Malaysia: IRBM defers e-invoicing for new businesses, exempts sub-MYR 1 million revenue taxpayers
The Inland Revenue Board of Malaysia (IRBM) has released an updated guidance on 7 December 2025, where it revised the annual turnover threshold for e-invoicing. In a previous report, taxpayers with annual turnover or revenue below MYR 500,000
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China unveils new implementation regulations for VAT law
China’s State Council has released the Regulations for the Implementation of the Value-Added Tax (VAT) Law on 30 December 2025, marking a significant milestone in the nation's fiscal modernisation. The VAT Implementation Regulations (VATIR)
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Italy gazettes state budget for 2026
Italy’s government has gazetted Law No. 199 of 30 December 2025 on the State Budget for 2026. The main tax measures include: The financial sector will face higher taxation, with new levies on banks, insurers, and financial operators
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Malaysia: IRBM updates ruling on tax classification for SMEs
The Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 8/2025 on 22 December 2025, providing guidance on the classification and tax treatment of micro, small, and medium-sized companies or enterprises (MSMEs), including limited
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US: IRS updates guidance on business interest deduction limits
The US Internal Revenue Service (IRS) updated the frequently asked questions in Fact Sheet 2025-09 on 23 December 2025, regarding changes to the limitation on the deduction for business interest expense (Section 163(j)) under the One, Big, Beautiful
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Chile: SII clarifies income tax treatment, VAT on services by foreign companiesÂ
Chile’s tax authority (SII) has issued Letter Ruling No. 2627 of 18 December 2025, clarifying the VAT and income tax treatment of services supplied by a foreign entity in Chile. SII has clarified the Value Added Tax (VAT) treatment for services
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Montenegro: Parliament adopts BEPS MLI
Montenegro’s parliament adopted the draft law ratifying the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 27 December 2025. Once the internal ratification process is
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Hong Kong: IRD updates FAQs on mainland China tax cooperation
The Hong Kong Inland Revenue Department has released updated and new FAQs on the 2006 income tax arrangement with Mainland China, including revisions related to the determination of individual residence. Updated questions Question 1: According
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Qatar: GTA announces filing period for tax returns for 2025 financial year
Qatar’s General Tax Authority (GTA) announced on 31 December 2025 that the tax return filing period for the financial year ended 31 December 2025 will run from 1 January 2026 to 30 April 2026. This comes in compliance with the provisions of
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Ireland: Irish Revenue updates corporate investment relief guidance
Irish Revenue has published eBrief No. 248/25 on 22 December 2025, providing updated guidance on the various reliefs available for investments in corporate trades. The contents of Tax and Duty Manual (TDM) Part 16-00-02 Relief for Investment in
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Singapore: IRAS issues guidelines for multinational, domestic top-up tax registration
The Inland Revenue Authority of Singapore (IRAS) has issued the Multinational Enterprise (Minimum Tax) (Administrative Matters) Regulations 2025 (Administrative Regulations) on 29 December 2025, which entered into force on 31 December 2025. This
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Bahrain updates DMTT FAQs, VAT deregistration guidance
Bahrain’s National Bureau for Revenue (NBR) has updated its frequently asked questions (FAQs) on the Domestic Minimum Top-up Tax (DMTT), which applies from 1 January 2025. The DMTT introduces a 15% minimum tax on large multinational enterprise
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Thailand enacts draft law for Pillar 2 top-up tax implementation
Thailand’s Revenue Department announced that the Cabinet approved draft secondary legislation on 30 December 2025 to implement the Emergency Decree on Top-up Tax B.E. 2567 (2024). These draft instruments set out detailed rules for determining
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Israel: Parliament passes law for Pillar 2 global minimum tax
The Israeli parliament (Knesset) approved the Corporate Minimum Tax for Multinational Groups Law in its second and third readings, implementing the OECD’s Pillar 2 rules into domestic legislation on 29 December 2025. The legislation
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UAE: FTA updates corporate advance pricing agreements guidance
The UAE Federal Tax Authority (FTA) has released a new Corporate Tax Guide on Advance Pricing Agreements (CTGAPA1) in December 2025. The guide outlines the procedural framework for APAs and covers an overview of the APA programme, applicable
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Spain: Tax Agency unveils 2026 VAT, PIT, corporate tax measures
The Spanish Tax Agency has introduced new tax measures under Royal Decree-Law 16/2025 of 23 December 2025, published in the Official State Gazette on 24 December. The decree aims to support socially vulnerable groups and implement urgent tax and
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Korea (Rep): Ministry of Economy and Finance unveils tax incentives to boost domestic investment, FX stability
The Korea (Rep)’s Ministry of Economy and Finance announced tax support measures for domestic investment and foreign exchange (FX) stability, aimed at promoting the revitalisation of the domestic capital market and addressing structural
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Taiwan: MOF revises penalty rules to ease CRS compliance for financial institutions
Taiwan's Ministry of Finance (MOF) announced, on 24 December 2025, amendments to Article 2-1 and Article 2-2 of the Standards for the Exemption of Penalties for Misconduct in Taxation Affairs, along with updates to the Reference Table for Fines and
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