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
See More
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
See More
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
See More
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
See More
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
See More
UK: HMRC issues guidance on corporate tax for selling business assets
UK HMRC issued guidance on Corporation Tax for selling business assets on 16 January 2025. Corporation Tax is a tax that a company or association pays to HM Revenue and Customs (HMRC) on profits in an ‘accounting period’. The amount paid
See MoreUS: Trump Administration withdraws from OECD Global Tax Deal commitment
The Trump administration released a memorandum to the Treasury Secretary and the US Trade Representative instructing them to withdraw from the OECD’s “Global Tax Deal” on 20 January 2025. This initiative includes the Pillar One and Pillar Two
See More
Netherlands gazettes decree on Minimum Tax Act 2024 rules
The Netherlands has published the Minimum Tax Implementation Decree 2024 in the Official Gazette No. 2024/442, on 23 December 2024, which contains rules for implementing the Minimum Tax Act 2024. The Decree also outlines guidelines for
See More
Panama extends deadline for resident agents to submit accounting records, documentation
Panama's Ministry of Economy and Finance has issued Executive Decree No. 177 of 2024 on 30 December 2024, which includes the deadline to submit accounting records and supporting documents to resident agents, set at 31 March 2025 for tax years 2021,
See More
Australia: ATO announces new incentives for build-to-rent projects
The Australian Taxation Office has released a notice detailing new incentives for build-to-rent developments to increase the supply of housing and provide certainty for owners and investors on 13 January 2025. The incentives Faster
See More
Sri Lanka introduces new tax clearance rules for outward remittances
Sri Lanka’s Inland Revenue Department has implemented new rules on withholding tax and tax clearance certificates for payments to non-residents, effective from 1 January 2025. The regulations apply to withholding agents and financial institutions
See More
UAE updates regulation of tax groups under the Corporate Tax Law
The UAE Ministry of Finance has released Ministerial Decision No. 301 of 2024 regarding the oversight of tax groups under the Corporate Tax Law on 9 December 2024. The decision outlines several important areas, such as ownership requirements and
See More
Russia amends Tax Code, increases corporate income tax rate
Russia has introduced several changes to its Tax Code, effective starting 1 January 2025, which includes changes to the corporate income tax rate, simplified tax regime and tourist tax. The corporate income tax (CIT) rate has been raised from 20%
See More
Thailand: Cabinet approves lower corporate tax for special economic zones
Thailand's cabinet has approved a proposal to reduce the corporate income tax rate to 10% for profits generated by targeted businesses in the country's special economic zones. The reduced rate applies for 10 consecutive accounting periods. To
See More
Peru publishes tax return filing deadlines for 2024
Peru has issued Superintendency Resolution No. 000304-2024/SUNAT on 30 December 2024, outlining the filing deadlines for annual tax returns for the 2024 tax year. For taxpayers covered by Law No. 31940, the filing deadlines range from May 26 to
See More
Taiwan updates low-tax jurisdictions list
Taiwan's Ministry of Finance (MOF) released an updated list of low-tax jurisdictions on 27 December 2024. Controlled Foreign Company (CFC) rules, which have been in effect in Taiwan since the 2023 tax year, were introduced to prevent companies or
See More
Korea (Rep.) gazettes amendments to International Tax Adjustment Act, includes adjustments to Global Minimum Tax provisions
South Korea has published Law No. 20612 in the Official Gazette on 31 December 2024, amending the International Tax Adjustment Act, which includes several adjustments to the Global Minimum Tax provisions. The law introduces measures aligned with
See More