OECD issues updated guidance on common Country-by-Country reporting errors

27 May, 2025

The OECD released an updated document on common errors by multinational enterprises (MNEs) in preparing Country-by-Country (CbC) reports on 22 May 2025. The Organisation for Economic Co-operation and Development (OECD) released an updated document on common errors by multinational enterprises

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Sweden proposes DAC8 implementation bill for 2026

27 May, 2025

Sweden has proposed a bill to implement the EU's DAC8 directive on tax cooperation, introducing new rules for the automatic exchange of information on crypto-assets and securities. The regulations will take effect on 1 January 2026. The Swedish

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Mexico unveils tax incentives for new economic development zones

27 May, 2025

Mexico has introduced tax incentives for businesses operating in newly designated SEZs, including full deductions for fixed asset investments and additional relief for spending on training and innovation from 2025 to 2030. Mexico has issued a

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Ireland: Revenue updates guidelines on interest charges for late tax payments

27 May, 2025

Irish Revenue has updated its guidelines on interest for late tax payments, now covering Capital Acquisitions Tax. The eBrief clarifies interest rules, removes mentions of Fixed Direct Debit and Balloon payments, and updates due dates for

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EU Commission unveils strategy to streamline single market

27 May, 2025

The European Commission released a communication on 21 May 2025 outlining a strategy to strengthen and simplify the EU Single Market. The document emphasises the Single Market as a cornerstone of the EU's growth, competitiveness, and resilience,

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US: Trump postpones 50% tariff on EU goods

27 May, 2025

President Trump announced on 26 May 2025 that the effective date for his new 50% tariffs, in addition to the previously announced 20% tariffs on EU goods, has been pushed to 9 July 2025 after a call with European Commission President Ursula von der

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EU: European Parliament endorses revisions to EU carbon border mechanism

27 May, 2025

The European Parliament has approved changes to the EU's carbon border adjustment mechanism (CBAM), simplifying the rules and exempting 90% of importers. The European Parliament approved changes to the EU's carbon border adjustment mechanism

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Australia: ATO revises functional currency guidelines

27 May, 2025

The ATO updated its Guide to Functional Currency Rules on 22 May 2025, detailing the rules, eligibility, and tax reporting impacts. The Australian Taxation Office (ATO) updated its Guide to functional currency rules on 22 May 2025, covering the

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Papua New Guinea, UAE negotiates tax treaty, IPA

26 May, 2025

Papua New Guinea and UAE officials have started negotiations to advance bilateral ties, focusing on trade, investment, and technical cooperation.  Papua New Guinea’s (PNG) Prime Minister Hon. James Marape met with the Special Envoy of the

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