Russia: Parliament proposes zero VAT on lightweight drones
The initiative seeks to enhance domestic drone manufacturing, and the zero VAT rate is expected to remain until 31 December 2027. Russia’s parliament has proposed draft law no. 962796-8 aimed at boosting domestic drone production. It proposes
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Iceland issues guidance on cruise ship tax, infrastructure fees
Operators must submit passenger reports within seven days of departing Iceland, with an ISK 400 lodging tax for domestic voyages and an ISK 2,500 infrastructure charge for international docked vessels. Iceland’s Revenue and Customs issued
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Zambia advances 2025 tax reform, proposes 1% minimum alternative tax for businesses
Key proposals include a 1% MAT on turnover, 15% to 20% withholding tax on government securities, and excise duty hikes on cigarettes, alcohol, sugary drinks, and betting services. Zambia's National Assembly has advanced the Income Tax
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Russia: Parliament proposes VAT reduction on food products
This proposed legislation aims to lower the VAT rate on certain food items from 10% to 5%. Russia’s parliament has proposed draft law No. 955850-8, which seeks to reduce the VAT rate on specific food products from 10% to 5%. The initiative aims
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Colombia: Council of State rules that there is no legal deadline for sending electronic messages confirming receipt of invoices
The ruling focused on the interpretation of Article 616-1 of the Tax Code, particularly regarding the electronic acknowledgement messages confirming receipt of the electronic sales invoice and the goods or services acquired in credit
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Ireland to increase infrastructure spending by 30%Â
The updated National Development Plan outlines a wide-ranging strategy for infrastructure development from 2026 to 2030, focusing on housing, energy, water, and transport. Ireland’s government has announced a major boost to infrastructure
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US reduces reporting requirements for small businesses, freelancers, payment platforms
Recent tax law changes under President Trump's tax package reduce IRS reporting requirements for small businesses and freelancers, easing administrative burdens but potentially increasing income underreporting and widening the tax gap. Recent
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US: Trump administration considers eliminating capital gains tax on home sales
Under current law, US residents can exclude up to USD 250,000 in capital gains from taxable income when selling their primary residence. US President Donald Trump announced on 22 July 2025 that his administration is considering eliminating
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OECD publishes peer review reports on tax information exchange for Honduras, Madagascar, Mongolia, Oman, Trinidad and Tobago
The reports were approved by the Global Forum's dedicated Peer Review and Monitoring Group in June 2025 and subsequently adopted by the Global Forum members. The OECD has published new peer review reports on tax information exchange for Honduras,
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Indonesia: Chief Economic Minister says 19% US tariff may take effect before 1 August
Trump imposed a 19% tariff on Indonesian goods as part of a new trade agreement, effective 1 August Indonesia's Chief Economic Minister, Airlangga Hartarto, announced on 21 July 2025 that the 19% tariff on Indonesian goods entering the US could
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EC urges several nations to fully implement VAT rates, SME scheme directive
The European Commission has urged several EU countries, including Cyprus, Belgium, Bulgaria, Greece, Spain, and Romania, to fully implement VAT-related directives and new SME VAT rules. The European Commission, in its July 2025 infringements
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Netherlands enacts Box 3 income rebuttal scheme
The Box 3 Rebuttal Rule Act allows taxpayers to use their actual return instead of the deemed rate, potentially reducing taxable income when the actual return is lower. The Netherlands enacted the Box 3 Rebuttal Rule Act on 18 July 2025,
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Australia: ATO issues guidance on foreign capital gains withholding credits from property sales
Clients subject to the foreign resident capital gains withholding (FRCGW) are required to file a tax return to claim withheld credits, regardless of income level. The Australian Taxation Office (ATO) has issued a guidance on 18 July 2025, on
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Belgium: Chamber of Deputies approve participation exemption changes, exit tax rules, other tax reforms
From 2026, Belgium's tax changes include stricter participation exemption rules, exit tax on cross-border reorganisations, a permanent 6% VAT for residential demolition/reconstruction, and higher VAT on coal and fossil fuel boilers. The Belgian
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EU urges Netherlands to align investment fund tax rules with EU law
The European Commission issued a reasoned opinion to the Netherlands for not aligning its tax levy reduction scheme with the free movement of capital under EU and EEA agreements. The European Commission issued a reasoned opinion to the
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Venezuela: Economy ministry issues requirements for tax refunds in special economic zones
The Ministry of Economy and Finance issued guidelines for tax refunds in SEZs, which require certification, tax compliance, and adherence to administrative procedures. Venezuela’s Ministry of Economy and Finance issued Resolution No. 014-25 on
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France: DGFIP publishes Charter governing APAs to modernise and strengthen framework
Optional in 2025, the charter strengthens mutual commitments to optimise the APA process. The French tax authorities (DGFIP) published a new Charter governing advance pricing agreements (APAs) to modernise and strengthen the APA framework on 16
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Pakistan exempts Google from new digital tax, confirms resident status
The FBR has clarified that the Digital Presence Proceeds Tax does not apply to Google because it has maintained a branch office in Pakistan and is considered a tax resident under domestic tax laws. The Federal Board of Revenue (FBR) of Pakistan
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