Italy: Chamber of Deputies approve 2025 budget

23 December, 2024

Italy's government has secured a win in the Chamber of Deputies on 20 December 2024 by securing a confidence vote on its 2025 budget. The budget seeks to reduce next year’s fiscal deficit to 3.3% of gross domestic product (GDP), down from the projected 3.8% in 2024. It also introduces tax cuts

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Luxembourg: Parliament approves 2025 budget law

23 December, 2024

Luxembourg’s Parliament approved the 2025 budget law on 19 December 2024. It introduces a 50% reduction in the taxable base for registration and transcription duties on real estate acquisitions, in addition to the existing EUR 40,000

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Brazil: Congress approves OECD Pillar Two rules

23 December, 2024

Brazil’s Congress has passed Bill of Law 3,817/24 on 18 December 2024, incorporating the OECD’s Global Base Erosion (GloBE) Pillar Two rules in the Brazilian tax legislation, which introduces an effective minimum taxation of 15% through an

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Italy to allow software based storage, transmission of daily receipt data reporting

23 December, 2024

Italy has published Legislative Decree 1/2024 on Rationalization and Simplification of the Rules on Tax Compliance in 2024. The decree was designed to streamline compliance and enhance efficiency for businesses. Under Article 24, using software

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Cyprus updates beneficial owners register framework

23 December, 2024

Cyprus’ Department of the Registrar of Companies and Intellectual Property (DRCIP) have announced several amendments to The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, which was published on 6 December

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Italy introduces rules to prevent VAT fraud on imports

23 December, 2024

Italy has published two decrees to prevent value added tax (VAT) fraud on imports under EU Directive 2006/112/EC. Decree 4/12/24 and Decree 9/12/24, was published in the official gazette on 9 December 2024 and 13 December 2024. The decrees

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Canada: Budget deficit shrinks in first 7 months of 2024/25

23 December, 2024

Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing

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US: IRS, Treasury propose rules for tax professionals who can practice before the IRS

23 December, 2024

The US Department of the Treasury and the Internal Revenue Service issued IR-2024-315 on 20 December 2024, in which it proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained

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UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax

23 December, 2024

Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary

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Corporate Tax

Transfer Pricing

  • OECD introduces new tools to simplify transfer pricing (Amount B)
    20 December, 2024

    The OECD has announced the launch of new tools to streamline the implementation of Amount B under Pillar One aimed at simplifying transfer pricing rules. Amount B under the Two-Pillar Solution to Address the Tax Challenges of the Digitalising Economy provides for a simplified

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  • Switzerland: SIF updates AEOI jurisdictions list, changes status of Belize
    19 December, 2024

    The Swiss State Secretariat for International Finance (SIF) released an updated list of jurisdictions participating in the automatic exchange of information (AEOI) on financial accounts on 17 December 2024. Recent updates include a change in Belize's status from

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  • Australia announces jurisdictions for public CbC reporting
    19 December, 2024

    Australia has published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024. Notably, Liechtenstein has been excluded from the final

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  • US: Treasury, IRS clarify stance on OECD’s simplified transfer pricing rules
    19 December, 2024

    The US Treasury Department and the Internal Revenue Service (IRS) released Notice 2025-04, “Application of the Simplified and Streamlined Approach under Section 482”, on 18 December 2024, clarifying the US government’s stance on using the OECD's simplified method to

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  • Germany: Ministry of Finance updates transfer pricing guidelines for 2024
    17 December, 2024

    The German Ministry of Finance published BMF Letter No. 2024/1078709 on 12 December 2024, updating the guide on transfer pricing for 2024. The new guidelines clarify key aspects of transfer pricing which includes income correction and competition; selection of appropriate

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  • Austria: Pillar Two CbCR Safe Harbour Regulation enters into force
    13 December, 2024

    Austria’s tax authorities published a decree in the Official Gazette detailing the requirements for the Transitional CbCR Safe Harbour on 5 December 2024. This is aimed at easing the administrative burden under the new Minimum Taxation Act ("MinBestG"), which came into effect

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  • Australia updates guidance on public CbC reporting
    13 December, 2024

    The Australian Taxation Office (ATO) has revised its guidance on the public country-by-country (CbC) reporting regime focusing on public CbC parent registration requirements on 11 December 2024. Australia’s public CbC reporting is a reporting regime which requires certain

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  • Italy announces penalty relief rules for hybrid mismatch rules
    13 December, 2024

    Italy's Ministry of Economy and Finance has published the Decree of 6 December 2024 outlining the penalty reliefs rules for violations of Italy's hybrid mismatch rules. The Decree’s penalty relief rules are taken from Legislative Decree No. 209 of 27 December 2023. The

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  • Romania clarifies public CbCR reporting rules
    12 December, 2024

    Romania’s Ministry of Finance, in a release, outlined the preliminary format for public Country-by-Country (CbC) reporting. This follows after Romania has introduced public country-by-country (CbC) reporting requirements through Order no. 2.048 of 1 September 2022 under the

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  • Colombia: DIAN sets tax value unit for 2025
    12 December, 2024

    The Colombian National Tax and Customs Directorate (DIAN) issued Resolution No. 000193 on 4 December 2024, setting the tax value unit (UVT) at COP 49,799. The UVT is a tool in the Colombian tax system which allows for the annual update of tax obligations, adjusting to the

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