Denmark introduces new tax reporting rules to align with EU minimum tax
The Danish Tax Agency has introduced new reporting requirements for corporate income tax returns in 2024, following the implementation of the Minimum Taxation Act. This act brings Denmark in line with the EU’s Pillar Two directive, which enforces
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Turkey rejects OECD’s Pillar One Amount B implementation
The Turkish Ministry of Treasury and Finance has issued a formal statement regarding the implementation of Amount B under Pillar One on 7 March 2025, a key component of the OECD/G20 Base Erosion and Profit Shifting (BEPS) framework, developed by the
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Singapore issues advance ruling on income tax matters concerning business transfers
The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling Summary No. 3/2025 on 3 March 2025, addressing the income tax implications of business transfers. 1. Subject: a. Whether the proposed transfer of the entire banking
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Bahrain ratifies income tax treaty with UAE
Bahrain has passed the law to ratify the income tax treaty with the UAE on 9 March 2025. Earlier, the Bahrain Council of Representatives approved the ratification of the income tax treaty with the UAE on 3 December 2024. Bahrain’s
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Australia: ATO raises concerns on restructures to exploit MIT withholding rules
The Australian Taxation Office (ATO) issued Taxpayer Alert (TA) 2025/1 on 7 March 2025, raising concerns about restructures and arrangements aimed at accessing the managed investment trust (MIT) withholding regime (including deemed capital gains tax
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Switzerland: Lucerne consults economic development, R&D incentives
The government of the Swiss Canton of Lucerne has announced a public consultation on its plans for economic development on 10 March 2025. The canton aims to invest CHF 300 million annually starting in 2026 to address changes in international tax
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EU adopts VAT in the digital age (ViDA) package
The European Commission (EC) announced on 11 March 2025 that the VAT in the Digital Age (ViDA) package had been adopted following consultation with the European Parliament and would be rolled out progressively until January 2035. Upon entry into
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US: Idaho offers tax relief for South California taxpayers affected by wildfires
The Idaho State Tax Commission announced on 6 March 2025 that it is extending the deadlines to file and pay taxes for victims of the southern California wildfires and straight-line winds. Affected taxpayers in Los Angeles County will have until
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Italy gazettes decree on global minimum tax form
Italy’s Ministry of Economy and Finance has published the Ministerial Decree of 25 February 2025 in the Official Gazette No. 54 on 6 March 2025. As previously reported, the decree sets rules for companies subject to the global minimum tax on
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China, Italy new tax treaty enters into force
The new income tax agreement between China and Italy was enacted on 19 February 2025. Signed on 23 March 2019, it replaces the 1986 treaty between China and Italy. The agreement aims to eliminate double taxation on income and prevent tax
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Malawi announces 2025-26 budget, cuts corporate tax for non-resident firms
Malawi's Minister of Finance Simplex Chithyola Band presented the 2025-26 Budget Statement on 28 February 2025. The budget, totaling MWK 8 trillion, aims to stabilise the economy in the face of sluggish GDP growth, soaring inflation, and mounting
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Belarus ratifies trade and investment agreement with China
Belarus' House of Representatives approved the ratification of a trade and investment agreement with China on 10 January 2025, following its submission by the Council of Ministers in December 2024. Originally signed in Minsk on 22 August 2024, the
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Russia, Myanmar finalize talks on investment protection agreement
Myanmar and Russia issued a joint statement in Moscow announcing the conclusion of negotiations for an investment protection agreement (IPA) 4 March 2025. . Russia and Myanmar finalized the talks on a draft of agreement on encouragement and
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Germany, Montenegro finalise tax treaty negotiations
Germany and Montenegro finalised negotiations by initialling an income and capital tax treaty on 10 February 2025. Earlier, First round of discussions regarding an income and capital tax treaty between Germany and Montenegro concluded in
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Luxembourg approves ratification of tax treaty with Oman
Luxembourg's Government Council approved the ratification of the income and capital tax treaty with Oman on 7 March 2025. Earlier, the Sultan of Oman issued a royal decree 64/2024 ratifying the income and capital tax treaty with Luxembourg on 18
See MoreOECD: Report on Simplified Peer Review of Iceland under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Iceland under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
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Germany releases income tax decree on crypto assets, expanding guidance on filing and reporting
The German Ministry of Finance (MOF) released an updated decree on the income tax treatment of crypto assets on 6 March 2025, replacing the previous version from May 2022. A crypto-asset is the digital representation of a value or of a right that
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Kuwait updates UBO regulations with stricter penalties and expanded exceptions
Kuwait's Ministry of Commerce and Industry has issued Decision No. 16 of 2025, updating the country's regulations on Ultimate Beneficial Ownership (UBO). This decision builds on Resolution 4/2023, which took effect on 1 April 2023, and introduced
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