OECD releases working paper corporate income tax, investment, net-zero transition
The OECD has released a working paper titled Corporate income tax, investment, and the Net-Zero Transition: Issues for consideration on 20 March 2025. Achieving net-zero climate goals requires significant private-sector investment in clean
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OECD updates tax incentives database for 70 emerging and developing economies
The OECD has released the Investment Tax Incentives Database 2024 update on 19 March 2025. The 2024 update of the OECD Investment Tax Incentives Database (ITID) provides insights into corporate income tax (CIT) incentives for investment in 70
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Canada: Manitoba announces 2025 budget, features contingency plan to address potential impact of US tariffs
Canada’s provincial state of Manitoba’s Minister of Finance, Adrien Sala, announced the 2025 provincial budget for Manitoba on 20 March 2025, features a contingency fiscal plan to address the potential impact of widespread US tariffs on Canadian
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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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UK: Finance Act 2025 receives Royal Assent
The UK Finance Bill 2024–25 passed through the House of Lords on 19 March 2025 and received Royal Assent on 20 March 2025. The bill was published as Finance Act 2025 and enacts tax measures from the Autumn Budget 2024, effective from the 2025–26
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Malaysia introduces new consolidated income tax and employer audit framework
The Inland Revenue Board of Malaysia (IRBM) has released a new Tax Audit Framework on Income Tax and Employer on 15 March 2025. The updated framework replaces several previous audit frameworks, including: Tax Audit Framework (2022); Tax
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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The South Carolina Department of Revenue (DOR) is seeking public comments on draft guidance about sourcing gross receipts from services and including them in the state's gross receipts factor.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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Hong Kong notifies tax representatives of 2024-25 tax return filing block extension scheme
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives on the Block Extension Scheme for the Lodgement of 2024/25 Tax Returns. As in previous years, the letter confirms that the Block Extension Scheme
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Puerto Rico clarifies e-filing process for 2024 corporate tax returns
Puerto Rico's Department of Treasury issued Internal Revenue Circular Letter No. 25-07 on 15 March 2025, which outlines the process for electronically filing corporate income tax returns for the 2024 tax year. As stated in Internal Revenue
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Switzerland: Tax Administration clarifies tax treatment of permanent establishments under Pillar two GloBE rules, Swiss minimum tax
The Swiss Federal Tax Administration published Communication-023-E-2025-f on 18 March 2025, addressing the tax treatment of constituent entities qualifying as permanent establishments under the GloBE rules and the Swiss Minimum Tax Ordinance. The
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Australia: ATO announces GIC, SIC rates for Q4 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2024-25 income year on 12 March 2025. For the quarter commencing on 1 April 2025, the
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Germany updates group parent notification form for Pillar Two minimum tax groups
The German Ministry of Finance released a letter on 11 March 2025, introducing an updated official template and instructions for the group parent notification form. This form is required to be submitted by the parent entity of German minimum tax
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Canada announces 2025 budgets for New Brunswick, Saskatchewan
Canada’s provincial states New Brunswick and Saskatchewan have announced their budgets for 2025. New Brunswick 2025-16 budget Finance Minister René Legacy presented the provincial 2025-26 budget for New Brunswick on 18 March 2025. It
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Nigeria: House keeps corporate tax at 30% and VAT at 7.5%
Nigeria’s House of Representatives has approved and adopted the recommendations of its Committee on Finance, which retains the value added tax (VAT) rate at 7.5%. The previous proposal was to increase to 12.5%, which was set for 2026. The House
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Italy releases 2024 corporate tax return forms
Italy’s tax authorities have released tax return forms for the fiscal year of 2024. The return forms are: Corporate tax (IRES) return form: Redditi 2025–SC and instructions, approved by Protocol No. 131067/2025 of 17 March 2025;
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Poland excludes some EU non-cooperative jurisdictions from harmful tax competition list
Poland’s Minister of Finance issued a notice on 8 March 2025 identifying countries and territories listed on the EU's register of non-cooperative jurisdictions but not on Poland's list of nations engaging in harmful tax competition for individual
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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
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Uganda launches new 30% tax payment option for tribunal cases
Uganda Revenue Authority (URA) informs all taxpayers that a new basis for payment has been introduced on the URA web portal (www.ura.go.ug) to cater for payment of 30% tax assessed in respect of matters before the Tax Appeals Tribunal for purposes
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