South Africa: SARS updates guidance on capital gains
The South African Revenue Service (SARS) has released updated guidance on capital gains tax (CGT) for individuals and businesses on 18 March 2025. This guide provides a basic introduction to capital gains tax (CGT) for companies as defined in
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US: Arkansas offers tax relief for storm affected residents
Arkansas Governor Sarah Huckabee Sanders (R) signed an executive order on 20 March 2025 announcing tax filing and payment relief for individuals and businesses impacted by the severe thunderstorms and tornadoes that swept through the state on 14
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Australia unveils 2025-26 budget, proposes amendments to tax laws for managed investment trusts
Australia’s Treasurer Jim Chalmers presented the 2025-26 Budget on 25 March 2025. The tax measures are limited and include plans to amend tax laws for managed investment trusts, allowing legitimate investors to access concessional withholding tax
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Canada: Manitoba announces 2025 budget, features contingency plan to address potential impact of US tariffs
Canada’s provincial state of Manitoba’s Minister of Finance, Adrien Sala, announced the 2025 provincial budget for Manitoba on 20 March 2025, features a contingency fiscal plan to address the potential impact of widespread US tariffs on Canadian
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Canada announces 2025 budgets for New Brunswick, Saskatchewan
Canada’s provincial states New Brunswick and Saskatchewan have announced their budgets for 2025. New Brunswick 2025-16 budget Finance Minister René Legacy presented the provincial 2025-26 budget for New Brunswick on 18 March 2025. It
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Greece announces 2024 tax return deadlines
The Greek Public Revenue Authority (AADE) has announced the commencement of corporate and personal income tax return filing for the 2024 tax year. Corporate income tax returns: For businesses whose tax year ends on 31 December 2024:
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Brazil to tax overseas corporate profits
Brazil's government has proposed imposing a 10% tax on corporate profits and dividends sent abroad on 17 March 2025 to offset the revenue loss from expanding the tax exemption brackets for low-income individuals. According to the country's
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US: IRS announces tax relief for West Virginia taxpayers impacted by adverse weather
The US Internal Revenue Service (IRS), in a release – IR-2025-34 on 14 March 2025, announced tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, flooding, landslides and mudslides
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US: CRS issues report on tax reform and itemised deductions
The US Congressional Research Services (CRS) published a new report on Selected Issues in Tax Reform: Itemized Deductions on 4 March 2025. The report analyses changes to itemised deductions under the Tax Cuts and Jobs Act (TCJA) through 2025 and
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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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Jamaica outlines new tax measures in 2025-26 budget
Jamaica’s Finance Minister Fayval Williams announced a JMD 1.26 trillion budget for 2025-26 on Tuesday, 11 March 2025. The Minister explained that the 2025/26 budget will be funded by JMD 949.5 billion in tax revenues, JMD 139.8 billion in
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US: Idaho offers tax relief for South California taxpayers affected by wildfires
The Idaho State Tax Commission announced on 6 March 2025 that it is extending the deadlines to file and pay taxes for victims of the southern California wildfires and straight-line winds. Affected taxpayers in Los Angeles County will have until
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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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US: IRS announces foreign income exclusion eligibility waiver countries for 2024
The US Internal Revenue Service (IRS) has released Revenue Procedure 2025-17, set to be published in Internal Revenue Bulletin 2025-13 on 14 March 2025. This revenue procedure provides information to any individual who failed to meet the
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US: IRS announces unchanged interest rates for Q2 2025
The US Internal Revenue Service (IRS), announced – on 6 March 2025 – that the interest rates will remain the same for the calendar quarter beginning 1 April 2025. For individuals, the rate for overpayments and underpayments will be 7% per
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US: IRS sets 2025 housing cost amounts exclusion limits
The US Internal Revenue Service (IRS) has issued Notice 2025-16, outlining the housing expense limits under section 911 of the Internal Revenue Code for 2025. This notice provides adjustments to the limitation on housing expenses for purposes of
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Canada: Alberta presents tax measures for 2025 budget
Alberta’s Finance Minister Nate Horner has presented the province’s budget for 2025 on 27 February 2025. Alberta is facing its first deficit since 2020-21, with no clear plan yet to return to a surplus. The province anticipates a CAD 5.2
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US: IRS releases 2025 dirty dozen tax scams list
The US Internal Revenue Service (IRS), in a release IR-2025-26 on 27 February 2025, announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that
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