Lithuania: Parliament proposes phased increase in VAT registration threshold
Lithuania’s parliament (Seimas) has recently proposed an alternative draft bill for the phased increase in the value-added tax (VAT) registration threshold, which would take effect on 23 February 2025. The current threshold of EUR 45,000 would
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Nigeria to launch pilot phase of e-invoicing system
Nigeria’s Federal Inland Revenue Service (FIRS) has initiated a stakeholder engagement on 18 February 2025 with large taxpayer groups to prepare for the upcoming pilot phase of the Merchant Buyer Solution, an e-invoicing system scheduled to launch
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Brazil and Portugal push to finalise tax treaty revision
Brazil’s Ministry of Foreign Affairs has released a joint statement reaffirming Brazil and Portugal's commitment to revising the 2000 Brazil-Portugal Income Tax Treaty on 19 February 2025. This declaration was made during the XIV Brazil-Portugal
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Iceland issues guidance digital platform reporting rules
Iceland’s Revenue and Customs has released guidance on the country’s new reporting requirements for digital platforms. Effective 1 January 2025, these regulations mandate platforms to report income distributed to sellers. The first
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Poland proposes changes to DAC6 disclosure rules
Poland’s Ministry of Finance has proposed amendments to the mandatory disclosure rules (MDR) for potentially aggressive tax arrangements on 17 February 2025. The draft law aims to improve relations between taxpayers and tax authorities and
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EU: Parliament Tax Subcommittee meets with European Commissioner for tax, Hoekstra regrets US stance on the global Pillar Two agreement
The European Parliament's Subcommittee on Tax Matters (FISC) has convened a public meeting with Wopke Hoekstra, the European Commissioner for Taxation, on 6 February 2025. The highlights of the meeting are as follows: Pillar
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Kazakhstan expands VAT exemption list for imported goods
Kazakhstan issued Order No. 11-1-4/83 on 18 February 2025, amending the previous Order No. 140 from 27 February 2018, which outlines the list of imported goods exempt from VAT under investment contracts. The updated list has been expanded from
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Chile clarifies foreign tax credit not covered by tax treaty
Chile’s tax authority (SII) has published Letter Ruling No. 369 on 14 February 2025 regarding foreign tax credits for taxes not covered by a treaty. The letter addresses whether a credit applies to US state taxes on income from technical
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UK: HMRC simplifies e-communication rules for tax filings
The UK’s tax authority, His Majesty’s Revenue and Customs (HMRC), has introduced new rules that will take effect on 11 March 2025. These rules aim to prevent minor errors in electronic tax submissions from causing issues. The UK’s tax
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Qatar launches six month tax penalty exemption initiative
The General Tax Authority of Qatar has announced the launch of a 100% financial penalty exemption initiative, effective from 1 March 2025. Running for six months, this initiative aims to offer relief to taxpayers, reflecting the Authority's
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Saudi Arabia introduces beneficial ownership reporting rules
Saudi Arabia’s Ministry of Commerce has announced new beneficial ownership reporting requirements, effective from 3 April 2025, as part of the country’s updated Commercial Registry system. The regulations aim to enhance corporate transparency,
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Hong Kong announces 2025-26 budget, proposes reducing profits tax amongst other measures
Hong Kong Financial Secretary Paul Chan delivered the 2025-26 budget on 26 February 2025, which included various tax measures such as reducing profits tax, salaries tax and tax under personal assessment; raising the maximum value of properties
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New Zealand: Government announces overhaul of overseas investment rules to boost growth
The Government has unveiled a long-anticipated reform of New Zealand’s foreign investment laws, streamlining the process and ensuring most applications are approved within 15 days. Associate Finance Minister David Seymour has announced the
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Greece clarifies fuel tax exemption for cruise ships without passengers
Greece's tax authority issued Circular E 2012/2025 to clarify fuel tax exemptions for professional cruise ships moving without passengers on 17 February 2025. The exemption applies in two cases: when a ship relocates between ports for the start
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Greece updates VAT exemption procedures for exports and intra-community deliveries
Greece has updated the VAT exemption procedures for exports and intra-community deliveries through Decision No. A 1154/2024 on 17 February 2025, published in the Official Gazette. The changes focus on improving compliance with current
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Russia keeps key interest rate at 21%
The Central Bank of Russia (CBR) announced its decision to keep the key rate at 21% on 14 February 2025. Earlier, CBR increased the key interest rate from 19% to 21%, on 25 October 2024. This is the highest key interest rate in Russia since
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Sri Lanka proposes VAT and income tax reforms
Sri Lanka has announced a series of tax reforms through proposed legislation published on 21 February 2025. The changes, affecting VAT and income tax, will be implemented in phases from April 2025. A key measure is the introduction of an 18% VAT
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Kazakhstan establishes new Special Economic Zone in Aktobe
Kazakhstan has established a new Special Economic Zone (SEZ) in Aktobe, set to operate until 31 December 2049. Under this initiative, companies involved in qualifying activities within the SEZ can benefit from up to 100% reductions in corporate
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