Hong Kong announces 2025-26 budget, proposes reducing profits tax amongst other measures
Hong Kong Financial Secretary Paul Chan delivered the 2025-26 budget on 26 February 2025, which included various tax measures such as reducing profits tax, salaries tax and tax under personal assessment; raising the maximum value of properties
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Greece clarifies fuel tax exemption for cruise ships without passengers
Greece's tax authority issued Circular E 2012/2025 to clarify fuel tax exemptions for professional cruise ships moving without passengers on 17 February 2025. The exemption applies in two cases: when a ship relocates between ports for the start
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Kazakhstan establishes new Special Economic Zone in Aktobe
Kazakhstan has established a new Special Economic Zone (SEZ) in Aktobe, set to operate until 31 December 2049. Under this initiative, companies involved in qualifying activities within the SEZ can benefit from up to 100% reductions in corporate
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Czech Republic clarify tax-related charges remissions
The Czech Republic’s General Financial Directorate has issued Decree D-67, which replaces Decree D-58, on 21 February 2025, providing guidance on waiving tax-related charges. This decree ensures consistent and fair consideration of requests to
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Poland: Parliament passes tax law amendments
Poland’s lower house of Parliament (Sejm) has approved two legislative measures to amend the nation's tax laws during its 20-21 February 2025 session. The tax measures are as follows: Tax Code updates: Easier submissions and interest on
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Malaysia announces new deadlines for e-invoicing compliance
The Inland Revenue Board of Malaysia (IRBM) has released updates regarding electronic invoicing (e-invoicing) guidelines on 21 February 2025. These include revised versions of the e-invoice guideline (version 4.2) and the e-invoice specific
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US: IRS announces tax relief for Kentucky taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release - KY-2025-02 on 24 February 2025, announced tax relief for individuals and businesses in the entire state of Kentucky affected by severe storms, straight-line winds, flooding, and landslides that
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Australia plans to increase tax incentives for alcohol producers
Australia’s federal government has announced plans to enhance tax incentives for brewers, distillers, and wine producers starting 1 July 2026. Currently, brewers and distillers get a full refund for any excise paid up to AUD 350,000 each year.
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Canada consults on EV supply chain investment tax credit
Canada's Department of Finance has announced a consultation on draft legislative proposals on 21 February 2025 to implement Budget 2024's Electric Vehicle Supply Chain Investment Tax Credit (EVSC-ITC). Canada’s 2024 Budget announced a
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Australia: ATO supports ANAO audit on AI governance
The Australian Taxation Office (ATO) has welcomed the publication of a report by the Australian National Audit Office (ANAO) on the Governance of Artificial Intelligence at the ATO on 24 February 2025. The ANAO's report provided 7
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UK unveils tax relief and incentives for film and TV industry
The UK HM Treasury has announced new tax incentives to support the film and television industry, including business rates relief for studios and enhanced credits for production costs on 16 February 2025. Film studios are to receive business rates
See MoreWTO Working Paper: Evolution of Preferential Trade Under Regional Trade Agreements
A WTO working paper of 7 February 2025, written by Rohini Acharya and Thakur Parajuli has the title The Evolution of Preferential Trade Under Regional Trade Agreements: Has Anything Changed? The paper looks at the question of whether the share of
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Lithuania expands deductible corporate gift expenses
Lithuania's tax authority expanded the range of corporate gifts eligible for tax deductions as representational expenses, effective 17 February 2025. The updated regulations now include items such as sweets, edible gift sets, and alcoholic
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Israel proposes withholding tax on digital asset transactions
Israel’s government proposed draft regulations on 21 November 2024 to impose withholding tax on digital asset transactions, including cryptocurrencies, tokens, and non-fungible tokens (NFTs). A recent ministerial memorandum clarified that
See MoreCzech Republic passes bill exempting crypto asset income from tax
The Czech Republic has gazetted a legislation on 14 February 2025 which exempts specific cryptocurrency transactions from individual income tax. The bill was previously approved by parliament and is set to take effect on 15 February
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Brazil releases guidance on extended tax benefits for industrialised goods
Brazil’s Federal Revenue Service has issued guidance on extended tax benefits for the tax on industrialised/manufactured products (IPI) on 25 November 2024. The extension is applicable to companies investing in R&D in the north, northeast,
See MoreAustralia: ATO issues guidance on critical minerals and hydrogen tax incentives
The Australian Taxation Office (ATO) has released a guidance on how to claim the Critical Minerals Production Tax Incentive and the Hydrogen Production Tax Incentive on 21 February 2025. Critical Minerals Production Tax Incentive How to claim
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Belgium: Court rules no unfair discrimination between cash and in-kind contributions in withholding tax on small company dividends
Belgium’s Constitutional Court has published Decision No. 4/2025 on 16 January 2025, responding to a preliminary question submitted by the Court of First Instance in Liège. The ruling clarifies when small companies can apply the reduced
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