Denmark: Parliament simplifies transfer pricing rules, lowers documentation requirements
The revised rules, which will apply from the 2025 income year, are expected to exempt at least 1,500 companies that submitted documentation for the 2022 fiscal year. Denmark’s Parliament has passed amendments to Sections 39 and 40 of the
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South Africa: SARB reduced repo rate by 25 basis points
The SARB has cut the repo rate by 25 basis points to 7.75%, effective 30 May 2025. The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) has decided to reduce the repo rate by 25 basis points, with effect from 30 May
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Malta extends property tax incentives until December 2025
The Maltese government has extended property tax exemptions on qualifying transfers until 31 December 2025. The Maltese government has extended property tax incentives through Legal Notice 93 of 2025, published on 27 May 2025. The exemption
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South Africa revises guide for withholding tax on royalties return
SARS updates guide for Withholding Tax on Royalties (WTR01), effective 30 May 2025. Includes filing, payment, and refund processes, with references to the Income Tax Act. Email submissions remain open for LBI and HWI taxpayers. The South African
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Singapore: IRAS exempts PEHE foreign disposal gains under Advance Ruling 7/2025
Singapore’s IRAS confirms that pure equity-holding entities meeting economic substance requirements will be exempt from tax on foreign-sourced disposal gains under Advance Ruling 7/2025. Singapore’s IRAS has issued Advance Ruling Summary
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Peru ratifies MLI, paving way for tax treaty updates
Peru has ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) through Supreme Decree No. 013-2025-RE, published in the Official Gazette on 27 May 2025. Following this
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Ecuador: SRI implements new remittance tax filing rules for card transactions
Ecuador’s tax authority now requires annual filings for taxpayers exceeding the foreign currency outflows tax (ISD) exemption on card transactions, including retroactive payments from 2022 to 2024. Ecuador’s Internal Revenue Service (SRI)
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Australia: Tasmania unveils 2025–26 budget, abolishes stamp duty for first home buyers
The 2025-26 budget introduces no new taxes or changes to existing ones. Its key initiative is removing stamp duty for first home buyers in Tasmania on homes up to AUD 750,000. Guy Barnett, Treasurer and Deputy Premier of Tasmania, presented the
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UK: Scotland extends LBTT group relief provision
The legislation extends LBTT group relief to non-partition demergers and clarifies that the sub-sale relief period begins on the qualifying sub-sale date. Scotland’s government released legislation titled “The Land and Buildings Transaction
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Sweden revises tax deduction regulations for green energy installations
Sweden has amended tax reduction rules for green technology installations, effective 1 July 2025. Sweden’s government has published Law No. SFS 2025:541 in the Official Gazette on 28 May 2025. This legislation amends the tax reduction
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US: Trump administration weighs 15% tariffs for 150 days
The Trump administration is reportedly considering using an existing law to impose 15% tariffs for 150 days on parts of the global economy. A final decision is yet to be announced. According to a Wall Street Journal report, President Donald
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Argentina ratifies BEPS multilateral instrument (MLI)
Argentina's President ratified the Multilateral Convention to Prevent BEPS (MLI) on 28 May 2025. Argentina’s President has signed Decree No. 361/2025, ratifying Law No. 27.788 and the Multilateral Convention to Implement Tax Treaty Measures to
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Bangladesh: Cigarettes to cost more due to hiked taxes, duties in 2025-26 budget
Interim govt proposes hiking cigarette taxes to 5% on turnover, 300% on paper. The interim government of Bangladesh has suggested increasing the advance tax on the turnover of cigarette manufacturers from the existing 3% to 5%, taking into
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Panama extends tax filing deadline for select colon free trade zone taxpayers
The deadline extension only applies to taxpayers who had requested an extension. Panama’s tax administration (DGI) published Resolution 201-3727 in the Official Gazette on 29 April 2025, extending the deadline for Colon Free Trade Zone
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Colombia: DIAN extends tax information filing deadlines for TY 2024
This extension has been granted due to technical difficulties experienced on the Tax Authority's website. The Colombian Tax Authority (DIAN) has extended the deadline for submitting specific tax information for the taxable year (TY) 2024,
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New Zealand enacts 2025 budget, includes investment boost and Kiwisaver reforms
Taxation (Budget Measures) Act 2025 was published in the Official Gazette on 29 May 2025. New Zealand published the Taxation (Budget Measures) Act 2025 in the Official Gazette, after it received royal assent on 29 May 2025. The Taxation
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OECD report reveals decline in tax revenue relative to GDP in Latin America and the Caribbean
The OECD’s 2025 report on Latin America and the Caribbean reveals a slight drop in tax revenue as a share of GDP in 2023. The OECD has published its 2025 report on Revenue Statistics in Latin America and the Caribbean, revealing a recovery in
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Germany deposits notifications for MLI entry into force with Czech Republic and Japan
Germany has confirmed completion of its internal procedures for the MLI, enabling its application to tax treaties with the Czech Republic and Japan from 1 January 2026. Germany has deposited its notifications confirming the completion of internal
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