Slovak Republic considers reinstating tax exemption on capital gains on private shares
The Slovak Republic government has approved Update No. 3 of the Action Plan for the National Strategy on Research, Development, and Innovation on 3 February 2025. This update also includes tax measures and is a part of the government Resolution
See More
El Salvador amends VAT and withholding tax returns
El Salvador’s Ministry of Finance has introduced new fields to Form 07 and Form 14, which taxpayers will be required to complete starting 1 February 2025. The forms have been updated to include the following changes: Sales to taxpayers;
See More
Slovak Republic passes second amendment to financial transaction tax act
The Slovak Republic’s parliament has passed a second amendment to the Financial Transaction Tax Act, set to take effect on 1 April 2025. The amendment expands taxpayer exemptions to include schools, extends exemptions for attorneys and public
See More
Nigeria approves 50% telecom tariff increase
The Nigerian Communications Commission (NCC) has approved a 50% increase in telecommunication service tariffs on 20 January 2025. The tariff hike, capped at a maximum of 50% of current tariffs, is a response to the telecommunication operators,
See More
Kenya issues guide on tax amnesty applications
The Kenya Revenue Authority (KRA) has released a step-by-step guide to help taxpayers navigate the process of applying for the tax amnesty covering tax periods up to 31 December 2023. The tax amnesty offers relief from penalties and interest on
See More
Serbia adopts amendments to e-invoicing rulebook
Serbia’s Ministry of Finance has adopted the amendments to the electronic invoicing (e-invoicing) rulebook. The amendments address the electronic recording of input VAT, customs declaration lists, documents related to VAT adjustments, delayed
See More
Italy releases jurisdictions with transitional qualified status for Pillar Two
Italy’s Ministry of Economy and Finance has released a document listing jurisdictions with transitional qualified status for implementing the domestic minimum top-up tax (DMTT) and income inclusion rule (IIR). The list also shows which DMTTs
See More
Philippines: Congress passes Capital Markets Efficiency Act (CMEPA)
The Congress of the Philippines has approved the Capital Markets Efficiency Promotion Act (CMEPA) on 5 February 2025. These tax measures include reducing the stock transaction tax rate from 0.6% to 0.1% and cutting the documentary stamp tax on
See More
UK: HMRC amends Pillar Two rules
The UK tax authority, His Majesty’s Revenue and Customs (HMRC), published amendments to the Finance Bill 2024-2025 on 27 January 2025, introducing changes to the UK’s Pillar Two regulations. The bill includes modifications to the Undertaxed
See More
US: FinCEN updates beneficial ownership information reporting rules
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update on beneficial ownership information (BOI) reporting requirements on its BOI webpage. The alert states that the Justice Department, on behalf of the
See More
OECD consults Tax Incentives Principles
The Platform for Collaboration on Tax (PCT), under the Organisation for Economic Co-operation and Development (OECD), has initiated a public consultation draft titled “Tax Incentives Principles” on 10 December 2024. The consultation draft seeks
See More
IMF: Revenue and Spending Measures for Developing Countries to Reduce Debt Levels
An IMF Public Finance Management (PFM) Blog, written by Talal Rafi (a Director at EY Sri Lanka) and published on 27 January 2025, looked at the measures developing countries can take to reduce public debt levels. The author notes that more than 3
See More
IMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
See More
Saudi Arabia: ZATCA issues guidance on real estate transaction tax for BOOT contracts
The Saudi Arabian Zakat, Tax, and Customs Authority (ZATCA) provided new guidance regarding Real Estate Transaction Tax (RETT) for Build-Own-Operate-Transfer (BOOT) contracts on 25 January 2025. The rules specify that immovable assets such as
See More
Sri Lanka, UAE finalise investment protection agreement
Sri Lanka and UAE have finalised an agreement on reciprocal promotion and protection of investments between the two countries. This announcement was made by the Ministry of Foreign Affairs, Foreign Employment and Tourism on 3 February 2024. The
See More
Ukraine revises tax haven list in Resolution
The Ukrainian Ministry of Finance issued Resolution No. 1505 on 4 February 2025 , revising the list of tax havens for transfer pricing purposes. List of states (territories) that meet the criteria established by subparagraph 39.2.1.2 of
See More
UK to suspend 1994 tax treaty with Russia
The UK's tax, payments and customs authority (HMRC) has announced that the 1994 tax treaty with Russia will be suspended starting 6 April 2025 for income tax and capital gains tax. The suspension will extend to corporation tax and all other taxes
See More
UAE: Cabinet approves income tax treaty with Qatar
The Cabinet of Ministers of the United Arab Emirates (UAE) has approved the income tax treaty with Qatar On 3 February 2025. Earlier, the Qatar News Agency, in a press release, said that Qatar and the UAE signed an income tax treaty on
See More