Ireland releases analysis on impact of potential tariffs on economy
Ireland's Department of Revenue has announced the release of an economic analysis examining the impact of tariffs on the country's economy on 21 March 2025. The analysis estimates the impact of tariffs on the Irish economy in the event of tariffs
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Austria updates transfer pricing guidelines, aligns with OECD standards
The Austrian Ministry of Finance published a decree (BMF decree of 11.03.2025, 2025-0.159.492, BMF-AV No. 33/2025) on 11 March 2025, updating the Austrian Transfer Pricing Guidelines 2021 (Austrian Guidelines). This update aligns the guidelines
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Australia to tax digital assets under current tax laws
Australia’s government announced its upcoming initiative regarding the development of its digital asset industry on 21 March 2025. The Albanese Government is developing a fit for purpose digital asset regime to help build a more dynamic and
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UK: Finance Act 2025 receives Royal Assent
The UK Finance Bill 2024–25 passed through the House of Lords on 19 March 2025 and received Royal Assent on 20 March 2025. The bill was published as Finance Act 2025 and enacts tax measures from the Autumn Budget 2024, effective from the 2025–26
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Malaysia introduces new consolidated income tax and employer audit framework
The Inland Revenue Board of Malaysia (IRBM) has released a new Tax Audit Framework on Income Tax and Employer on 15 March 2025. The updated framework replaces several previous audit frameworks, including: Tax Audit Framework (2022); Tax
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US: South Carolina consults income sourcing method guidance
The South Carolina Department of Revenue (DOR) is seeking public comments on draft guidance about sourcing gross receipts from services and including them in the state's gross receipts factor. Comments are requested by 8 April 2025. To apportion
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Hong Kong notifies tax representatives of 2024-25 tax return filing block extension scheme
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives on the Block Extension Scheme for the Lodgement of 2024/25 Tax Returns. As in previous years, the letter confirms that the Block Extension Scheme
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Saudi Arabia: Council of Ministers approve income tax treaty with Iceland
Saudi Arabia's Council of Ministers approved the ratification of an income tax treaty with Iceland on 18 March 2025. The agreement aims to prevent double taxation and is expected to encourage trade and investment by addressing tax challenges,
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Gabon, Turkey sign income tax treaty
Gabon and Turkey signed an income tax treaty on 3 March 2024. The treaty applies to various Gabonese taxes, including individual income tax, corporate tax, minimum flat-rate tax, supplementary salary tax, special rental property tax, and tax on
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Puerto Rico clarifies e-filing process for 2024 corporate tax returns
Puerto Rico's Department of Treasury issued Internal Revenue Circular Letter No. 25-07 on 15 March 2025, which outlines the process for electronically filing corporate income tax returns for the 2024 tax year. As stated in Internal Revenue
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OECD publishes tax information exchange reviews reports for Armenia, British Virgin Islands, Burkina Faso, Ivory Coast, Djibouti
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) of the OECD has published five new peer review reports on transparency and exchange of information on request (EOIR) for Armenia, the British Virgin
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Switzerland: Tax Administration clarifies tax treatment of permanent establishments under Pillar two GloBE rules, Swiss minimum tax
The Swiss Federal Tax Administration published Communication-023-E-2025-f on 18 March 2025, addressing the tax treatment of constituent entities qualifying as permanent establishments under the GloBE rules and the Swiss Minimum Tax Ordinance. The
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India: CBDT consults development of income-tax rules, related forms consequent to the 2025 Income Tax Bill
India's Central Board of Direct Taxes (CBDT) published a release on 18 March 2025 inviting stakeholder feedback for the development of Income-tax Rules and associated forms in line with the provisions of the Income Tax Bill 2025. The Income Tax
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UK issues revocation order to suspend tax treaty with Belarus
The UK has issued the Double Taxation Relief and International Tax Enforcement (Belarus) (Revocation) Order 2025, which was made on 12 March 2025, revoking the 2018 Order that had implemented the 2017 tax treaty with Belarus. As a result, the
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Taiwan: Amended withholding rules enters into force
Taiwan's Ministry of Finance issued a notice on 18 March 2025, confirming the implementation of revised withholding tax regulations, effective from 1 January 2025. Under the amended rules, which take effect on the same date, the tax withholder
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Australia: ATO announces GIC, SIC rates for Q4 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2024-25 income year on 12 March 2025. For the quarter commencing on 1 April 2025, the
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Germany updates group parent notification form for Pillar Two minimum tax groups
The German Ministry of Finance released a letter on 11 March 2025, introducing an updated official template and instructions for the group parent notification form. This form is required to be submitted by the parent entity of German minimum tax
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Canada announces 2025 budgets for New Brunswick, Saskatchewan
Canada’s provincial states New Brunswick and Saskatchewan have announced their budgets for 2025. New Brunswick 2025-16 budget Finance Minister René Legacy presented the provincial 2025-26 budget for New Brunswick on 18 March 2025. It
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