Panama announces new withholding tax form for amended multinational enterprises HQ (SEM) regime
Panama's Ministry of Finance has published Resolution No. 201-1394 of 5 February 2025, approving the updated withholding tax Form No. 1119 (version 1). The form is for the withholding tax introduced by Law No. 57 of 24 October 2018 on certain
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Greece issues form, instructions for 2024 corporate tax return
The Greek Public Revenue Authority (AADE) issued Decision No. A. 1020 on 11 February 2025, introducing the form and defining content of the corporate income tax return for the 2024 tax year, along with relevant instructions. The Decision applies
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France gazettes Finance Law 2025
France’s Finance Law 2025 has been published in the Official Gazette, introducing key measures, such as temporary taxes on high-income individuals and large corporations, revisions to the Pillar Two global minimum tax rules, and a new tax on share
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Sri Lanka: 2025 budget pledges reforms largely aligned with conditions set out in IMF bailout
Anura Kumara Dissanayake, Sri Lankan President and Finance Minister, presented the 2025 budget to the Parliament on 17 February 2025, introducing various tax and legal reforms to advance the new government’s policy agenda. These reforms are key to
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South Africa publishes synthesised text of tax treaty with Spain
The South African Revenue Service (SARS) has released a synthesized text of its tax treaty with Spain, reflecting updates from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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France: Lower House approves amending protocol to tax treaty with Luxembourg
The French lower house of parliament has approved the law to ratify the amending protocol to the 2018 income and capital tax treaty with Luxembourg on 13 February 2025. The protocol, signed on 7 November 2022, raises the time threshold for
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Lithuania: Government approves draft law to implement EU VAT scheme for small businesses
The Government of Lithuania approved the draft Law prepared by the Ministry of Finance on 5 February 2025, which proposes to transpose the new provisions of the European Union (EU) legislation adopted in the field of value added tax (VAT) that are
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Russia, UAE sign new tax treaty
Representatives from Russia and the UAE have signed a new income and capital tax treaty on 17 February 2025 . The treaty will come into effect after the exchange of ratification instruments, and once it is in force, it will replace the limited
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Japan, Bangladesh hold fourth round of EPA negotiations
The Ministry of Foreign Affairs of Japan announced, on 7 February 2025, that the fourth round of negotiations for an Economic Partnership Agreement (EPA) between Japan and Bangladesh took place in Dhaka from 2 to 6 February 2025, in a hybrid
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OECD warns against Ireland’s heavy reliance on tax revenue from MNEs
The OECD published Survey of Ireland 2025 on 12 February 2025, warning Ireland’s heavy reliance on tax revenue from multinational companies and a narrow tax base could be risky. The survey also points out that one-third of income earners in
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Bosnia and Herzegovina mandates tax-exempt financial assistance for employees
Bosnia and Herzegovina published Official Gazette No. 8/25, on 5 February 2025, introducing a new regulation to help reduce the impact of rising inflation on citizens. Employers can now provide up to BAM 450 in monthly financial assistance to
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Australia urges top privately owned wealthy groups to document processes to manage tax issues, risks
The Australian Taxation Office (ATO) has issued a statement urging privately owned and wealthy groups to document their processes for identifying and managing tax issues and risks on 7 February 2025. ATO’s ongoing engagement with groups in the
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Poland to consult R&D tax relief under Pillar Two GloBE Rules
The Ministry of Finance announced that it will hold consultations on the direction of modifications to the research and development (R&D) tax relief in the context of the Pillar Two GloBE Rules on 21 February 2025. Registrations for
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US: Trump Administration unveils plan to reduce trade deficit
The Trump Administration has released a memorandum introducing the "Fair and Reciprocal Plan," aimed at reducing the trade deficit and promoting fairness in international trade on 13 February 2025. The letter states that for many years, the
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UK: Treasury Forms global group to assess CBAM impact
The UK Treasury has announced the need for a UK Carbon Border Adjustment Mechanism (CBAM) group to gather insights from international partners on the UK CBAM and provide updates on 11 February 2025. The Autumn Budget 2024 confirmed that the
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Sri Lanka, UAE sign IPA agreement
Sri Lanka and UAE have reached an agreement on investment protection (IPA) agreement during the World Governments Summit in Dubai. This announcement was made by the Sri Lankan President's media division on 13 February 2025. The agreement was
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Portugal rules capital gain on foreign shares not taxable
The Portuguese tax authority (PTA) issued Ruling No. 21788 on 31 January 2025, announcing that a Portuguese non-resident individual is not liable for capital gains tax in Portugal on the sale of shares in a foreign company with assets in the
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UK launches consultation on e-invoicing
The UK's tax authority, His Majesty's Revenue and Customs (HMRC) launched a 12-week public consultation (Promoting electronic invoicing across UK businesses and the public sector) regarding the adoption of electronic invoicing (e-invoicing) across
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