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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Slovenia to mandate e-invoicing for B2B transactions from 2027
Slovenia’s government has released a draft legislation to introduce mandatory electronic invoicing (e-invoicing) for B2B transactions on 11 February 2025. The Financial Administration of Slovenia (FURS) has proposed a major reform to combat VAT
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Costa Rica: Draft resolution on CRS reporting criteria open for public consultation
Costa Rica’s tax administration (DGT) has published a draft resolution for public consultation on 4 March 2025. The resolution outlines selection criteria and risk factors for reviewing financial account reports under the Common Reporting Standard
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Kazakhstan: National Bank further raises base interest rate
The National Bank of Kazakhstan (NBK) announced a further increase in the base interest rate from 15.25% to 16.5% on 7 March 2025. The new rate takes effect starting today, 11 March. The Monetary Policy Committee of the National Bank of
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US: Idaho lowers corporate, individual tax rates
Idaho Governor Brad Little has signed House Bill 40 into law on 6 March 2025, lowering corporate and individual income tax rates from 5.695% to 5.3%. The legislation also allows veterans to keep more of their military pensions. “Idaho
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Qatar: GTA announces an extension of the tax return filing period for the FY 2024
The General Tax Authority (GTA) of Qatar has announced a four-month extension for submitting tax returns for the fiscal year (FY) ending 31 December 2024. This announcement was made by the General Tax Authority of Qatar on 9 March
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UAE issues decision on tax review deadline extensions
The UAE Federal Tax Authority issued Decision No. 1 of 2025 on 17 February 2025. The decision takes effect on 1 March 2025. It sets out the conditions for extending or rejecting requests for tax assessment reviews and reconsiderations. The
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Australia: Greens Party propose ‘big tech tax’
The Australian Greens Party has announced its proposal for a 'Big Tech Tax' on 6 March 2025. The Greens will implement a Big Tech Tax to ensure companies like Meta, Google, Microsoft and Amazon are paying their fair share to support the
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Bolivia delays e-invoicing deadline for some taxpayers
Bolivia’s Tax Authority (SIN) has announced an extension for taxpayers in groups 9 to 12 to begin issuing e-invoices. This extension is outlined in three resolutions—RND 102500000008, RND 102500000009, and RND 102500000010. The new
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Ukraine raises interest rate, increasing late payment penalties
The National Bank of Ukraine has announced it will raise the key policy rate from 14.5% to 15.5% per annum, effective 7 March 2025. For tax purposes, this impacts the late payment penalty interest, which is 120% of the National Bank rate. This
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Canada extends mineral tax credit to March 2027Â
Canada's Ministry of Finance and Intergovernmental Affairs issued a release on 3 March 2025 proposing to extend the 15% Mineral Exploration Tax Credit for investors in flow-through shares for an additional two years, until 31 March 2027. The
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Philippines resumes e-invoicing expansion
The Philippines' tax administration (BIR) issued Revenue Resolution 11-2025 on 27 February 2025, announcing the expansion of the electronic invoicing (e-invoicing) system. The Philippines' e-invoicing mandate requires taxpayers to issue invoices
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Mozambique: President announces new tax proposals in inauguration speech
Mozambique's new president, Daniel Chapo, announced new tax measures, including renegotiating deals with foreign investors, in his inauguration speech on 15 January 2025. The measures aim to eliminate poverty and improve the country's business
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Lithuania considers increasing preferential VAT rate to 12%
Lithuanian Prime Minister Gintautas Paluckas has confirmed that the Government is considering increasing the preferential rate of value-added tax (VAT) from 9% to 12%. The 21% standard VAT rate and the 5% super-reduced rate will remain
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UK companies house and HMRC to terminate combined online filing service
The UK Companies House has announced on 6 March 2025Â that the joint filing service with HMRC will cease on 31 March 2026. Starting 1 April 2026, businesses will be able to submit their annual accounts to Companies House via third-party software,
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US: Trump orders lumber import probe and boost domestic production, raising concerns on potential tariffsÂ
US President Donald Trump has issued two executive orders concerning the timber industry on 1 March 2025. The first executive order aims to boost domestic production, and the second investigates the impact of imported timber on US security and
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