US: California grants tax relief for Los Angeles wildfire victims

On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the historical average of 3.7% (which is

The Czech Republic’s Ministry of Finance has published the text of a Competent Authority Agreement (CAA) concerning the exchange of country-by-country (CbC) reports with the United States on 9 January 2025. This agreement between the two nations aims to enhance

The Czech Republic’s Minister of Finance has signed a declaration on the application of the Multilateral Agreement of Competent Authorities on the implementation of the automatic exchange of information notified by platform operators (DPI MCAA) on 6 November 2024. In

Kenya has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 8 January 2025. This follows after Kenya’s National Assembly approved the ratification of the

Azerbaijan has approved several amendments to the Azerbaijan Tax Code on 27 December 2024. Key amendments include a reduction of branch profit tax rate, new corporate income tax exemptions, and revised transfer pricing penalties. Reduction of branch profit tax rate The tax

The US Internal Revenue Service (IRS) in collaboration with France's competent authority, has issued a joint statement outlining plans for the spontaneous exchange of country-by-country (CbC) reports. This initiative will apply to fiscal years starting in 2024 and

The US Internal Revenue Service (IRS) and the Treasury Department have released final regulations addressing the Classification of Digital Content Transactions and Cloud Transactions. The regulation was published in the Federal Register on 14 January 2025 and took effect on the

On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth resulting from rising wages

India’s Central Board of Direct Taxes (CBDT) has published its 6th Annual Report on the country’s Advance Pricing Agreement (APA) programme for the fiscal year 2023-24. A record 125 APAs were signed, marking the highest number in a single year since the inception of the

Italy has enacted Law No. 207 of 30 December 2024, outlining the 2025 State Budget along with the multi-year financial plan for 2025-2027. The Law took effect on 1 January 2025. The key measures include: Removal of the Italian revenue threshold for DST  The 2025 budget