-country reporting (CbC) obligations with respect to short and extended tax years, and company divestments and restructurings on 15 January 2018. The guidance provides following matters: -The Swedish Tax ... | 44 |
Latvia and Switzerland sign a protocol to amend their existing DTA. Latvia signed a protocol with Switzerland to amend their tax treaty on 2 November 2016. The Protocol updates the 2002 treaty to introduce an administrative assistance clause allowing information to be exchanged between the two countries on request, and... | 11 |
G20 Chair's Summary released after finance ministers and central bank governors meeting in Cape Town on 26-27 February. The first G20 Finance Ministers and Central Bank Governors meeting (FMCBG) took place on 26-27 February 2025 in Cape Town under South Africa’s Presidency. There was not consensus for a communique, and... | 33 |
Tax Treaty Brief: May 2023. Hong Kong and Mauritius On 26 April 2023, the Chief Executive in Council of Hong Kong issued an Order to implement the provisions of the Double Taxation Agreement (DTA) with Mauritius. Czech Republic and Kosovo On 20 April 2023, the Czech lower house of parliament approved the Double Taxatio... | 11 |
Israel: VAT Position of Foreign E-retailers. Non-resident retailers of goods and digital services to Israeli consumers will remain outside of the Israeli VAT net. This is the result of a decision of the High Court that has struck down a petition from local online retailers that E-retailers based outside Israeli were be... | 55 |
EU: European Parliament passes provisions for public CbC reporting. On 11 November the European Union's Parliament voted to pass amendments to the EU Accounting Directive (2013/34/EU) on financial reporting of certain types of undertakings. The amendments would introduce public country-by-country reporting requirements... | 00 |
Bulgaria approves CbC Exchange Agreements with U.S.. On 10 July 2019, Bulgaria's Council of Ministers approved two agreements with the United States allowing for the automatic exchange of country-by-country reports. The CbC report is one element of the three-tiered standardized approach to transfer pricing documentatio... | 44 |
China relaxes company registration procedure. With effect from 1 March 2014 China’s company law has been updated with the aim of streamlining the registration procedures and making the minimum capital requirements less stringent. China’s Company Law gives considerable discretion to companies in drawing up their Article... | 55 |
IMF Issues a Report After Consultations with Canada. On 16 July 2016 the IMF issued a report following the conclusion of consultations with Canada under Article IV of the IMF’s articles of agreement. The Canadian economy has avoided a recession, with GDP growth expected to increase slightly in 2024, supported by the no... | 22 |
World Tax Brief: November 2021. Belgium Interest on late payments: On 27 October 2021, the Federal Public Service has published the late payment interest for companies. According to the notice, the interest rate is set at 4% for the 2022 calendar year.See the story in RegfollowerCyprusIncentives: On 15 October 2021, th... | 00 |
Philippines: BIR issues guidelines for transfer pricing audits. The Bureau of Internal Revenue (BIR) has issued Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order (RAMO) No. 1-2019 on 20 August 2019, which provides standardized audit procedures and techniques in auditing taxpayers with related party... | 44 |
Angola: Parliament approves draft law on tax and foreign exchange compliance. Recently, Parliament approved a bill on the extraordinary tax and foreign exchange regime that regulates the repatriation of assets held abroad that were not declared in Angola in December 2017. All Angolan nationals residing in the country a... | 22 |
US: IRS publishes draft form regarding the “base erosion and anti-abuse tax” (BEAT). On 5 September 2018, the United States (US) Treasury and the Internal Revenue Service (IRS) released a draft of Form 8991 concerning the “base erosion and anti-abuse tax” (BEAT) reporting for 2018. In an effort to " level the playing f... | 55 |
France: Country-by-country reporting. On 5 December 207, the French tax authorities released a new rule regarding the country-by-country (CbC) reporting obligations provided for by article 223 quinquies C of the French General Tax Code. According to OECD guideline jurisdictions should require the timely filing of CbC r... | 44 |
Singapore updates indicative margins for related party loans. The Inland Revenue Authority of Singapore (IRAS) has published updated indicative margins for related party loans. IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated in this t... | 44 |
OECD report reveals decline in tax revenue relative to GDP in Latin America and the Caribbean. The OECD’s 2025 report on Latin America and the Caribbean reveals a slight drop in tax revenue as a share of GDP in 2023. The OECD has published its 2025 report on Revenue Statistics in Latin America and the Caribbean, reveal... | 00 |
Israel: MoF issues draft law to implement global Pillar 2 rules. This draft legislation outlines the framework for establishing a local minimum tax on multinational corporations, ensuring alignment with international agreements to implement a global minimum tax. Israel’s Ministry of Finance has taken a significant step... | 33 |
OECD consults on transfer pricing issues. The OECD held a public discussion on transfer pricing issues in Paris on 12 and 13 November 2013. The participants were representatives of the business world, academic institutions, non-governmental organizations, the media and the public. The meeting discussed the public comme... | 44 |
IMF alerts Slovak Republic on VAT rate cut. Slovakia has increased its VAT rate from 19% to 20% in 2011. IMF has warned that reducing the rate back to 19% would expense 0.3% GDP in tax takes for the country. As the economic picture has enhanced slightly, many countries have started to think withdrawing these increases ... | 55 |
Azerbaijan joins the inclusive framework on BEPS. On 16 December 2022, the Organization for Economic Cooperation and Development (OECD) announced that Azerbaijan joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Collaborating on an equal footing with all other members of the inclusive framework... | 33 |
Puerto Rico extends tax returns and payment deadline due to Hurricane Fiona. On 27 September 2022, the Puerto Rico Treasury Department (PRTD) issued Administrative Determination No. 22-08 extending the due date for income tax returns and tax payments due to Hurricane Fiona. The PRTD extends the tax returns deadline unt... | 00 |
Bolivia: "Twelfth Taxpayer Group" to adopt online billing. Bolivia’s tax authority, Servicio de Impuestos Nacionales, released guidance RND No. 102400000025 on 10 October 2024 detailing the 12th group of taxpayers required to update and implement digital billing systems. Beginning 1 March 2025, the taxpayers mentioned ... | 55 |
US: Customs and Border Protection imposes new tariffs on Chinese imports. The US Customs and Border Protection (CBP) issued an amended notice on 24 April 2025 announcing additional duties on products from China and Hong Kong following President Donald Trump's Executive Orders 14256, 14259, and 14266. The notice was pub... | 33 |
Germany: Bundestag approves legislation to prevent BEPS. The German Bundestag approved an act concerning the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 16 May, 2024, in order to facilitate Germany's compliance with the MLI by preparing the neces... | 11 |
US: Trump directs Treasury to issue tax refunds electronically. US President Donald Trump issued an executive order on 25 March 2025 to modernise the Department of Treasury’s payment systems. In the executive order “Modernizing Payments To and From America’s Bank Account,” Trump instructed the Treasury Secretary to sto... | 55 |
Bulgaria: Ministry of Finance releases draft state budget bill for 2025. The Bulgarian Ministry of Finance released a draft bill for the 2025 state budget on 9 December 2024 which includes several key proposals affecting tax policies, resource extraction, and VAT registration. One of the primary provisions in the bill ... | 22 |
Singapore updates guide on tax treatment of gains, losses from sale of foreign assets. The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on Income Tax: Tax Treatment of Gains or Losses from the Sale of Foreign Assets (Second Edition) on 9 December 2024. This guide explains the income tax... | 00 |
OECD – VAT guidelines for cross-border trade approved. The Organization for Economic Co-operation and Development (OECD) has indicated that 86 countries have signed up to the new set of OECD guidelines relating to value added tax (VAT) or goods and services tax (GST) regulations. The guidelines cover the design of a VA... | 33 |
France: Requirement for Transfer Pricing Documentations being brought in. After disappearing from the draft, the Finance Bill 2018 undergoes revision of the last year’s requirements for transfer pricing documentation and brings in some additional changes to the requirements: Failure within the ambit of the requirement ... | 44 |
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