South Africa unveils 2025 budget: Raises VAT and corporate income tax
South Africa's Finance Minister, Enoch Godongwana, presented the 2025 Budget Speech on 12 March 2025. The minister has proposed raising the VAT rate and corporate and personal income taxes. However, no changes to personal income tax rebates or
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US: Idaho lowers corporate, individual tax rates
Idaho Governor Brad Little has signed House Bill 40 into law on 6 March 2025, lowering corporate and individual income tax rates from 5.695% to 5.3%. The legislation also allows veterans to keep more of their military pensions. “Idaho
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Ukraine raises interest rate, increasing late payment penalties
The National Bank of Ukraine has announced it will raise the key policy rate from 14.5% to 15.5% per annum, effective 7 March 2025. For tax purposes, this impacts the late payment penalty interest, which is 120% of the National Bank rate. This
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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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Spain: Constitutional Court to review early corporate tax payment rules for large entities
Spain has published Notice 1 and Notice 2 in the Official Gazette, announcing that the Constitutional Court will review the constitutionality of Spain's advance corporate income tax payment requirements. The questions focus on the
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Cyprus issues 10-year bond yields for notional interest deduction
The Cyprus Tax Department announced, on 14 February 2025, the issuance of the 10-year government bond yield rates as of 31 December 2024 for various countries related to the Notional Interest Deduction (NID) on equity. These rates will determine
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France gazettes Finance Law 2025
France’s Finance Law 2025 has been published in the Official Gazette, introducing key measures, such as temporary taxes on high-income individuals and large corporations, revisions to the Pillar Two global minimum tax rules, and a new tax on share
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Japan: MOF presents tax reform bill to parliament
Japan's Ministry of Finance has released the legislative proposals submitted during the 217th session of the National Diet (parliament) – which includes the draft tax reform bill for 2025 and related materials – on 4 February 2025. The key
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Armenia introduces tax incentives for the tech sector
Armenia’s National Assembly has passed legislation introducing support measures and tax incentives aimed at advancing programs in the high-tech sector on 4 December 2024. These laws were presented by Minister of High-Tech Industry Mkhitar
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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
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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
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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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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%
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South Africa: SARS lowers interest rates on outstanding taxes, overpayments
The South African Revenue Service (SARS) has lowered interest rates on outstanding taxes and overpayments, effective as of 7 January 2025. Interest rates charged in terms of the legislation administered by SARS are split into three main
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Iceland publishes CIT, VAT and PIT brackets for 2025
Iceland Revenue and Customs has published the key tax figures and percentages for 2025, including updates on Corporate Income Tax, Value Added Tax and Personal Income Tax. The updated rates are applicable starting 1 January 2025. Corporate
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Australia announces GIC, SIC rates for Q3 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2024-25 income year on 9 December 2024. For the quarter commencing on 1 January 2025,
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Luxembourg enacts law reducing CIT rate
Luxembourg has enacted the bill on the Corporate Income Tax (CIT) rate reduction on 20 December 2024. The law was published in Official Gazette No. A 589 on 24 December 2024. Earlier, the Parliament passed legislation that introduced
See MoreUS: Louisiana adopts flat income tax rates, ends corporation franchise tax
The Governor of Louisiana signed multiple tax reform bills into law on 4 December 2024, marking a significant tax reform in the state. The state is determined to eliminate uncompetitive taxes like the franchise and inventory taxes, and broaden tax
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