Chile waives interest and penalties for some non-resident taxpayers over technical glitch
The full waiver of interest and penalties only applies to non-resident taxpayers who submitted their digital VAT forms by 25 July 2025. Chile's Tax Administration (SII) has issued Resolution Ex. SII No. 89-2025 on the SII website on 22 July
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Azerbaijan: Central Bank lowers key interest rate
The rate has been lowered from 7.25% to 7%, effective 24 July 2025. The Central Bank of Azerbaijan has lowered its key refinancing rate from 7.25% to 7.0%, effective 24 July 2025. The decision was based on actual inflation aligning with
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Costa Rica gazettes new resolution on transfer pricing information return
The new resolution will take effect on 4 August 2025, replacing the 2016 and 2017 resolutions. Costa Rica's Tax Administration (DGT) has published Resolution MH-DGT-RES-0026-2025 in the Official Gazette on 24 July 2025, which pertains to the
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Poland: President approves law to ease corporate income tax rules
The new law removes certain tax exemptions tied to SEZ permits, eliminates annual reporting for general partnerships, and lifts penalties affecting corporate tax group status for related-party transactions. Poland’s President has signed a law
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Canada: Google ends 2.5% ad surcharge following move to repeal DST
The fee, introduced on 1 October 2024, applied to Google Ads and YouTube reservations to cover compliance costs under Bill C-69, which targeted large digital companies. Google has announced that it is scrapping its 2.5% "Canada DST Fee" on
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Sri Lanka releases consolidated Inland Revenue Act 2025
The consolidated version of the Inland Revenue Act reflects the recent legal amendments. The Sri Lankan Inland Revenue Department released the consolidated version of the Inland Revenue Act No. 24 of 2017 on 24 July 2025. The updated text
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Ireland clarifies VAT and income tax obligations for social media influencers
The Irish Revenue has confirmed that social media influencers must follow standard income tax and VAT rules. The Irish Revenue Commissioners have confirmed that social media influencers are subject to standard income tax and VAT rules, with no
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Ireland: Revenue updates guidance on outbound payment defensive measures
Irish Revenue has updated its guidance on outbound payment defensive measures to reflect the 2025 legislative changes to Section 817U of the TCA, effective from 1 January 2026. Irish Revenue has published eBrief No. 139/25 announcing updates to
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US: IRS releases temporary guidelines to enhance LB&I audit procedures
The memo outlines plans to phase out the acknowledgement of facts process by 2026, expand accelerated issue resolution to large corporate cases, and strengthen review of fast track settlement denials. The US Internal Revenue Service (IRS)
See MoreChile updates daily late tax payment interest rate for July–December 2025
The updated daily interest rate for late tax payments is 0.0222222222% for the period from 1 July to 31 December 2025. Chile’s Internal Revenue Service (SII) has issued Resolution No. 75 on 26 June 2025, setting the daily interest rate for late
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Finland consults on proposed tax hike for soft drinks and selected beverages
The deadline for submitting comments is 6 August 2025. Finland’s Ministry of Finance launched a public consultation on 2 June 2025, proposing a EUR 0.15 per litre sugar-based tax on soft drinks and an increased excise duty on fermented
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OECD updates signatories list for MCAA-CbC as of July 2025
The last updated list of signatories for MCAA-CbC was released in April 2025. The Organisation for Economic Cooperation and Development (OECD) released an updated list of signatories, along with their signing dates, for the Multilateral
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US: IRS clarifies BEAT exception rules; states services cost method not mandatory, documentation essential
The IRS clarified that under BEAT rules, taxpayers may exclude the cost portion of service payments to foreign related parties using the Section 59A(d)(5) exception, even without applying the specific transfer pricing method. The US Internal
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Taiwan: MOF tightens CFC loss submission rules
The finance ministry mandated that CFC losses are deductible only if audited statements or equivalent proof are filed by the tax deadline (plus a one-time six-month extension); otherwise, they're disallowed. Taiwan’s Ministry of Finance has
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Luxembourg approves draft laws on Pillar Two, crypto reporting
The approved draft laws transpose DAC 8 and DAC 9, introducing new crypto reporting obligations and implementing Pillar Two top-up tax information exchange, among others. Luxembourg’s Government Council approved a series of draft laws and
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UN Tax Proposals: A game changer or wishful thinking?
Regfollower debuted its official podcast, Regtalks, live on 24 July 2025, with a compelling discussion with Philip Baker OBE KC, one of the world’s leading experts in international tax law. He unpacked two UN initiatives: the Framework
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Czech Republic: Senate approves amendments to align Pillar Two top-up tax with OECD standards
The Pillar Two top-up tax amendments update legislation to align with OECD Pillar Two administrative guidance, focusing on safe harbours and related provisions. The Czech Republic Senate has approved amendments to the Bill Amending the Accounting
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Hong Kong: IRD issues new FAQs on foreign income exemption rules
The FAQs provide detailed clarifications on the FSIE regime, covering definitions of covered income, economic substance, and participation requirements. The Hong Kong Inland Revenue Department (IRD) has released new FAQs on 24 July 2025,
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