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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India grants tax collection at source exemption for IFSC on goods
India's Central Board of Direct Taxes (CBDT) issued Notification No. 6/2025, providing rules for an exemption from tax collection at source (TCS) on goods purchased by units of an International Financial Services Centre (IFSC), effective from 1
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Peru extends renewable energy tax benefit until 2030
The Peruvian Official Gazette published Law No. 32217 on 29 December 2024, extending the accelerated depreciation benefit period for renewable electricity projects from 31 December 2025 to 31 December 2030. The extension also includes a 20%
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Uruguay updates list of tax heavens
Uruguay’s General Tax Directorate (DGI) has issued Resolution No. 3.034/024 on 30 December 2024, updating its list of low or no-tax jurisdictions, effective 1 January 2025. The new list includes 32 jurisdictions, adding Guyana while removing
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Colombia updates list of non-cooperative jurisdictions with low or no taxation
Colombia's Ministry of Finance issued Decree No. 1496 on 13 December 2024, updating the list of tax havens. This decree, which came into effect on 1 January 2025, includes the following 25 jurisdictions: Angola Bahamas Bahrain Cape
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Canada: Tax Authority outlines changes that will affect business taxes in 2025
In 2024, there were several announcements about changes to business taxes that will take effect in 2025. Canada Revenue Agency (CRA) has published key updates, along with some helpful resources to make it easier to manage these
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UAE updates participation exemption rules
The UAE Ministry of Finance has announced Ministerial Decision No. 302 of 2024 on 10 December 2024, which replaces Decision No. 116 of 2023, revising the regulations concerning the participation exemption as outlined in the Corporate Tax Law. The
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Turkey increases tax penalties for 2025
The Turkish government has announced increased tax penalties effective from 1 January 2025, detailed in General Communiqué No. 577 and published in Official Gazette No. 32768 on 30 December 2024. These adjustments are based on a 43.93%
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Luxembourg announces 2025 property, business tax multipliers
Luxembourg's Tax Administration announced the rate multipliers for property tax and municipal business tax for the 2025 financial year. The Grand Ducal Decree confirms that Luxembourg City remains one of the most competitive municipalities,
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Malaysia announces tax breaks for Special Economic Zone with Singapore
Malaysia announced several tax incentives to attract investments to the joint special economic zone with Singapore today, 8 January 2025. Jointly announced by the Johor state government and Malaysia’s Ministry of Finance, the incentives
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France announces 2025 companies affected by financial transactions tax on securities
France has released a list of French companies on 23 December 2024 with a market capitalisation exceeding EUR 1 billion as of 1 December 2024 for the purpose of the French financial transactions tax, imposed at a rate of 0.3% on the purchase of
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Taiwan raises business tax thresholds for small enterprises
Taiwan's Ministry of Finance announced a revision to the Business Tax Thresholds for Small-Scale Enterprises, effective from 1 January 2025. Small businesses that remain below these thresholds are exempt from tax. The monthly limit for goods has
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Irish Revenue updated guidance on Finance Act 2024
Irish Revenue updated eBriefs in accordance with amendments introduced by the Finance Act 2024 (Act No. 43 of 2024) which entered into force on 1 January 2025. Tax and Duty Manual Part 15-01-48 - Sea-Going Naval Personnel Tax Credit - has been
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Netherlands updates tax penalty rules
The Netherlands State Secretary for Finance has published Decree No. 2024-15074 of 18 December 2024 in the Official Gazette on 31 December 2024, outlining various tax penalties which include several penalty increases effective from 1 January
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Germany: Federal Council approves revised Bill for tax law advancements, income tax adjustments
The German Federal Council (Bundesrat) approved the updated version of the bill aimed at further developing tax law and adjusting the income tax brackets on 20 December 2024. It will enter into force after publication in the Official Gazette. The
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US: Treasury Department, IRS publish final regulations on the treatment of tax-exempt bonds as retired
The US Treasury Department and IRS released final regulations (T.D. 10020) regarding when tax-exempt bonds are treated as retired on 27 December 2024. The final regulations address when tax-exempt bonds are treated as retired for certain Federal
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Australia to amend law to strengthen tax penalty regime
Australia’s government will be amending the tax law to strengthen the current tax penalty regime, as part of the 2024–25 Mid-Year Economic Fiscal Outlook. The announcement was made by ATO is a release on 18 December 2024. The new measure
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