French updates notification form for CbC reporting, Pillar Two global minimum tax
The French tax authorities introduced a Form n°2065-INT-SD intended for entities subject to the French Pillar Two law on 24 January 2025. The form was previously used to submit the Country-by-Country (CbC) reporting notification alongside the
See More
Ecuador updates tax haven and preferential regime guidelines
Ecuador's Internal Revenue Service (SRI) has published Circular NAC-DGECCGC25-00000002 on 21 January 2025, outlining new guidelines for identifying tax havens, preferential tax regimes, and low-tax jurisdictions. A regime or or jurisdictions
See More
Ukraine raises key interest rate to 14.5%
The National Bank of Ukraine has announced, on 23 January 2025, to raise the key policy rate from 13.5% to 14.5%, effective 24 January 2025. This decision is aimed at maintaining the stability of the foreign exchange market, keeping inflation
See More
US: BOI reporting still voluntary after Supreme Court lifts injunctionÂ
The US Supreme Court on 23 January 2025 approved the government's request to lift a nationwide injunction previously issued by a federal judge in Texas. The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an
See More
US: Supreme Court rejects Disney, IBM tax appeals on foreign royalties
The US Supreme Court has declined to review two notable cases from Disney on 21 January 2025, upholding a New York ruling that bars companies from deducting payments to foreign affiliates for intellectual property under a state law from 2003 to
See More
Cambodia reminds taxpayers to file 2024 income tax returns
Cambodia’s General Department of Taxation (GDT) has issued Notification No. 339 on 6 January 2025, reminding taxpayers to file and pay their 2024 Tax on Income (TOI). Companies must file their annual TOI return online by 31 March 2025.
See More
Slovak Republic drafts bill for DAC9, Pillar Two global minimum amendments implementation
The Slovak Republic’s Ministry of Finance has announced plans to draft an amendment to Law No. 507/2023, enacted on 8 December 2023. This law partially implemented the Pillar Two global minimum tax in alignment with Council Directive (EU)
See More
Chile to cut SME tax rates from 2025 to 2028
Chile's Chamber of Deputies is reviewing a proposal from 22 January 2025 to temporarily reduce the corporate tax rate for qualifying SMEs under the Pro Pyme regime. The proposal includes a 12.5% rate for 2025–2027 and 15% for 2028. Earlier,
See MoreUS: Senate Finance, Foreign Relations Committees propose Bill to expedite double-tax relief on US-Taiwan cross-border investment
US Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon), with US Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho) and Ranking Member Jeanne Shaheen (D-New Hampshire) has introduced a
See More
Luxembourg updates all tax return deadlines
The Luxembourg Administration of Direct Tax has announced that the deadline for submitting all types of tax returns, including individual income tax returns (M100) and corporate income tax returns (M500), has been moved from the first Monday in
See More
Argentina announces corporate tax brackets, rates for 2025Â
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
See More
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
See MoreUS: 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),
See More
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
See More
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,
See More
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
See More