UK, bIsle of Man: Authorities collaborate to combat tax avoidance and evasion
The UK and Isle of Man Treasuries are joining forces to tackle tax avoidance scheme promoters and enhance cooperation. The UK's HM Treasury has announced a collaborative initiative with the Isle of Man Treasury to target and dismantle the
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South Africa: SARS clarifies revised carbon offset rules
The update modifies the eligibility criteria for renewable energy projects under the carbon offset allowance. The South African Revenue Service (SARS) has released an Explanatory Memorandum on 15 March 2025 outlining amendments to the Carbon
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New Zealand to enhance governance of emissions trading scheme
New rules will require detailed reporting from trading platforms and participants, enhancing oversight as part of broader climate reforms. The New Zealand government announced that it is taking steps to improve its Emissions Trading Scheme (ETS)
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Vietnam introduces tax, financial incentives to promote private growth
The National Assembly passed Resolution 198/2025/QH15 on 17 May 2025 introducing the incentives. Vietnam’s National Assembly passed Resolution 198/2025/QH15 on 17 May 2025, introducing various tax and financial incentives to support private
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Ireland updates general corporate tax guidance
New guidance modifies startup relief (Section 486C TCA) and introduces foreign dividend exemptions (Section 831B TCA), with PRSI-linked caps and EUR 40K-60K thresholds. The Irish Revenue has released eBrief No. 102/25 on 16 May 2025, announcing
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Peru considers temporary reduction of standard VAT rate
The reduced VAT rates will apply to natural and legal persons engaged in business activities across any productive sector and subject to VAT. The Peruvian Congress is reviewing Bill No. 11228/2024-CR, introduced on 19 May 2025, which proposes a
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US: Trump pledges to negotiate ‘big, beautiful’ tax bill for Senate approval
Trump’s remarks came after Elon Musk said in a CBS interview that he was ‘disappointed’ with the bill’s massive spending, which undermines the Department of Government Efficiency (DOGE) efforts to reduce the US budget deficit US
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Denmark adopts DAC8 crypto-asset reporting rules
Denmark enacted Act No. 409 of 29 April 2025, aligning with EU Directive 2023/2226 (DAC8) to introduce new reporting and due diligence requirements for crypto-asset service providers. Denmark has published Act No. 409 of 29 April 2025 in the
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Mexico reports higher tax revenue from transfer pricing audits during FY 2019-24
SAT announced results from its audit strategies, highlighting increased tax collection from large taxpayers for the periods 2013-2018 and 2019-2024. Mexico’s Tax Administration Service (SAT), in a press release dated 26 May 2025, highlighted
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EU Council stresses international tax cooperation and anti-evasion efforts in development financing
The EU Council released its conclusions and a press release on 26 May 2025, ahead of the 4th International Conference on Financing for Development. The Council of the European Union has released its conclusions and a press release on 26 May
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Brazil raises financial transaction tax on select insurance, credit, forex transactions
The Tax on Financial Operations (IOF) is a financial levy applied to individuals and businesses in Brazil, covering a range of financial transactions. Brazil has issued Decree No. 12.466 of 22 May 2025, which increases the financial transactions
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Poland: Council of Ministers approve deregulatory corporate tax amendments
The bill takes effect on 1 January 2026. Poland’s Council of Ministers have passed a bill which amends the CIT Act to ease reporting on general partnership partners, introduces tax group benefits, and simplifies tax refund rules when support
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Hong Kong: Government approves global minimum tax bill
The bill introduces a 15% global minimum tax for multinational enterprise groups, starting 1 January 2025. The Hong Kong Inland Revenue Department (HKIRD) has announced that the Legislative Council approved the Inland Revenue (Amendment) (Minimum
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Thailand: BOI updates incentives for SMEs, data centres, tourism
Thailand's Board of Investment (BOI) announced the new tax exemptions on 19 May 2025. Thailand's Board of Investment (BOI) announced that it has approved a series of measures to support small and medium-sized enterprises (SMEs), along with
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India: CBDT extends income tax return deadline for AY 2025–26
It has been extended from 31 July to 15 September, 2025. The Indian Central Board of Direct Taxes (CBDT) announced an extended deadline for filing income tax returns for the Assessment Year 2025–26 on 27 May 2025. It has been extended from 31
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Spain considers legislation to improve access to housing
This legislation urges the government to advance initiatives addressing housing challenges, ensure legal certainty, mobilise vacant homes, make housing more affordable, expand public housing, and increase social and affordable rental
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OECD reports Asia’s tax transparency gains
The report highlights efforts to implement global tax transparency standards across Asia, combat illicit financial flows, and boost domestic resource mobilisation through the Asia Initiative. The OECD’s Global Forum on Transparency and Exchange
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UAE: MoF temporarily eases listing requirement for REIT exemption
The Decision outlines conditions for certain Real Estate Investment Trusts (REITs) to qualify for corporate tax exemption. The UAE Ministry of Finance has issued Ministerial Decision No. 96 of 2025 on Conditions to Exempt Certain Real Estate
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