Slovak Republic: Tax authority releases new FTT notification form
The Slovak Republic's tax authorities have issued a new notification form for the financial transaction tax (FTT) on 28 October 2025, following the approval of Act No. 272/2025, which amends Act No. 279/2024. Taxpayers are required to report
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Brazil: Chamber of Deputies rejects higher taxes on equity interest, financial entities
Proposed tax changes under PM No. 1.303 will not take effect after failing to secure the required approval by the deadline. Brazil's Chamber of Deputies did not approve Provisional Measure (PM) No. 1.303 issued on 11 June 2025, which proposes
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UK: HMRC publishes 2025 corporate tax statistics
This annual report details corporate tax receipts and liabilities, categorised by company count, income, deductions, industry sector, size, and financial year. The UK tax authority, HM Revenue & Customs (HMRC), published its annual
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Colombia: MoF proposes major tax reforms for 2026 budget
The proposed 2026 budget legislation introduces significant reforms to corporate surtax, VAT, personal income tax, net wealth tax, and capital gains tax, with new tax rules for crypto-asset transactions. Colombia’s Ministry of Finance submitted
See MoreBrazil: Federal Supreme Court Justice reinstates financial transaction tax increase
Federal Supreme Court Justice Alexandre de Moraes has reinstated Decree No. 12.499 with retroactive effect from 11 June 2025 after failed government-National Congress conciliation. Brazil's Federal Supreme Court Justice Alexandre de Moraes
See MoreBrazil: AGU appeals suspension of financial transaction tax hike
The AGU argues that the Executive Branch has constitutional authority to adjust IOF rates and claims the National Congress violated the separation of powers by suspending presidential decrees. Brazil's Attorney General's Office (AGU) appealed to
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Australia: ATO announces FX Rates for year ending June 2025
The ATO has updated its foreign exchange rate guidance, including monthly rates for July 2024 to June 2025. The Australian Taxation Office (ATO) has updated its guidance on foreign exchange rates, incorporating rates for the financial year ending
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Brazil: National Congress scraps financial transactions tax increases
Brazil's National Congress approved the draft legislative decree on 25 June 2025, repealing three presidential decrees that increased IOF tax rates. Brazil's National Congress (both the Chamber of Deputies and Senate) has approved Draft
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Romania announces 2025–28 tax reforms, raises dividend tax
The proposed tax reforms target increased taxes on dividends, reduced incentives, stricter expense deductions, and simplified VAT rates. Romania published its decision approving the 2025-2028 Government Programme in the Official Gazette on 23
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Slovak Republic consults financial transactions tax exemption for foreign entities, entrepreneurs
The draft bill exempts foreign subsidiaries/branches with prior taxable income under EUR 100,000 and individual entrepreneurs from the financial transactions tax. The Slovak Republic’s Ministry of Finance is consulting on a draft bill to narrow
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UK: BoE likely to hold interest rates amid rising oil prices and inflation risks
The Bank of England is likely to keep interest rates at 4.25%, weighing lower domestic inflation against rising oil prices and global uncertainty. The Bank of England (BoE) is expected to keep its Bank Rate steady at 4.25% in its policy
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Brazil revises financial transaction tax rates again
Brazil issued Decree No. 12.499 on 11 June 2025, repealing Decrees 12.466 and 12.467, raising financial transaction tax (IOF) rates on select insurance, credit, and forex transactions. Brazil has published Decree No. 12.499 on 11 June 2025, which
See MoreBrazil: Government to raise tax on interest on equity in fiscal package
Brazil's Finance Ministry plans to increase the income tax on interest on equity (JCP) payments from 15% to 20% as part of a new fiscal package. Brazil's Finance Minister, Fernando Haddad, announced on 10 June 2025 that the government is
See MoreBrazil: Government poised to support 10% reduction in tax breaks
Brazil's government is expected to back a bill proposing a 10% reduction in federal tax breaks, with a 5% cut in 2025 and another 5% in 2026. Brazil's government is likely to support a bill for a 10% cut to federal tax breaks, multiple sources
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Mexico objects US tax on cross-border remittances
The One, Big, Beautiful Bill (Act), which is now under Senate review, proposes a 3.5% tax on all remittances sent by non-US citizens to foreign countries, regardless of the transfer amount. The US House of Representatives passed the One,
See MoreBrazil: Economic Team to propose final alternative plan for IOF tax increases
Brazil’s government will present an alternative plan for the IOF tax increase within 10 days. Brazil’s Congress lower house speaker, Hugo Motta, said in an X post on 29 May 2025, that the government will present an alternative plan for
See MoreBrazil raises financial transaction tax on select insurance, credit, forex transactions
The Tax on Financial Operations (IOF) is a financial levy applied to individuals and businesses in Brazil, covering a range of financial transactions. Brazil has issued Decree No. 12.466 of 22 May 2025, which increases the financial transactions
See MoreBrazil: MoF scraps higher tax on investments made abroad
Finance Ministry dropped plans for a higher tax on overseas investments on Friday, following criticism that it signalled a return to capital controls. Brazil's Finance Ministry dropped a higher transaction tax on overseas investments on Friday,
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