Turkey, Zimbabwe trade agreement enters into force
The Turkey-Zimbabwe trade deal entered into force on 9 May 2024 Turkey and Zimbabwe’s trade and economic cooperation agreement, signed on 10 October 2018, entered into force on 9 May 2024. This was confirmed by Presidential Decision No.
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Turkey enacts trade agreement with Azerbaijan and Turkmenistan
Turkey confirmed the entry into force of a broad trade and economic cooperation agreement between Azerbaijan, Turkey, and Turkmenistan. Turkey’s Presidential Decision No. 9925 on 31 May 2025, confirmed the entry into force of a trade and
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Austria approves protocol amending tax treaty with Kuwait
Austria’s Council of Ministers has approved a protocol to amend the 2002 tax treaty with Kuwait. The Austrian Council of Ministers has approved the signing of a protocol amending the 2002 income and capital tax treaty with Kuwait on 4 June
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Colombia updates withholding and self-withholding tax rates
Colombia updates income tax withholding rates and thresholds, effective 1 June 2025. Colombia’s National Government released Decree 0572 of 2025 on 28 May 2025, which updated the income tax self-withholding rates and revised minimum withholding
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US: IRS issues interim guidance on simplified option for CAMT calculation
The guidance offers a simplified method to determine "applicable corporation" status under IRC Sec. 59(k), increasing minimum thresholds and waiving some estimated tax penalties. The US Internal Revenue Service (IRS) issued Notice 2025-27,
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Gabon: Council of Ministers ratifies BEPS MLI and mutual assistance convention
Gabon approved the ratification of the Multilateral Convention to Prevent Base Erosion and Profit Shifting (MLI) on 30 May 2025. Gabon's Council of Ministers approved ratifying the Multilateral Convention to Prevent Base Erosion and Profit
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US: Trump imposes 50% tariffs on steel and aluminium imports
The Trump Administration has increased tariffs on US imports of steel, aluminium, and derivatives from 25% to 50%, effective June 4, 2024. Tariffs on UK imports remain at 25%. The Trump Administration has doubled the tariffs on US imports of
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Egypt to replace capital gains tax with stamp tax on stock transactions
Egypt's Cabinet replaces the capital gains tax on securities with a stamp tax. Egypt’s Cabinet has decided to cancel the capital gains tax on securities listed on the country’s stock exchanges on 4 June 2025. Ministers have decided to
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Denmark: Parliament approves changes to Pillar Two minimum tax, Pillar One Amount B, related measures
The Parliament approved Bill L 194A on 3 June 2025. Denmark’s parliament has approved Bill L 194A, amending the Minimum Taxation Act, Corporate Tax Act, and other laws on 3 June 2025. Minimum Taxation Act and Corporate Tax Act The
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Philippines enacts Capital Markets Efficiency Promotion Act (CMEPA)
Philippine President Ferdinand R. Marcos, Jr. has signed the Capital Markets Efficiency Promotion Act (CMEPA) into law on 30 May 2025, which goes into force on 1 July 2025. Philippine President Ferdinand R. Marcos, Jr., has signed the Capital
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Latvia approves draft law for partial DAC8 implementation
Latvia has approved a draft law to implement DAC8, introducing new reporting and due diligence rules for crypto-asset service providers. Most rules will take effect on 1 January 2026. Latvia’s government has approved a draft law to implement
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New Zealand lowers interest rates on tax underpayments and overpayments
New Zealand Inland Revenue updated the UOMI Rates on 28 May 2025. Underpayment rates drop to 9.89% (from 10.88%), and overpayment rates decrease to 3.27% (from 4.30%). The New Zealand Inland Revenue has published the revised Taxation (Use of
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Luxembourg: Council of State approves tax treaty protocol with Argentina
Luxembourg's Council of State approved the ratification of the 2019 tax treaty protocol with Argentina on 3 June 2025. Luxembourg's Council of State approved the ratification of the 2019 income and capital tax treaty protocol with Argentina on
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Chile confirms end date for Costa Rica’s preferential tax regime status
Chile’s tax Administration (SII) confirmed that Costa Rica is not considered a preferential tax regime under the Income Tax Law. Chile’s tax authority (SII) issued Letter Ruling No. 1007 on 22 May 2025 regarding when Costa Rica ceased to be
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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
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EU, UAE initiate FTA negotiations
The EU and the UAE began talks for a bilateral free trade agreement (FTA) on 28 May 2025 to promote economic transformation in both regions. The European Union and the United Arab Emirates (UAE) formally launched negotiations for a bilateral
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Italy, Uzbekistan sign investment protection agreement
Italy and Uzbekistan signed an investment protection agreement (IPA) on 29 May 2025. Italy and Uzbekistan signed an investment protection agreement (IPA) on 29 May 2025. The agreement aims to support Uzbekistan in improving its legal
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Italy, Kyrgyzstan sign investment protection agreement
Italy and Kyrgyzstan signed an investment protection agreement (IPA) on 30 May 2025. Italy and Kyrgyzstan signed an investment protection agreement (IPA) on 30 May 2025. The IPA between Italy and Kyrgyzstan aims to promote and protect
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