Canada retaliates against US tariffs with multi-level countermeasures
Canada’s federal government has announced a detailed tariff package, which includes a comprehensive list of US products that will now face a 25% tariff, effective 4 March 2025, in response to the recent US tariffs on imports of Canadian
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UK: Finance Bill 2025 moves to House of Lords for final approval
UK’s Finance Bill 2024-25 has now moved to the House of Lords, where it had its first reading on 4 March. The Bill has passed through the House of Commons where MPs debated during the report stage on 3 March 2025, approving 66 amendments
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Poland: CJEU rules tax exemption for external investment funds breaches EU law
The Court of Justice of the European Union (CJEU), in its ruling C-18/23 on 27 February 2025, established that the Polish tax exemption for externally managed nonresident investment funds violated the free movement of capital under EU law. Under
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Singapore: IRAS adds Dominican Republic to CbC reporting exchange list
The Inland Revenue Authority of Singapore (IRAS) updated its Country-by-Country Reporting guidance page on 5 March 2025. The update includes a revised list of jurisdictions with which CbC reports (CbCR) can be automatically exchanged, adding
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UK: HMRC opens consultation on inheritance tax changes for trust property
The UK tax authority,His Majesty's Revenue and Customs (HMRC) has launched a consultation on the application of inheritance tax changes to property settled into trust on 27 February 2025. At Autumn Budget 2024, the government announced several
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UK: HMRC updates R&D tax relief guidance on qualifying expenditure and subcontracted activities
The UK tax authority, His Majesty's Revenue and Customs (HMRC) has revised its guidance in the Corporate Intangibles Research and Development Manual regarding qualifying expenditure and subcontracted activities for research and development (R&D)
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UK introduces reserved investor fund with tax-transparent status
The UK Government published the final Co-ownership Contractual Schemes (Tax) Regulations 2025 on 25 February 2025, introducing the Reserved Investor Fund (RIF), effective from 19 March 2025. The RIF is an unauthorised contractual scheme designed for
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Thailand updates VAT input tax rules for exporting businesses
The Thai Revenue Department (TRD) issued Departmental Instruction No. Paw. 164/2568 on 5 February 2025, updating the input tax allocation process for businesses selling goods outside Thailand. This revision provides new guidelines for VAT
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Egypt introduces tax relief and dispute settlement law
The Egyptian Tax Authority (ETA) has introduced Law No. 5 of 2025, effective from 13 February 2025, offering tax relief and dispute settlement opportunities to enhance compliance and resolve outstanding tax matters. Key provisions include: Under
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Poland: EU Council extends VAT split payment system to February 2028
The EU has authorised Poland to extend its split payment system for VAT on 28 February 2025 under the Council Implementing Decision (EU) 2025/373 of 18 February 2025. The authorisation has been published in the EU's Official Journal on 28 February
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Costa Rica announces moveable property tax brackets for 2026
Costa Rica’s government has released the updated tax brackets for motor vehicles, aircraft, recreational vessels, and motorcycles, adjusted annually for inflation, along with fixed taxes for taxis, buses, and heavy cargo vehicles on 28 January
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Singapore: IRAS issues ruling on taxability of feeder fund redemption gains
Singapore's Inland Revenue Authority issued Ruling Summary No. 2/2025 regarding the taxability of gains from feeder fund redemption on 3 March 2025. Advance Ruling Summary No. 2/2025 1. Subject: Whether: a. the gains derived by the company
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UK: HMRC consults on replacing windfall tax with two new models
The UK tax authority, His Majesty’s Revenue and Customs (HMRC) has opened a consultation on proposals to replace the windfall tax on energy company profits when it expires in 2030. The government has considered policy options, including
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Canada: British Columbia 2025 budget proposes real estate tax and film industry changes
The Canadian province of British Columbia unveiled its 2025 budget on 4 March 2025. The 2025 budget has no changes to corporate or personal tax rates. However, it proposes the following tax measures: Increase in the speculation and vacancy tax
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UK: Treasury releases consultation response on umbrella company compliance
The UK Treasury released stakeholder responses to a consultation on tackling non-compliance in the umbrella company market on 4 March 2025. The government plans to amend the Employment Rights Bill to regulate umbrella companies and place them
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US: IRS announces foreign income exclusion eligibility waiver countries for 2024Â
The US Internal Revenue Service (IRS) has released Revenue Procedure 2025-17, set to be published in Internal Revenue Bulletin 2025-13 on 14 March 2025. This revenue procedure provides information to any individual who failed to meet the
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Slovenia gazettes MDR MCAA in English and Slovenian
Slovenia has ratified the Multilateral Competent Authority Agreement on the Automatic Exchange Regarding CRS Avoidance Arrangements and Opaque Offshore Structures (MDR MCAA) on 13 February 2025. Signed on 9 November 2022, as published in Official
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OECD releases 2025 Global Forum Capacity Building Report, highlights record-breaking 2024 outreach activities in 2024
The Organisation for Economic Co-operation and Development (OECD) released the 2025 Global Forum Capacity Building Report on 6 March 2025. This report highlights the record-breaking capacity-building and outreach activities carried out by the
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