Ireland: Revenue updates Pillar Two tax guidelines
Irish Revenue issued eBrief 098/2025 on 8 May 2025, updating its Tax and Duty Manual on global minimum taxation rules. The following two Tax and Duty Manuals (TDMs) relating to Pillar Two have been updated: TDM Part 04A-01-01 - Global
See More
Bangladesh to raise mandatory minimum corporate turnover tax
The Bangladeshi government is preparing to raise the minimum tax on company turnover from 0.6% to 1% in the upcoming budget. The minimum rate may also rise from 0.25% to 1% for individual taxpayers. These changes are reportedly driven by pressure
See More
US: Treasury reports USD 258 billion budget surplus in April 2025
The US Department of the Treasury reported a USD 258 billion budget surplus in April on 12 May 2025. The surplus is up 23% (USD 49 billion) compared to the same period last year. The Treasury said the increased surplus was driven by strong tax
See More
US: IRS announces unchanged interest rates, tax underpayments and overpayments for Q3 2025
The US Internal Revenue Service (IRS) released IR-2025-59, on 12 May 2025, announcing that the interest rates will remain the same for the calendar quarter beginning 1 July 2025. For individuals, the rate for overpayments and underpayments
See More
Bolivia further extends mandatory e-filing deadline
Bolivia’s tax authorities (SIN), on 2 May 2025, issued Resolution No. 102500000023, which extended the effective date for mandatory e-filing of tax returns to 2 June 2025. Earlier, the tax authority introduced mandatory electronic tax return
See More
US: Budget plan 2026 seeks to expand deductions for families, select multinational corporations, unincorporated businesses
Republican Congress members have proposed new tax breaks on income from tips, overtime pay, senior citizens, private school tuition, and state and local taxes for the 2026 federal budget on 12 May 2025. The package also proposes tax reductions
See More
Bangladesh abolishes NBR, forms two new revenue divisions
Bangladesh’s President Shahabuddin has promulgated an ordinance dissolving the National Board of Revenue (NBR) yesterday, 12 May, replacing it with two new entities under the Ministry of Finance: Revenue Policy Division and the Revenue Management
See More
Australia: ATO highlights unusual deductions and 2025 compliance priorities
The Australian Taxation Office (ATO) has unveiled “wild” tax deduction attempts and its 2025 priorities on 7 May 2025. The key focus areas include common errors in work-related expenses, working from home deductions, and multiple income
See More
Nigeria: Senate approves tax reform bills, rejects 10% VAT proposal
Nigeria’s Senate passed the Revenue Service (Establishment) Bill and the Nigeria Tax Administration Bill on 7 May 2025 after they had been considered for third reading and passed by the Senate. The Senate passed both bills but rejected the
See More
Hong Kong approves stamp duty changes on real property
The Hong Kong Legislative Council approved the Stamp Duty (Amendment) Bill 2025 on 7 May 2025 to implement the 2025-26 budget proposal to raise the maximum value of properties chargeable to the HKD 100 stamp duty from HKD 3 million to HKD 4 million,
See More
UK: HMRC cuts late payment, repayment interest rates
UK’s tax authority, His Majesty’s Revenue and Customs (HMRC) has announced updated late payment and repayment interest rates in response to the Bank of England's base rate reduction from 4.50% to 4.25% on 8 May 2025. HMRC interest rates are
See MoreUS: IRS reminds taxpayers and small businesses to look out for scams
The US IRS issued a notice urging taxpayers and small businesses to remain alert to potential scams on 8 May 2025. The Internal Revenue Service joins in celebrating National Small Business Week by reminding taxpayers and small businesses that,
See More
Italy updates reportable and participating jurisdictions under CRS
Italy’s Ministry of Economy and Finance has issued a decree updating the list of jurisdictions considered reportable and participating under the Common Reporting Standard (CRS). The updated list, released in the Official Journal on 6 May 2025,
See More
Portugal extends VAT compliance deadlines due to tax portal disruptions
The Portuguese government has extended several VAT compliance deadlines under Order No. 78/2025 – XXIV on 6 May 2025, due to recent tax portal access issues caused by power outages in some EU countries and other network disruptions. The new
See More
OECD updates commentary on global anti-base erosion rules
The OECD has released an updated Consolidated Commentary on the Global Anti-Base Erosion Model Rules (2025) on 9 May 2025. This Consolidated Commentary incorporates Agreed Administrative Guidance that has been released by the Inclusive Framework
See More
Singapore: IRAS issues corporate tax filing guidance for YA 2025
The Inland Revenue Authority of Singapore (IRAS) has issued new guidance to assist companies with their obligations for the Corporate Income Tax Filing Season 2025 on 8 May 2025. Companies are required to file their Corporate Income Tax Return
See More
Ireland issues guidance on new corporate tax exemption for foreign distributions
The Irish Revenue Commissioners published Revenue eBrief No. 095/25 on 6 May 2025, which provides guidance on the corporate tax participation exemption for distributions received from foreign subsidiaries. This exemption applies from 1 January
See More
Costa Rica consults new tax penalty self-assessment form
Costa Rica’s tax administration (DGT) has released a draft resolution for public consultation on 2 May 2025, proposing major changes to self-assessment penalties for tax infractions. The resolution requires using the new TRIBU-CR platform to
See More