Singapore issues advance ruling on income tax matters concerning business transfers
The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling Summary No. 3/2025 on 3 March 2025, addressing the income tax implications of business transfers. 1. Subject: a. Whether the proposed transfer of the entire banking
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Australia: ATO raises concerns on restructures to exploit MIT withholding rules
The Australian Taxation Office (ATO) issued Taxpayer Alert (TA) 2025/1 on 7 March 2025, raising concerns about restructures and arrangements aimed at accessing the managed investment trust (MIT) withholding regime (including deemed capital gains tax
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Switzerland: Lucerne consults economic development, R&D incentives
The government of the Swiss Canton of Lucerne has announced a public consultation on its plans for economic development on 10 March 2025. The canton aims to invest CHF 300 million annually starting in 2026 to address changes in international tax
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EU adopts VAT in the digital age (ViDA) package
The European Commission (EC) announced on 11 March 2025 that the VAT in the Digital Age (ViDA) package had been adopted following consultation with the European Parliament and would be rolled out progressively until January 2035. Upon entry into
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US: Idaho offers tax relief for South California taxpayers affected by wildfires
The Idaho State Tax Commission announced on 6 March 2025 that it is extending the deadlines to file and pay taxes for victims of the southern California wildfires and straight-line winds. Affected taxpayers in Los Angeles County will have until
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Italy gazettes decree on global minimum tax form
Italy’s Ministry of Economy and Finance has published the Ministerial Decree of 25 February 2025 in the Official Gazette No. 54 on 6 March 2025. As previously reported, the decree sets rules for companies subject to the global minimum tax on
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Malawi announces 2025-26 budget, cuts corporate tax for non-resident firms
Malawi's Minister of Finance Simplex Chithyola Band presented the 2025-26 Budget Statement on 28 February 2025. The budget, totaling MWK 8 trillion, aims to stabilise the economy in the face of sluggish GDP growth, soaring inflation, and mounting
See MoreOECD: Report on Simplified Peer Review of Iceland under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Iceland under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
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Germany releases income tax decree on crypto assets, expanding guidance on filing and reporting
The German Ministry of Finance (MOF) released an updated decree on the income tax treatment of crypto assets on 6 March 2025, replacing the previous version from May 2022. A crypto-asset is the digital representation of a value or of a right that
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Kuwait updates UBO regulations with stricter penalties and expanded exceptions
Kuwait's Ministry of Commerce and Industry has issued Decision No. 16 of 2025, updating the country's regulations on Ultimate Beneficial Ownership (UBO). This decision builds on Resolution 4/2023, which took effect on 1 April 2023, and introduced
See MoreOECD: Report on Simplified Peer Review of Peru under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Peru under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
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Costa Rica launches public consultation on capital income registration
Costa Rica’s tax administration (DGT) has released a draft resolution for public consultation related to the registration to pay capital income tax for real estate and movable assets. The draft resolution was published in the Official Gazette
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EU: Working Party to discuss clean industry deal and draft energy tax reform
The European Union (EU) Working Party on Tax Questions (Indirect Taxation—Excise Duties/Energy Taxation) unveiled its provisional agenda on 5 March 2025, ahead of its upcoming meeting on 1 April 2025. The Working Party prepares the Economic and
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US: Wyoming offers 25% property tax cut for homeowners
Wyoming Governor Mark Gordon signed a legislation on 3 March 2025 that offers a property tax exemption of up to 25% for single-family homes. A single-family home is a structure intended for human habitation, including a house, modular home,
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Chile updates list of preferential tax regimes
Chile's Internal Revenue Service (SII) has issued Resolution No. 30 of 6 March 2025 with an updated list of territories and jurisdictions with preferential tax regimes. The list reflects the new rules introduced by the Law on Compliance with Tax
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Ukraine: Central Bank raises key policy rate
The Board of the National Bank of Ukraine (NBU) has decided to raise the key policy rate from 14.5% to 15.5% per annum and to adjust the operational framework parameters of its interest rate policy. The key policy rate is applied to calculate
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Poland extends reverse charge for gas, electricity, and greenhouse gas emissions transfers
Poland's Ministry of Finance has announced that the VAT reverse charge mechanism for transactions involving gas, electricity, and greenhouse gas emission allowance transfers will be extended to 31 December 2026. The mechanism was initially planned
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Papua New Guinea plans major tax reforms after hitting economic goals
Papua New Guinea's Prime Minister James Marape announced tax reforms on 7 February 2025. These tax reforms will take effect once Papua New Guinea's economy reaches a K150 billion milestone, a target expected to be achieved within the next three to
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