Nigeria drops proposal to cut corporate tax rate to 25%
A reform in the Nigeria Tax Act removes the proposed reduction of the 30% income tax rate for large companies to 25%. Nigeria has published the Nigeria Tax Act (NTA) in the official gazette, which contains revisions that differ from the
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Korea (Rep.): Ministry of Economy and Finance proposes corporate tax hikes, AI investment incentives, QDMTT Pillar Two rules
The proposals will require approval from the National Assembly before they can enter into force. The South Korean Ministry of Economy and Finance released the 2025 tax law amendment proposal, on 31 July 2025, which includes corporate tax hikes,
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Russia introduces 0% corporate tax, other incentives for International Advanced Development Territory
The law will enter into force on 1 January 2026. Russia’s State Duma approved Federal Law No. 518779-8 on 22 July 2025, amending the Tax Code to establish tax and social contribution incentives for residents of the International Advanced
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Turkey revises special consumption tax rates for EVs, other vehicles
The special consumption tax rates for passenger cars, electric vehicles, and off-road vehicles take effect on 1 August 2025. Turkey has published Presidential Decision No. 10115 in the Official Gazette on 24 July 2025, which revises the Special
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Egypt: Tax Authority expands list of taxpayers required to issue electronic receipts for B2C transaction
The Decision mandates that taxpayers listed in the annex section begin issuing electronic tax receipts for goods and services sold to end consumers starting September of 2025. The Egyptian Tax Authority has issued Decision No. 281 of 2025 on 26
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Greece: Parliament approves bill mandating B2B e-invoicing
Greece’s parliament approved a new bill titled “National Customs Code and Other Provisions – Pension Regulations” on 25 July 2025, which introduces mandatory electronic invoicing (e-invoicing) for business-to-business (B2B)
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Bangladesh: Government approves purchase of 220k metric tons of wheat from US to ease trade tensions
This government-to-government deal is part of Bangladesh’s efforts to reduce trade tensions with the US and avoid high tariffs on its exports. Bangladesh has approved the purchase of 220,000 metric tons of wheat from the US for USD 302.75 per
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UK: HMRC adds Spain, Guernsey as Pillar Two recognised territories
HMRC confirms Spain and Guernsey as recognised Pillar Two jurisdictions in Notice 2 issued on 24 July 2025. The UK’s tax, payments and customs authority, His Majesty’s Revenue & Customs (HMRC) issued Notice 2 — Pillar Two top-up taxes
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Romania gazettes legislation to amend APA, MAP
The legislation updates rules for Advance Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs) Romania’s government published Emergency Ordinance 11/2025 (GEO 11/2025) in the Official Gazette No. 695 on 24 July 2025, to amend the
See MoreRussia: Central Bank cuts key interest rate to 18%
New rate affects tax-related interest and penalty calculations from 25 July 2025. The Russian Central Bank reduced the key interest rate to 18% on 25 July 2025, following a prior cut from 21% to 20% on 6 June 2025. The key rate plays an
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US: Treasury publishes list of countries requiring cooperation with an international boycott with no changes
The list includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. The US Department of the Treasury published a notice in the Federal Register on 31 July 2025, listing countries that may require participation or
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Costa Rica postpones launch of new digital tax platform
The launch of the new digital tax platform has been rescheduled to 6 October 2025. Costa Rica’s Tax Administration (DGT) has announced that the launch of the new digital tax platform, “TRIBU-CR,” has been postponed from 4 August to 6
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Romania increases standard and reduced VAT rates, effective starting tomorrow
Starting 1 August 2025, Romania will unify the 5% and 9% VAT rates into a single 11% rate and raise the standard VAT rate from 19% to 21%. Effective from tomorrow, 1 August 2025, Romania’s reduced VAT rates of 5% and 9% have been unified and
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EU: Council adopts new rules simplifying tax collection for imports
The directive will be published in the EU Official Journal and take effect 20 days later, with rules applying from 1 July 2028. The EU Council has formally adopted new value added tax (VAT) rules for distance sales of imported goods on 18 July
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Kazakhstan adopts transfer pricing law amendments, emphasises ‘substance over form
Kazakhstan’s President signed amendments to transfer pricing regulations on 18 July 2025, introducing new rules effective 1 January 2026 that emphasize substance over form, revise reporting thresholds, define key financial terms, and tighten
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Bolivia: National Tax Service extends filing deadlines for corporate tax, transactions declarations
Corporate tax returns for tax years ending 31 March 2025 are now due by 29 August 2025. Bolivia’s National Tax Service (SIN) issued Resolution No. 102500000032 on 28 July 2025, in which it extended filing deadlines for corporate income tax
See MoreNigeria to enforce mandatory e-invoicing for large taxpayers starting tomorrow
All large taxpayers with annual turnovers of NGN 5 billion or more will be required to adopt mandatory electronic invoicing via the EFS. Nigeria’s national electronic invoicing (e-invoicing) regime through the Electronic Fiscal System (EFS)
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Luxembourg proposes permanent carried interest tax regime
Bill No. 8590 aims to establish a permanent tax framework for carried interest and strengthen Luxembourg’s position in asset management. The Luxembourg Government submitted Bill No. 8590 on 24 July 2025 to the Chamber of Deputies, introducing
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