US: IRS updates guidelines for IRC 263A accounting method changes
The US Internal Revenue Service ( IRS) has published an updated International Practice Unit titled IRC 481(a) Adjustments for IRC 263A Accounting Method Changes. This practice unit was updated to remove references to resources that are no longer
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UK: HMRC issues penalty guidelines for AEOI non-compliance
The UK tax authority, His Majesty's Revenue and Customs (HMRC) issued guidance (CC/FS46) on 14 April 2025, detailing the penalties that financial institutions may face for failing to comply with Automatic Exchange of Information (AEOI)
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Armenia limits activities for turnover tax and micro enterprise regimes
The Armenian National Assembly announced that President Vahagn Khachaturyan has signed the Tax Code amendments on 4 April 2025. The changes impact the VAT treatment of advocacy-related services and revise the rules for deductible expenses linked
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UAE issues Ministerial Decision No. 84 of 2025 on audited financial statements for corporate tax
The UAE Ministry of Finance has issued Ministerial Decision No. 84 of 2025 on 25 March 2025 replacing Ministerial Decision No. 82 of 2023, outlining the requirements for taxpayers to prepare and maintain audited financial statements for corporate
See MoreUS: IRS urges taxpayers to review withholding for next year
The US Internal Revenue Service (IRS) issued IR-2025-52 on 17 April 2025, in which it reminded taxpayers that proper tax withholding now is key to avoiding surprises when they file their tax return next year. Making any needed adjustments earlier in
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France: Tax Authority issues guidance on new capital reduction tax for share buybacks
The French Tax Authority issued guidance on the declaration and payment procedures for the new tax on capital reductions involving share buybacks by certain companies on 11 April 2025. The tax must be reported and paid alongside the taxpayer’s
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Greece enacts crypto tax, debt settlement reforms
The Greece's Ministry of Finance enacted Law (A 56/2025) introducing various tax and financial measures on 11 April 2025. These include rules on carried-forward losses in mergers, taxation of crypto assets, out-of-court debt settlement procedures,
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Temu blocked in Uzbekistan: What this signals for global e-commerce players
Starting 20 March 2025, access to the Chinese online marketplace Temu has been officially blocked in Uzbekistan for failing to register locally and comply with new e-commerce regulations. This move, led by the National Agency for Perspective
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Australia: ATO halts tax deductions for general and shortfall interest charges
The Australian Taxation Office (ATO) has issued a notice denying deductions for general interest charges (GIC) and shortfall interest charges (SIC) from 1 July 2025 for late or outstanding tax payments, covering income years before and after this
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Chile sets tax rates for SMEs in the copper mining industry
Chile's Internal Revenue Service (SII) has issued Circular No. 24 of 28 March 2025, setting new tax rates for small artisan miners and SMEs involved in copper mining and sales. Small artisan miners tax rates For small artisan miners using the
See MoreUAE: Tax Authority issues guide on interest deduction limitations
The UAE Federal Tax Authority (FTA) issued a corporate tax guide (CTGIDL1) on 7 April 2025, outlining the rules for interest deduction limitations. The guide clarifies how businesses should calculate interest expenditures when determining taxable
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UK: HMRC updates interest rates for late and early tax payments from April 2025
The UK’s tax, payments and customs authority (HMRC) has updated its guidance on interest rates for late and early tax payments on 27 March 2025. This rate was effective from 6 April 2025. The late payment interest rate will rise by 1.5
See MoreAustralia: ATO issues guidance on debt deduction rules
The Australian Taxation Office (ATO) has published guidance on Understanding the debt deduction creation rules (DDCR) to help determine if the DDCR applies to an entity and its related party financing arrangements. The guidance includes the
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Hong Kong publishes 2024-25 profits tax filing guide
Hong Kong has published a guide for 2023-25 profits tax filings. The 2024-2025 profits tax filing season began on 1 April 2024 with the mass distribution of profits tax returns. Who should file Newly registered business Generally, a
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Australia: ATO updates shortfall interest charges on overclaimed tax offsets
The Australian Taxation Office (ATO) released a notice on 27 March 2025 outlining updates to shortfall interest charges related to overclaimed tax offsets. The government announced extending shortfall interest charges to repayments of overclaimed
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Sri Lanka enacts income tax reforms Act
The Sri Lanka Inland Revenue Department (IRD) has released details of the Inland Revenue (Amendment) Act, No. 2 of 2025. Certified on 20 March 2025, the new tax regulations take effect from 1 April 2025. Key changes include: Higher tax-free
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Russia clarifies taxation of foreign companies income from digital assets
Russia's Ministry of Finance has issued guidance letter No. 03-08-13/114723 on 14 March 2025 clarifying the taxation of foreign companies' income from digital financial assets. According to the letter, digital financial assets are defined as
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Ukraine expands tax deductions for charitable contributions
Ukraine has increased the corporate tax deduction limit for charitable donations from 4% to 8% of a company’s taxable profit from the previous year. The change took effect on 16 March 2025 under Law No. 12328-d and will remain in place until
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