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
See MoreArgentina announces special PAIS tax refund process
Argentina’s Customs Collection and Control Agency (ARCA) issued General Resolution 5638/25 on 17 January 2025, which introduced a procedure for returning balances of the PAIS tax. Agents responsible for collecting and liquidating the PAIS tax
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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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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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Romania raises dividend tax, updates micro-enterprise rules
Romania has issued Emergency Ordinance no. 156 of 30 December 2024, which introduces various amendments to the Tax Code (Law no. 227/2015), which took effect on 1 January 2025. One significant change includes raising the dividend tax rate from 8%
See MoreIMF Working Paper: Is Tax Policy Supporting a Costly Industrial Policy in Mozambique
An IMF working paper written by Santos Bila, Utkarsh Kumar and Alexis Meyer-Cirkel with the title Is Tax Policy Costly Industrial Policy in Mozambique? Finds that tax advantages do not compensate for shortcomings in economic conditions. The
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Mexico offers incentives for investments which promote innovation
Mexico has published a Decree in the Official Gazette on 21 January 2025, granting tax incentives to support the national strategy called "Plan Mexico” to promote innovation and new investments that encourage dual training programmes. One key
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El Salvador sets deadline to update notification address for tax matters
El Salvador's Ministry of Finance has announced, on 10 January 2025, that it has set a deadline of 16 January 2025 for taxpayers to report changes to tax notification addresses. The deadline applies to taxpayers registered for VAT and legal
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US: House of Representatives passes Taiwan Tax Relief Act
The US House of Representatives approved Bill H.R. 33 – also known as the United States-Taiwan Expedited Double-Tax Relief Act – on 15 January 2025. This legislation aims to relieve double taxation in Taiwan by authorising a tax treaty
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IMF Working Paper: Strengthening Tax Governance Through Legal Design
An IMF working paper of 17 January 2025 written by L. Sofrona, C. Waerzeggers and B. Crowley with the title Strengthening Tax Governance Through Legal Design looks at tax governance in tax administration and how this can be strengthened. The
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