Colombia introduces tax form for non-residents with a significant economic presence
Colombia’s tax authority (DIAN) has released Resolution No. 000004 of 24 January 2025, introducing Form No. 115 for income and complementary tax returns for non-residents with significant economic presence (SEP) in Colombia. The Form 115
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Turkey 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
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Czech 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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Iceland includes Pillar Two global minimum tax bill in 2025 parliamentary agenda
Iceland’s government has published the 2025 parliamentary agenda which includes a bill to introduce a 15% minimum tax on multinational corporations with annual revenues over EUR 750 million aligning with the OECD Inclusive Framework and the EU
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Iceland launches business tax return filing website for 2024
Iceland’s Revenue and Customs (RSK) has launched its website for business tax return filings for 2024. The tax filings must be completed only in Icelandic. The Instructions for completing the returns are: RSK 8.05 (Tax return for businesses -
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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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US: IRS announces safe harbours for commercial clean vehicle credit
The US Internal Revenue Service (IRS) has issued Notice 2025-9 on the Section 45W Credit for Qualified Commercial Clean Vehicles and Incremental Cost for 2025. This notice provides safe harbours regarding the incremental cost and retail price
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Malta: Government extends property tax incentives for 2025
The Maltese government has extended key property tax incentives until 31 December 2025, supporting homebuyers, family businesses, and urban conservation efforts. First-time buyers will continue to benefit from duty exemptions, while second-time
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Denmark introduces Green Investment Window, allows more than 100% expense deductions for eligible investments
Denmark's newly agreed framework for the Green Investment Window is a step toward strengthening Danish businesses in their shift toward a more sustainable economy. Under this agreement, companies investing in climate-friendly production between 1
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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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UK introduces new tax regulations for self-assessment returns
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has introduced new regulations requiring taxpayers to provide additional details in their annual self-assessment tax returns. The Income Tax (Additional Information to be included in
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US: Senate bill seeks to block tax credits and deductions for payments to Russia
US Senators Catherine Cortez Masto and John Cornyn have introduced bipartisan legislation on 30 January 2025 aimed at blocking businesses from claiming foreign tax credits or deductions for taxes paid to fund the Russian government's war
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Norway plans tax relief for mutual (investment) funds
Norway's Ministry of Finance has launched a public consultation on the proposed new tax measures to support mutual (investment) funds. The new tax regulations aim to eliminate double taxation and offer Norwegian funds a more favourable framework.
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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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Australia: ATO targets thin capitalisation in trust reviews
The Australian Taxation Office (ATO) has announced on 30 January 2025 regarding its focus on the updated thin capitalisation rules as part of its justified trust reviews. Thin capitalisation in focus for justified trust reviews How we're
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Canada delays capital gains tax hike to 2026
Canada’s Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, has announced that the federal government is deferring—from 25 June 2024 to 1 January 2026—the date on which the capital gains inclusion rate would increase from
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UK: HMRC consults multinational, domestic top-up tax guidance
The UK tax authority, HMRC, has opened a public consultation on the supplementary draft guidance regarding the Multinational Top-up Tax and Domestic Top-up Tax on 28 January 2025. This release of draft guidance contains sections on flow-through
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