Czech Republic: Senate approves new tax and penalty waiver rules
The Czech Senate approved a bill on 11 June 2025, allowing tax authorities to waive penalties upon request and enabling the government to waive tax obligations during emergencies or legal irregularities. The Czech Republic’s Senate approved the
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Australia: ATO revises corporate tax residency guidelines
The ATO updated its corporate tax residency guidelines on 11 June 2025, clarifying the central management and control (CMC) test The Australian Taxation Office (ATO) updated its corporate tax residency guidelines in PCG 2018/9 on 11 June 2025,
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Philippines issues VAT filing guidelines for nonresident digital providers
The BIR has issued a form and related guidelines for nonresident digital service providers to file and pay VAT. The Philippines Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 52-2025 on 30 May 2025, introducing a
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Kenya: National Treasury publishes budget statement 2025-26, reduces corporate and digital tax ratesÂ
Kenya's National Treasury has released the 2025-26 Budget Statement on 12 June 2025. Kenya's National Treasury published the 2025-26 Budget Statement on 12 June 2025, outlining key tax measures aligning with proposals highlighted in the 2025
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Hong Kong announces 2024-25 property tax obligations for owners
Hong Kong property owners with taxable rental income must inform the Inland Revenue Department by 31 July 2025 if they don’t receive a tax return, or face penalties. The Hong Kong Inland Revenue Department has issued a notice on property tax
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Portugal extends corporate tax filing and payment deadlines for 2024
Portugal extended the 2024 corporate income tax (IRC) filing and payment deadline for calendar-year companies from 15 June 2025 to 30 June 2025. Portugal’s tax and customs authority issued Order No. 2/2025-XXV on 9 June 2025, extending the
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OECD publishes framework to assess revenue potential of country-specific tax reforms
The OECD released a new working paper outlining the Domestic Resource Mobilisation (DRM) Framework, highlighting tax policy measures and estimating their potential to increase tax revenues in low- and middle-income countries. The OECD published a
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Germany finalises 2025 automatic financial information exchange list
Germany has confirmed 115 jurisdictions for the 2025 automatic exchange of financial account information, with reporting due by 31 July 2025. The German Ministry of Finance released the final list of 115 jurisdictions participating in the
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Malaysia: IRBM grants e-invoicing exemption for revenue below MYR 500,000, defers for up to MYR 5 million
The IRBM announced that taxpayers with annual turnovers under MYR 500,000 are temporarily exempt from e-Invoicing. The Inland Revenue Board of Malaysia (IRBM) announced on 5 June 2025 that taxpayers with annual revenue below MYR 500,000 are
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Brazil: 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
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US: Treasury releases list of boycott-participating countries with no changes
 The U.S. Treasury released a list of countries on 10 June 2025 that may require participation in an international boycott. These countries include Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Treasury issued a
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UK: HM Treasury updates carried interest tax policy ahead of 2026 changes
The UK’s HM Treasury released its Government Response and Policy Update on 5 June 2025, addressing the tax treatment of carried interest following a consultation. The UK’s HM Treasury published its Government Response and Policy Update
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South Africa: SARS outlines SEZ tax benefits for SMMEs to support investment and growth
SARS outlines SEZ tax incentives and licensing rules for SMMEs to support investment and trade. The South African Revenue Service (SARS) published the Traders and Travellers Connect Edition 5 on 9 June 2025, highlighting the benefits of special
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Singapore: IRAS issues advance ruling on taxation of IP transfers
IRAS has ruled that payments received by a Singapore company for transferring Improvement IP to a related party are non-taxable capital receipts as part of a group restructuring. The Inland Revenue Authority of Singapore (IRAS) has released
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Ecuador extends transfer pricing filing deadlines for 2024
Ecuador has extended the 2024 transfer pricing filing deadlines to September 2025 for qualifying taxpayers. Ecuador’s Internal Revenue Service (SRI) published Resolution No. NAC-DGERCGC25-00000012 in the Official Gazette on 7 June 2025,
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US: CRS publishes report on enforcing remedies for unfair foreign tax practices
The US House of Representatives passed the One Big Beautiful Bill Act on 22 May 2025, now with the Senate. A key tax measure includes adding section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," to the Code. The US Congressional
See MoreAustralia: ATO announces GIC, SIC rates for Q1 2025-26
From 1 July 2025, the GIC annual rate will be 10.78%, and the SIC annual rate will be 6.78%. The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of
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J5 Australia, Canada, Netherlands, UK, and US publish report on fintech use in tax evasion and money laundering
The J5 group—Australia, Canada, Netherlands, UK, and US—has released a report examining how fintech is used to facilitate tax evasion and money laundering. The Joint Chiefs of Global Tax Enforcement (J5) released three reports today –
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