US: Trump Administration withdraws from OECD Global Tax Deal commitment
The Trump administration released a memorandum to the Treasury Secretary and the US Trade Representative instructing them to withdraw from the OECD’s “Global Tax Deal” on 20 January 2025. This initiative includes the Pillar One and Pillar Two
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Slovak Republic issues guidance on financial transaction tax
The Slovak Republic’s tax authority has released a guide on the new Financial Transaction Tax (FTT) on 27 December 2024. It provides clarification concerning the "taxpayer" definition, exempt transactions, tax calculation, and reporting
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Netherlands gazettes decree on Minimum Tax Act 2024 rules
The Netherlands has published the Minimum Tax Implementation Decree 2024 in the Official Gazette No. 2024/442, on 23 December 2024, which contains rules for implementing the Minimum Tax Act 2024. The Decree also outlines guidelines for
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Panama extends deadline for resident agents to submit accounting records, documentation
Panama's Ministry of Economy and Finance has issued Executive Decree No. 177 of 2024 on 30 December 2024, which includes the deadline to submit accounting records and supporting documents to resident agents, set at 31 March 2025 for tax years 2021,
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Israel issues guidance on increased VAT rate
Israel’s Tax Authority has issued guidance on the increase in the standard VAT rate from 17% to 18%, effective 1 January 2025. The guidance provides an explanation of how to apply the correct VAT rate to transactions such as goods, services,
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Chile outlines assets and market prices eligible for 2% luxury tax
Chile's Internal Revenue Service (SII) has published Resolution No. 127 of 23 December 2024, listing assets and their market prices eligible for the 2% luxury tax on 23 December 2024. The 2% annual tax applies to luxury goods in Chile owned by
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Indonesia: President announces 12% VAT limited to luxury goods, services
Indonesia’s President has announced that the VAT rate will increase from 11% to 12%, starting 1 January 2025. However, the VAT increase will only be applicable to luxury goods and services like private jets, yachts, cruise ships, and luxury
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Australia: ATO announces new incentives for build-to-rent projects
The Australian Taxation Office has released a notice detailing new incentives for build-to-rent developments to increase the supply of housing and provide certainty for owners and investors on 13 January 2025. The incentives Faster
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Sri Lanka publishes new Advance Pricing Agreements guide
The Inland Revenue Department of Sri Lanka has announced the release of a new guide on Advanced Pricing Agreements (APAs) on 6 January 2025. This guide provides an overview of the APA process in Sri Lanka, including detailed steps, documentation
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Ireland, Oman income tax treaty enters into force
The income tax treaty between Ireland and Oman entered into force on 18 December 2024. The agreement is for the avoidance of double taxation and pertains to taxes on income and the prevention of tax evasion between the governments of the two
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Ukraine updates transfer pricing rules for related parties, controlled transactions
The State Tax Service of Ukraine has announced changes to the transfer pricing rules concerning the identification of related parties and controlled transactions on 31 December 2024. Changes to the Tax Code of Ukraine came into force regarding
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Sri Lanka introduces new tax clearance rules for outward remittances
Sri Lanka’s Inland Revenue Department has implemented new rules on withholding tax and tax clearance certificates for payments to non-residents, effective from 1 January 2025. The regulations apply to withholding agents and financial institutions
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Cambodia, France hold third round of income tax treaty negotiations
Officials from Cambodia and France conducted the third round of negotiations for an income tax treaty on 2 January 2025. If an agreement is reached, signed, and ratified, it will be a first between the two nations. Earlier, Cambodian and
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Slovenia ratifies income tax treaty with Australia
Slovenia issued the law ratifying the income tax treaty with Australia on 30 December 2024. Earlier, the Australian government announced the signing of a new tax treaty with Slovenia on 9 September 2024. The agreement will enter into force
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India, Sri Lanka sign amending protocol to tax treaty
India and Sri Lanka signed an amending protocol to their 2013 income tax treaty on 16 December 2024. This marks the first revision to the agreement, which will come into force after the exchange of ratification instruments. The treaty was
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Egypt, Qatar income tax treaty enters into force
The income tax treaty between Egypt and Qatar has entered into force and applies from 1 January 2025. Both countries utilise the credit method to eliminate double taxation. The treaty applies to Egypt's individual income tax, corporate income
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UAE clarifies VAT on crypto mining
The UAE Federal Tax Authority issued VAT Public Clarification - VATP039, providing clarification on the treatment of cryptocurrency mining on 13 January 2025. In a case of proof of work, a person can mine crypto currency for his own account, or
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UAE updates regulation of tax groups under the Corporate Tax Law
The UAE Ministry of Finance has released Ministerial Decision No. 301 of 2024 regarding the oversight of tax groups under the Corporate Tax Law on 9 December 2024. The decision outlines several important areas, such as ownership requirements and
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