Lithuania implements DAC8 and APA rollback in tax law amendments
Lithuania has amended its tax law to implement DAC8, APA rollback, and update reporting, VAT, GDPR, and penalty rules, which take effect on 1 January 2026. Lithuania adopted amendments to the Law on Tax Administration on 30 June 2025, which
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Bangladesh begins second-round of negotiations with US to avert 35% tariff on exports
The second-round talks are being held at Washington from 9–11 July 2025. Bangladesh has started the second round of negotiations with the US in Washington, DC, from 9 to 11 July 2025, in an effort to stop the implementation of a proposed 35%
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Lithuania extends corporate income tax exemption for large-scale investment projects
Under the amended Corporate Income Tax (CIT) Law, companies undertaking qualifying projects may receive tax relief for up to 20 tax years. Lithuania has extended its corporate income tax exemption for large-scale investment projects under a new
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Italy signs DPI MCAA for automatic exchange of digital platform income data
A total of 31 jurisdictions have signed the DPI MCAA as of 3 July 2025. Italy has signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information on Income Derived Through Digital Platforms (DPI MCAA) under the OECD
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US: Trump ends clean energy tax credits for wind, solar facilities
Federal agencies must report their actions to the White House within 45 days. US President Donald Trump signed an executive order directing the Interior Department to review and adjust policies that currently favour renewable energy over other
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BRICS leaders endorse UN framework for international tax cooperation
The BRICS leaders' declaration from the 17th BRICS Summit in July 2025 highlights their support for the UN Framework Convention on International Tax Cooperation, as endorsed by BRICS Finance Ministers and Central Bank Governors. The BRICS leaders
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Malaysia allows tax deduction for ESG expenditure
The ESG deduction is capped at MYR 50,000 annually and applies from the year of assessment 2024 through to 2027. Malaysia introduced the Income Tax (Deduction for Expenditure in Relation to Environmental Preservation, Social and Governance) Rules
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US: IRS repeals 83 outdated tax regulations
The tax regulations are deemed outdated due to repealed statutes, expired emergency provisions, or matters now resolved by new legislation. The US Internal Revenue Service (IRS), under President Donald Trump's Executive Order 14219 (19 February
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Japan issues guidance o interest-equivalent payments under J-ESR
Japan’s FSA issued guidance clarifying tax rules for interest-equivalent payments under the Earnings Stripping Regime, aligning with OECD BEPS Action 4. Japan’s Financial Services Agency (FSA) released guidance on 24 June 2025 clarifying the
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UK Treasury amends Pillar Two rules to allow retrospective HMRC notices
The UK Treasury has amended Multinational Top-up Tax regulations to enable HMRC to issue retrospective notices under the OECD’s Pillar Two rules, effective 24 July 2025. The UK Treasury introduced SI 2025/783 on 30 June 2025, amending the
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US to impose 35% tariff on Bangladeshi exports from August
US to apply 35% tariff on Bangladeshi exports from 1 August, raising concerns for the country’s key garment sector. The US will impose a 35% tariff on imports from Bangladesh starting 1 August 2025, following an announcement by President Donald
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US to impose 25% tariffs on Japan, Korea (Rep.) from August 2025
Trump announced new tariffs on Japan and Korea (Rep.), urging trade negotiations before 1 August. US President Donald Trump announced a 25% tariff on all imports from Japan and Korea (Rep.) on 8 July 2025, due to take effect on 1 August. The
See MoreUK: Online marketplaces responsible for VAT on sales by foreign sellers
HMRC has confirmed that online marketplaces must account for VAT on goods sold by overseas businesses when the items are located in the UK at the time of sale. The UK’s HM Revenue & Customs (HMRC) issued guidance on 20 June 2025 confirming
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Sweden proposes law to implement DAC9
Legislation to take effect from 1 April 2026, with transitional rules and temporary penalty relief The Swedish Ministry of Finance published a memorandum on 4 July 2025 proposing legislation to implement the Amending Directive to the 2011
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Costa Rica updates interest rates on tax arrears and refunds for July 2025
The revised interest rate for late tax payments, refunds, customs issues, and fines has been set at 8.35%, replacing the previous rate of 8.43% Costa Rica's Ministry of Finance has issued Resolution MH-DGH-RES-0042-2025/MH-DGA-RES-0862-2025,
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EU: European Commission proposes measures to curb carbon leakage in exports
The proposal, set for finalisation by end-2025, aims to protect at-risk producers from carbon leakage and ensure equal treatment of all goods within EU trade. The European Commission has announced plans to introduce a new measure to address the
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Australia: ATO announces FX Rates for year ending June 2025
The ATO has updated its foreign exchange rate guidance, including monthly rates for July 2024 to June 2025. The Australian Taxation Office (ATO) has updated its guidance on foreign exchange rates, incorporating rates for the financial year ending
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Georgia introduces tax incentives for startups and R&D entities
Innovative startups will enjoy 10 years of tax benefits, including exemption from salaries for the first three years, 5% corporate tax rates for the next three years, and 10% for the final four years. R&D service providers will face 5% corporate
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