Cambodia reminds taxpayers to file 2024 income tax returns
Cambodia’s General Department of Taxation (GDT) has issued Notification No. 339 on 6 January 2025, reminding taxpayers to file and pay their 2024 Tax on Income (TOI). Companies must file their annual TOI return online by 31 March 2025.
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Slovak Republic drafts bill for DAC9, Pillar Two global minimum amendments implementation
The Slovak Republic’s Ministry of Finance has announced plans to draft an amendment to Law No. 507/2023, enacted on 8 December 2023. This law partially implemented the Pillar Two global minimum tax in alignment with Council Directive (EU)
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Chile to cut SME tax rates from 2025 to 2028
Chile's Chamber of Deputies is reviewing a proposal from 22 January 2025 to temporarily reduce the corporate tax rate for qualifying SMEs under the Pro Pyme regime. The proposal includes a 12.5% rate for 2025–2027 and 15% for 2028. Earlier,
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US: Senate Finance, Foreign Relations Committees propose Bill to expedite double-tax relief on US-Taiwan cross-border investment
US Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon), with US Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho) and Ranking Member Jeanne Shaheen (D-New Hampshire) has introduced a
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Luxembourg updates all tax return deadlines
The Luxembourg Administration of Direct Tax has announced that the deadline for submitting all types of tax returns, including individual income tax returns (M100) and corporate income tax returns (M500), has been moved from the first Monday in
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Argentina announces corporate tax brackets, rates for 2025
Argentina’s tax authority (ARCA) has released revised corporate income tax brackets and rates for 2025 on 23 January 2025. Starting from fiscal years beginning on or after 1 January 2025, corporate income tax rates will be applied based on the
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Argentina announces special PAIS tax refund process
Argentina’s Customs Collection and Control Agency (ARCA) issued General Resolution 5638/25, which introduced a procedure for returning balances of the PAIS tax. Agents responsible for collecting and liquidating the PAIS tax can access the
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Italy revises loss carryforward rules after control change
Italy has published Legislative Decree No. 192/2024 in the Official Gazette on 13 December 2024, introducing a key amendment in which the regulations on loss limitations have been updated following a reorganisation that leads to a change in
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Kenya lowers rates for fringe benefit tax, non-resident loans, low-interest loans
The Kenya Revenue Authority (KRA) has issued a public notice on revised market interest rates – lowered to 13% – for fringe benefit tax and deemed interest on certain non-resident loans for January to March 2025. It also sets the low-interest
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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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Denmark proposes lowering gift tax rates, introducing succession measures
Denmark’s Minister of Taxation introduced a bill L 123 to reduce inheritance and gift taxes for family-owned businesses and simplify business transfers on 22 January 2025. The key proposal is a reduction in the inheritance and gift tax from 15% to
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Turkey further extends force majeure for 2023 earthquake-affected taxpayers
Turkey's Revenue Administration has extended the state of force majeure on 10 January 2025, which was introduced after the 6 February 2023 earthquake for taxpayers with an annual turnover of less than TRY 2.5 million. The state of force majeure,
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Vietnam directs banks to withhold tax from payments to certain foreign e-commerce suppliers
Vietnam's General Department of Taxation released Letter No. 6369/TCT-DNL, on 31 December 2024, instructing 100 banks and payment providers in Vietnam to notify branches to withhold and remit taxes on transactions of four foreign e-commerce
See MoreWTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
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Malaysia clarifies ruling on tax incentives for BioNexus firms
The Inland Revenue Board of Malaysia (IRBM) has amended the Public Ruling (PR) to clarify the tax incentives available to an investor who has invested in a BioNexus status company (BSC) in Malaysia. The key updates outlined in Public Ruling No.
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Ecuador introduces rules for new payment plan under relief law
Ecuador's Internal Revenue Service (SRI) released the Resolution NAC-DGERCGC25-0000000001, on 6 January 2025, which allows taxpayers with outstanding tax balances as of 31 October 2024 to apply for an optional 12-month payment plan with interest
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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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Spain ends temporary energy tax in 2025
Spain has issued the Resolution of 22 January 2025 in the Official Gazette on 23 January 2025, repealing the Royal Decree-Law 10/2024 of 23 December 2024 which established a temporary energy levy targeting major energy companies. Earlier, Spain
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