Belgium extends 6% VAT rate for residential demolition and reconstruction pending legal implementation
Due to a delay in the approval of the reform law, the standard 21% VAT rate will apply from 1 July 2025, with a potential adjustment to 6% once the law is enacted. Belgium's Federal Public Service (SPF) Finance announced on 10 July 2025 that the
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EU warns of retaliation if US proceed with tariffs from August
Following a meeting in Brussels, EU foreign and trade ministers expressed frustration with Washington’s lack of agreement and signalled readiness to respond if negotiations break down. The European Union (EU) on 14 July 2025 warned that it may
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Argentina introduces special refund process for PAIS tax overpayments by importers
The first instalment will be available on 8 September 2025. Argentina’s tax authority (ARCA) introduced a special procedure for importers on 7 July 2025, allowing them to claim refunds for overpaid PAIS tax, which expired on 22 December
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Nigeria: FIRS enacts e-invoicing system for large taxpayers
Businesses with an annual turnover of NGN 5 billion or more are required to register for e-invoicing, effective August '25. Nigeria’s Federal Inland Revenue Service (FIRS) announced the launch of a national electronic invoicing (e-invoicing)
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Germany: Federal Council approves EUR 46 billion corporate tax relief planÂ
The law will be published in the Official Gazette and take effect the following day, except for R&D allowance amendments, which will come into effect on 1 January 2026. Germany’s Federal Council (Upper House of Parliament/Bundesrat) has
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Netherlands : Senate approves box 3 Rebuttal scheme
The Dutch Senate approved the Box 3 Rebuttal Scheme on 8 July 2025, allowing taxpayers to prove actual returns on savings and investments. The Dutch Senate approved the Box 3 Rebuttal scheme on 8 July 2025, allowing taxpayers to prove the actual
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Ireland updates carbon tax and horticultural relief rates from May 2025
The eBrief updates tax guides to reflect revised mineral oil, solid fuel carbon, and natural gas carbon tax rates, including updated relief rates, contact details, and manual titles. The Irish Revenue has published Revenue eBrief No. 132/25,
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UAE: FTA offers penalty waiver for late tax registration
The FTA clarified conditions for waiving or refunding penalties for late corporate tax registration, requiring returns or declarations to be filed within seven months of the first tax period. The UAE Federal Tax Authority (FTA) has released
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Australia: ATO lowers benchmark rate for private company shareholder loans
The interest rate for the income year ending 30 June 2026 is set at 8.37%, down from 8.77% for the previous year. The Australian Taxation Office (ATO) has updated the Division 7A benchmark interest rate on 7 July 2025 for private company loans
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Kenya repeals digital assets tax, expands economic presence tax under Finance Act 2025
The Finance Act 2025 introduces a 10% excise duty on virtual asset transaction fees, expanded SEP tax, a 5-year loss carry forward limit, AMT, and new APA guidelines. Kenya’s President William Ruto signed the Finance Act 2025 into law on 26
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EU, Switzerland to amend agreement on automatic financial information exchange
The agreement enables automatic financial account information exchange between EU Member States and Switzerland under the OECD's Common Reporting Standard (CRS). The European Commission has proposed a Council Decision on 10 July 2025 to amend the
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Hungary updates tax rates on retail, financial entities, and insurance sectors
Act LIV of 2025 introduces updated tax rates, increased VAT thresholds, and new regulations across retail, financial, insurance, and energy sectors, along with enhanced R&D deductions. Hungary has published Act LIV of 2025 in the Official
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Romania gazettes form for top-up tax declaration, payment
This order was published in the Official Gazette No. 646 on 9 July 2025. Romania’s tax authority has issued Order No. 1729/2025, which establishes the notification form for declaring and paying the top-up tax. This order was published in the
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Kenya reduces market rates for fringe benefit tax, non-resident loansÂ
For July to December 2025, the rate has been reduced to 8% (from 9%), and the low-interest loan benefit rate has dropped to 9% (from 14%). The Kenya Revenue Authority (KRA) released a public notice on 10 July 2025 regarding updates to the market
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US: IRS offers tax relief to Texas flood and storm victims
The tax filing and payment deadline has been extended to 2 February 2026 for Texas taxpayers. The US Internal Revenue Service (IRS) released TX-2025-04 on 9 July 2025, in which they announced tax relief for individuals and businesses in parts
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Romania 2025–28 tax reforms include increased VAT, dividend tax
The proposed draft bill aims to simplify VAT rates from three (19%, 9%, and 5%) to two, starting 1 August 2025. Romania’s government submitted an amended draft bill to parliament on 4 July 2025, proposing changes to the VAT provisions of the
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UK: HMRC launches compliance campaign on directors’ loans
HMRC is contacting directors over potentially undeclared released loans, with possible implications for both personal and company tax compliance. The UK’s HMRC is contacting company directors who had loans released or written off between April
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Turkey raises withholding tax rates on lira accounts and investment funds
The Presidential Decision raises withholding tax rates on income from TRY-denominated deposit and participation accounts and mutual funds. Turkey’s Revenue Administration has announced Presidential Decision No. 10041 on 8 July 2025, which
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