Turkey introduces guide on simple method business income taxation
Turkey’s Ministry of Treasury and Finance has released an updated guide on the Simple Method of Taxation for business income, aimed at individuals engaged in business activities under Article 20/A of the Individual Income Tax Law (IITL). This
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Czech Republic gazettes tax break extension for Ukraine donations
The Czech Republic has published Law 24/2025 in the Official Gazette on 10 February 2025, a legislation that extends the enhanced tax deduction for donations sent to Ukraine. Under Law 24/2025, individuals and corporations can deduct up to 30% of
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Ireland: Revenue publishes eBrief No. 014/25 on surcharge for undistributed income of close companies
Irish Revenue has published eBrief No. 014/25 20 January 2024, providing updated guidance on the surcharge for certain undistributed income of close companies, Tax and Duty Manual Part 13-02-05. Section 440 TCA 1997 provides for an additional
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Colombia: Tax Authority clarifies tax losses and exempt dividends under CHC regime
Colombia's tax authority issued Official Tax Opinion No. 100208192-69 on 17 January 2025, providing clarification on the treatment of tax losses and corporate income tax-exempt dividends under the Colombian holding company (CHC) regime. An
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
See MoreTurkey updates withholding tax rules for financial instruments
Turkey's Revenue Administration has announced the publication of Presidential Decision No. 9487 on 31 January 2025, which extends and modifies the reduced withholding tax rates on income from deposit accounts held in Turkish lira (TRY). Under the
See MoreCzech Republic: Senate approves extended tax breaks for Ukraine donations
The Czech Republic Senate has passed a new legislation to expand the tax deductibility of donations to Ukraine. Once enacted, the law will allow individuals and corporations to deduct up to 30% of the value of their donations, an increase from the
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Ecuador sets 2023 tax year presumptive assessment rates
Ecuador's Internal Revenue Service (SRI) has published Resolution No. NAC- DGERCGC25-00000002 on 30 January 2025, detailing the coefficients for presumptive tax assessments for 2023. The 2023 coefficients, which differ based on industry or
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Ireland: Revenue updates corporation tax manual with new rules on company dissolution
Irish Revenue's eBrief No. 030/25 on 31 January 2025 introduces updates to Tax and Duty Manual Part 08-02-01, refining Corporation Tax rules on income charges and adding a new section 4.6 focused on company dissolution. This manual provides an
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US: MTC issues proposal to define digital products for state taxation
The Multistate Tax Commission (MTC) Workgroup issued a proposal on 23 January 2025 exploring the creation of a distinct tax classification for digital products. The intention is to separate digital goods from traditional classifications like
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Saudi Arabia: ZATCA issues guidance on double taxation relief
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has released guidance on double taxation relief under the country’s tax treaties. The guidance outlines available methods for avoiding double taxation, including exemption and credit
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Portugal announces 2024 FY municipal surcharge rates for corporations
The Portuguese Tax Authority has issued Circular Letter No. 20273/2025 on 22 January 2025, outlining the municipal surcharge rates for corporate tax in fiscal year 2024. The circular introduces several key provisions, including: Lower
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Netherlands advances with controversial savings, investment income tax reforms
The Netherlands Ministry of Finance has issued Letter No. 2025-0000021906 on 24 January 2025, informing both houses of parliament of its decision to move forward with a proposed overhaul of the taxation regime for savings and investment income,
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US: IRS, Treasury revise rules for determination of taxable income or loss and foreign currency gain or loss for a qualified business unit
The US Internal Revenue Service (IRS) and Department of the Treasury has published a correction on 17 January 2025 concerning the final regulations on Taxable Income or Loss and Currency Gain or Loss with Respect to a Qualified Business Unit (QBU),
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Israel: Knesset passes trapped profits law
Israel’s Knesset has passed the Trapped Profits Law (tax on excess undistributed profits) on 29 December 2024. The law imposes a 2% tax on excess undistributed profits of closely held holding companies (entities with five or fewer
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UK: HMRC issues guidance on corporate tax for selling business assets
UK HMRC issued guidance on Corporation Tax for selling business assets on 16 January 2025. Corporation Tax is a tax that a company or association pays to HM Revenue and Customs (HMRC) on profits in an ‘accounting period’. The amount paid
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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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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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