Netherlands: Government presents draft law on box 3 wealth tax rebuttal provision to parliament
The Dutch government has submitted a draft legislation on the “rebuttal provision” for the revised “Box 3” (wealth tax) regime to the lower house of Parliament on 13 March 2025. The bill outlines how taxpayers can effectively prove that
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Australia to tax digital assets under current tax laws
Australia’s government announced its upcoming initiative regarding the development of its digital asset industry on 21 March 2025. The Albanese Government is developing a fit for purpose digital asset regime to help build a more dynamic and
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US: South Carolina consults income sourcing method guidance
The South Carolina Department of Revenue (DOR) is seeking public comments on draft guidance about sourcing gross receipts from services and including them in the state's gross receipts factor. Comments are requested by 8 April 2025. To apportion
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Austria: Budget Restructuring Measures Bill 2025 enters into force
Austria's Budget Restructuring Measures Bill 2025 (Budgetsanierungsmaßnahmengesetz 2025) entered into force following its publication in the Official Gazette on 18 March 2025. Earlier, the bill was passed by Austria’s Lower House of
See MoreNetherlands announces 2024 Box 3 deemed return rates
The Netherlands published Regulation No. 2025-0000062971 in the Official Gazette on 14 March 2024, setting the deemed rates of return for Box 3 income for 2024. The Box 3 income comprises debts, savings, and investments. The rates for savings and
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Denmark launches consultation on extending tax liability on interest from controlled debt
The Ministry of Taxation in Denmark has opened a consultation on a proposed bill to amend the rules regarding limited tax liability on interest from controlled debt on 12 March 2025. The bill targets interest payments made by foreign entities
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Mongolia: MLI instrument goes into effect on January 2025, announces direct and indirect tax measures
Mongolia has ratified the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (MLI) on 30 September 2024, which takes effect on 1 January 2025. As of February 2025, the Organisation for Economic
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Argentina introduces VAT and income tax withholding for mining
Argentina’s tax authority has issued General Resolution 5663/2025, which amends General Resolution 5333 on 10 March 2025. General Resolution No. 5333 introduced the "Fiscal Registry of Mining Activities," creating withholding regimes for
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Estonia to cancel 2% security tax on corporate profits
The Estonian government is planning to cancel the 2% security tax on company profits, which was part of the Security Tax Act (512 SE) passed in December 2024. While the company tax may be canceled, it is still unclear what will happen with
See MoreAustralia: ATO raises concerns on restructures to exploit MIT withholding rules
The Australian Taxation Office (ATO) issued Taxpayer Alert (TA) 2025/1 on 7 March 2025, raising concerns about restructures and arrangements aimed at accessing the managed investment trust (MIT) withholding regime (including deemed capital gains tax
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Poland: CJEU rules tax exemption for external investment funds breaches EU law
The Court of Justice of the European Union (CJEU), in its ruling C-18/23 on 27 February 2025, established that the Polish tax exemption for externally managed nonresident investment funds violated the free movement of capital under EU law. Under
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Egypt introduces tax relief and dispute settlement law
The Egyptian Tax Authority (ETA) has introduced Law No. 5 of 2025, effective from 13 February 2025, offering tax relief and dispute settlement opportunities to enhance compliance and resolve outstanding tax matters. Key provisions include: Under
See MoreArgentina cuts late tax payment interest rates
Argentina has reduced late tax payment interest rates and fixed them from 1 March 2025. The compensatory interest rate drops to 4.0% per month (from 7.26%) and the punitive rate to 5.0% per month (from 8.38%). Tax refunds will accrue interest at
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Hong Kong announces Inland Revenue (Amendment) (Tax Concessions) Bill 2025
The Hong Kong Inland Revenue Department has announced the Inland Revenue (Amendment) (Tax Concessions) Bill 2025, introducing a one-off reduction of profits tax, salaries tax, and personal assessment tax for the 2024/25 assessment year, as proposed
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Singapore: IRAS updates exchange rate tool for tax computations
The Inland Revenue Authority of Singapore (IRAS) has made updates to its Exchange Rate Search Function tool (XLSX) to assist taxpayers in preparing their tax computations for the 2024 year of assessment returns. A tax computation is a statement
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Singapore: IRAS releases standard corporate income tax calculators for AY 2024
The Inland Revenue Authority of Singapore (IRAS) has announced an update to its "Preparing a Tax Computation" webpage, introducing two new Basic Corporate Income Tax Calculators (BTCs) for taxpayers submitting Corporate Income Tax Returns for the
See MoreAustralia: ATO guide debunks common Division 7A misconceptions
The Australian Taxation Office (ATO) has published a guide aimed at clarifying Division 7A by dispelling common misconceptions. The ATO explains, the Division 7A is an integrity rule that prevents private company profits from being provided to
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Qatar launches six month tax penalty exemption initiative
The General Tax Authority of Qatar has announced the launch of a 100% financial penalty exemption initiative, effective from 1 March 2025. Running for six months, this initiative aims to offer relief to taxpayers, reflecting the Authority's
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