US: Treasury, IRS issue final BEAT guidance on qualified derivative payments in securities lending transactions
The US Treasury Department and the Internal Revenue Service (IRS) issued final regulations in the Federal Register on 18 December 2025, outlining how qualified derivative payments (QDPs) are determined and reported in securities lending transactions
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Finland: CARF MCAA enters into force
Finland’s Ministry of Finance issued Notice No. 74/2025 on 31 December 2025, confirming that the Multilateral Competent Authority Agreement under the Crypto-Asset Reporting Framework (CARF MCAA) took effect in Finland starting today, 1 January
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Serbia: MoF postpones launch of preliminary pre-filled VAT filings to 2027
Serbia’s Ministry of Finance has announced that the Law on Amendments and Supplements to the Law on Electronic Invoicing was approved on 3 December 2025. A significant change introduced by this update relates to the implementation of preliminary
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Italy: Senate approves 2026 budget, increases taxes on banks
Italy’s government secured a decisive vote of confidence in the Senate on 30 December 2025 for its 2026 budget, winning 113 votes to 70, keeping it on track for final approval by parliament before year-end. The budget now moves to the lower
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Cyprus: Parliament passes tax reform package, introduces 120% R&D deductions
The Cyprus parliament passed a major tax reform package on 22 December 2025, introducing higher corporate taxation, expanded personal tax relief, new rules for crypto-asset income, and strengthened compliance mechanisms, alongside targeted
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WTO: Updated Global Trade Outlook
The October 2025 update of the Global Trade Outlook and Statistics noted that the WTO forecast for world merchandise trade volume growth in 2025 has risen to 2.4% (which is higher than the estimate of 0.9% in the interim outlook in August) 2025.
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Bahrain: Cabinet approves fiscal reforms, introduces 10% profit tax
Bahrain’s Cabinet approved a package of fiscal and economic measures aimed at curbing government spending, increasing revenues and safeguarding key subsidies, following a Cabinet meeting chaired by Crown Prince and Prime Minister Prince Salman bin
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Ukraine raises corporate tax rate for banks in 2026
Ukraine has enacted Law No. 4698-IX, published in the Official Gazette on 26 December 2025, introducing significant amendments to the country’s Tax Code and related legislation. Under the new law, banks will face a corporate income tax rate of 50%
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Turkey to cut digital services tax rate in phases
Turkey has reduced its digital services tax (DST) with the publication of Presidential Decree No. 10767 in the Official Gazette (No. 33118) on 25 December 2025. The decree lowers the DST rate from 7.5% to 5% starting 1 January 2026 and further to
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Taiwan: Profit-Seeking enterprises must submit tax return attachments by deadline
Taiwan's Ministry of Finance (MOF) has reminded profit-seeking enterprises with a special fiscal year to submit all required attachments when filing profit-seeking enterprise income tax returns, except for those exempt under relevant
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Germany enacts DAC8 crypto-asset reporting rules
Germany has officially published the Law implementing Council Directive (EU) 2023/2226 (DAC8) in the Official Gazette on 23 December 2025, introducing updated reporting and due diligence requirements for crypto-asset service providers. The
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Austria enacts Anti-Fraud Act 2025, implements DAC8 crypto reporting rules
Austria published the Anti-Fraud Act 2025 in the Official Gazette on 23 December 2025. The law implements Council Directive (EU) 2023/2226 of 17 October 2023 (DAC8), introducing new reporting and due diligence obligations for crypto-asset service
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Chile: SII enlists foreign digital service providers subject to VAT withholding for 2026
Chile’s tax authority (SII) has issued Resolution No. 181 of 15 December 2025, which formalises the list of foreign digital service providers (DSPs) subject to value added tax (VAT) withholding for the upcoming calendar year. Chile has
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Brazil: RFB updates automatic information exchange rules to include digital currencies, crypto-assets
Brazil’s Federal Revenue Service (RFB) issued Normative Instruction RFB 2298 on 26 December 2025, updating the Common Reporting Standard (CRS) in line with the latest OECD version. Effective 1 January 2026, Key updates include the
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Belgium raises annual tax on credit institutions
Belgium’s Federal Public Service (FPS) Finance has gazetted the Law of 19 December 2025 on 30 December 2025, introducing amendments to the Income Tax Code (CIR 92) which includes changes to the annual tax on credit institutions. The law
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Hong Kong: IRD extends 2024-25 lodgement tax return deadline ending January–March 2025
The Hong Kong Inland Revenue Department (IRD) released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2024/25 Tax Returns on 19 December 2025 stating that the IRD recognises the genuine difficulties being
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Germany brings DAC9 aligned Pillar 2 measures into effect
The bill implementing the amendments to the domestic Pillar Two rules was published in the Official Gazette on 23 December 2025 (BGBl. I 353/2025) and entered into force on 24 December 2025. The bill updates the Minimum Tax Act and aligns various
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Iceland: Revenue and Customs announce corporate tax, VAT rates for 2026
Iceland’s tax authority, the Revenue and Customs, has released the key rates and amounts for 2026, detailing changes to corporate tax, VAT, and personal income tax. The rate changes are as follows: Corporate tax rate changes Income
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