Lithuania plans further CIT rate hike
Lithuania is planning to further increase the corporate income tax rate (CIT), which could rise to 17%–18% from 16%. "The corporate tax could certainly be increased by one or even two percentage points. This would not reduce our business
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Egypt enacts tax incentives for SMEs for 2025
Egypt's Parliament published Law No. 6 of 2025 on 12 February 2025, introducing tax incentives for small enterprises as part of a broader tax reform. Effective 1 March 2025, the law applies to businesses with an annual turnover of up to EGP 20
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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
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Australia consults draft legislation on 2025 tax filing rules
The Australian Taxation Office (ATO) has released a draft legislation titled “LI 2025/D1 Taxation Laws (Requirement to Lodge a Return for the 2025 Year) Instrument 2025” on 26 February 2025, outlining the requirements for tax returns for the
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Canada: Alberta presents tax measures for 2025 budget
Alberta’s Finance Minister Nate Horner has presented the province’s budget for 2025 on 27 February 2025. Alberta is facing its first deficit since 2020-21, with no clear plan yet to return to a surplus. The province anticipates a CAD 5.2
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US: FinCEN won’t impose fines or penalties for missing beneficial ownership information reporting deadlines
The US Treasury Financial Crimes Enforcement Network (FinCEN) has announced, on 27 February 2025, that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update
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Taiwan: MOF issues withholding tax guidance for foreign firms
Taiwan's Ministry of Finance (MOF) has issued guidance allowing foreign companies to apply in advance for approval of the net profit ratio and domestic profit contribution ratio on 26 February 2025. This enables withholding tax to be calculated
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Korea (Rep): National Assembly approves K-Chips Act, expands tax incentives for semiconductor industry
The National Assembly of Korea (Rep.) approved a bill designed to support the semiconductor industry by offering increased tax incentives to chipmakers on Thursday, 27 February 2025. The updated Act on Restriction of Special Taxation, known as
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Italy publishes global minimum tax notification, withholding tax return form
Italy's Ministry of Finance released the withholding tax return form ‘Modello 770/2025’ and its instructions for fiscal year 2024 on 24 February 2025. The form was approved under Protocol No. 75896/2025. Eligible withholding agents and
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Ecuador establishes new mining annex reporting rule
Ecuador's Internal Revenue Service (SRI) has issued Resolution No. NAC-DGERCGC25-00000004 of 20 February 2025, outlining the rules for the new Mining Annex (Anexo Minero). The Annex collects data on metallic and non-metallic mineral exploration,
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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US: IRS releases 2025 dirty dozen tax scams list
The US Internal Revenue Service (IRS), in a release IR-2025-26 on 27 February 2025, announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that
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Brazil initiates pilot program for rewarding compliant taxpayers
Brazil has introduced the Receita Sintonia pilot program, established by RFB Ordinance No 511 of 19 February 2025, to encourage corporations and nonprofits to improve their tax compliance, reduce disputes, and improve transparency. The program
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EU Commission to recommend tax incentives for clean-tech sector
The European Commission (EC) released the "Communication on a Clean Industrial Deal" on 26 February 2025, confirming the EU’s climate goals by offering clear business incentives for industry to decarbonise within Europe. The focus will be
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Iceland issues guidance digital platform reporting rules
Iceland’s Revenue and Customs has released guidance on the country’s new reporting requirements for digital platforms. Effective 1 January 2025, these regulations mandate platforms to report income distributed to sellers. The first
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Chile clarifies foreign tax credit not covered by tax treaty
Chile’s tax authority (SII) has published Letter Ruling No. 369 on 14 February 2025 regarding foreign tax credits for taxes not covered by a treaty. The letter addresses whether a credit applies to US state taxes on income from technical
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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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Saudi Arabia introduces beneficial ownership reporting rules
Saudi Arabia’s Ministry of Commerce has announced new beneficial ownership reporting requirements, effective from 3 April 2025, as part of the country’s updated Commercial Registry system. The regulations aim to enhance corporate transparency,
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