Turkey consults amendments to VAT refunds, exemptions, and procedures
The draft communiqué provides clarification on VAT exemptions, fraud-related loss, property sales rules, special consumption tax, and proportional VAT refunds on assets. The Turkish government issued a draft Communiqué on 31 July 2025 to amend
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Greece updates tax incentives for family wealth management entities
The new law has halved the minimum annual operating expenditure for family offices from EUR 1 million to EUR 500,000, easing financial entry requirements. Greece has enacted Law 5222/2025, introducing enhanced tax incentives for Special Purpose
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EU to remove tariffs on UK steel under restored quota system
The initiative will allow the UK to export up to 27,000 tonnes of steel to the EU per quarter, tariff-free, restoring its quota to pre-2022 levels. The EU will remove tariffs on key British steel products under a quota system starting 1 August
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Slovak Republic: MoF consults on introducing mandatory e-invoicing
The deadline for sending feedback is 19 August 2025. The Slovak Republic’s Ministry of Finance is consulting on a Draft Law No. LP/2025/396 on 30 July 2025, to amend the Value Added Tax Act and related laws, aimed at introducing mandatory
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Pakistan drops digital presence proceeds tax
The DPPT was scrapped just one month after its introduction on 30 July 2025. Pakistan’s government has scrapped the digital presence proceeds tax (DPPT) on foreign entities supplying digital goods and services to Pakistan’s consumers, only a
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US: New Jersey adopts graduated rates for property interest transfers
The new law replaces the flat 1% fee on transfers over USD 1 million with a graduated rate from 1% for transfers under USD 2 million up to 3.5% for transfers above USD 3.5 million. New Jersey’s governor has signed the Fiscal Year 2026 Budget
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OECD releases updated reporting formats for global minimum tax, CARF, issues new FAQs on CARF, CRS
The OECD has released XML Schemas and User Guides to facilitate reporting and information exchange under the Global Minimum Tax and CARF. As part of ongoing efforts to enhance tax transparency and improve international tax compliance, the OECD
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Nigeria drops proposal to cut corporate tax rate to 25%
A reform in the Nigeria Tax Act removes the proposed reduction of the 30% income tax rate for large companies to 25%. Nigeria has published the Nigeria Tax Act (NTA) in the official gazette, which contains revisions that differ from the
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Korea (Rep.): Ministry of Economy and Finance proposes corporate tax hikes, AI investment incentives, QDMTT Pillar Two rules
The proposals will require approval from the National Assembly before they can enter into force. The South Korean Ministry of Economy and Finance released the 2025 tax law amendment proposal, on 31 July 2025, which includes corporate tax hikes,
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Russia introduces 0% corporate tax, other incentives for International Advanced Development Territory
The law will enter into force on 1 January 2026. Russia’s State Duma approved Federal Law No. 518779-8 on 22 July 2025, amending the Tax Code to establish tax and social contribution incentives for residents of the International Advanced
See MoreTurkey revises special consumption tax rates for EVs, other vehicles
The special consumption tax rates for passenger cars, electric vehicles, and off-road vehicles take effect on 1 August 2025. Turkey has published Presidential Decision No. 10115 in the Official Gazette on 24 July 2025, which revises the Special
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Egypt: Tax Authority expands list of taxpayers required to issue electronic receipts for B2C transaction
The Decision mandates that taxpayers listed in the annex section begin issuing electronic tax receipts for goods and services sold to end consumers starting September of 2025. The Egyptian Tax Authority has issued Decision No. 281 of 2025 on 26
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Greece: Parliament approves bill mandating B2B e-invoicing
Greece’s parliament approved a new bill titled “National Customs Code and Other Provisions – Pension Regulations” on 25 July 2025, which introduces mandatory electronic invoicing (e-invoicing) for business-to-business (B2B)
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Bangladesh: Government approves purchase of 220k metric tons of wheat from US to ease trade tensions
This government-to-government deal is part of Bangladesh’s efforts to reduce trade tensions with the US and avoid high tariffs on its exports. Bangladesh has approved the purchase of 220,000 metric tons of wheat from the US for USD 302.75 per
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UK: HMRC adds Spain, Guernsey as Pillar Two recognised territories
HMRC confirms Spain and Guernsey as recognised Pillar Two jurisdictions in Notice 2 issued on 24 July 2025. The UK’s tax, payments and customs authority, His Majesty’s Revenue & Customs (HMRC) issued Notice 2 — Pillar Two top-up taxes
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Romania gazettes legislation to amend APA, MAP
The legislation updates rules for Advance Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs) Romania’s government published Emergency Ordinance 11/2025 (GEO 11/2025) in the Official Gazette No. 695 on 24 July 2025, to amend the
See MoreRussia: Central Bank cuts key interest rate to 18%
New rate affects tax-related interest and penalty calculations from 25 July 2025. The Russian Central Bank reduced the key interest rate to 18% on 25 July 2025, following a prior cut from 21% to 20% on 6 June 2025. The key rate plays an
See MoreUS: Treasury publishes list of countries requiring cooperation with an international boycott with no changes
The list includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Department of the Treasury published a notice in the Federal Register on 31 July 2025, listing countries that may require participation or
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