Turkey consults on draft rules for payment systems
The draft communiqué is aimed at regulating physical and virtual payment systems to strengthen tax compliance. The Turkish Revenue Administration has issued a draft General Communiqué on the Tax Procedure Law (TPL) to regulate the use of
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Denmark, Faroe Islands sign agreement for automatic exchange of tax information
The Danish Tax Agency announced on 8 July 2025 that it signed an agreement with the Faroe Islands to automatically exchange country-by-country tax reports. The Danish Tax Agency announced on 8 July 2025, it had signed a Competent Authority
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OECD highlights progress and burden reduction on BEPS standards
The OECD/G20 Inclusive Framework report endorsed practical adjustments to ease the BEPS minimum standards' administrative burdens. RegFollower Desk The OECD reported on 4 July 2025 that the members of the OECD/G20 Inclusive Framework has
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OECD reports growing tax support needs in developing nations
The report highlighted that developing countries are prioritising domestic revenue generation, driving higher demand for tax support and expanded OECD activities. The OECD has published the "Tax Co-operation for Development: Progress Report on
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OECD: VAT receipts boost tax revenue in Asia-Pacific
The report states that tax revenues in the Asia-Pacific rose for a third straight year in 2023 due to higher VAT receipts. The OECD has released the Revenue Statistics in Asia and the Pacific 2025 report on 8 July 2025, which reveals that tax
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US: Sales tax applies to resold goods under Trump tariffs, says SSTGB
The SSTGB confirmed that sales tax applies to tariffs on imported goods resold in its 24 member states. The Streamlined Sales Tax Governing Board (SSTGB) has confirmed that sales tax applies to tariffs on imported goods, including those recently
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OECD consults on copper transfer pricing framework
Comments are due by 5 September 2025. The OECD has initiated a public consultation on a transfer pricing framework for copper on 10 July 2025. The comment submission deadline is set for 5 September 2025. Determining the Price of Minerals: A
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US: IRS withdraws final rule on digital asset reporting
The final rule stated that it became effective on 28 February 2025. The US Internal Revenue Service (IRS) has issued a final rule revoking its December 2024 rule on "Gross Proceeds Reporting by Brokers that Regularly Provide Services
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Chile sets rules for digital platforms to verify users’ tax registration and compliance
Chilean digital payment platforms must ensure users report business activity to the SII, starting 1 October 2025. Chile’s tax authority (SII) has published Resolution Ex. 79-2025 on the SII's website on 26 June 2025. This regulation
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Italy clarifies VAT split-payment exemption effective date for listed companies
Italy has abolished the VAT split-payment system for FTSE MIB-listed companies, effective 1 July 2025. Italy has abolished the VAT split-payment system requirement for companies listed on the FTSE MIB index, as per Decree-Law No. 84 of 17 June
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Belgium: Government submits tax reform proposals to parliament, includes investment gains tax, participation exemptionÂ
Key proposals include a 5% capital gains tax, a participation exemption for group contributions, revised deductions, and revised statute of limitations rules. Belgium’s Chamber of Deputies is reviewing a draft law submitted on 3 July 2025 to
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Uganda enacts 2025–26 budget measures
The changes took effect on 1 July 2025. Ugandan President Yoweri Museveni signed several tax amendment bills into law to implement the tax measures of the 2025-2026 Budget on 30 June 2025. The newly signed laws include the Value Added Tax
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Tanzania enacts 2025-26 budget measures, includes new transfer pricing penalty
The measures will apply from 1 July 2025, unless otherwise specified. Tanzania's Finance Act 2025 was enacted on 30 June 2025, implementing tax measures from the 2025-26 Budget Speech with some adjustments to the initially announced
See MoreSpain announces 2024 VAT refund deadline
Spanish and EU businesses have until 30 September 2025 to claim VAT and IGIC refunds for 2024, subject to applicable procedures and reciprocity conditions. Spanish companies and foreign businesses have until 30 September 2025 to claim refunds for
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Ecuador clarifies tax exemption rules for share transfers
The Circular clarified income tax rules and filing obligations for share transfers and corporate restructurings. Ecuador’s Internal Revenue Service (SRI) issued Circular No. NAC-DGECCGC25-00000005 on 30 June 2025, clarifying income tax rules
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Singapore: IRAS releases 8th edition guide on additional conveyance duties
This guide outlines the Additional Conveyance Duties (ACD) introduced on 11 March 2017, covering their treatment and calculation for acquiring or disposing of equity interests in property-holding entities (PHEs) primarily owning Singapore
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Brazil: AGU appeals suspension of financial transaction tax hike
The AGU argues that the Executive Branch has constitutional authority to adjust IOF rates and claims the National Congress violated the separation of powers by suspending presidential decrees. Brazil's Attorney General's Office (AGU) appealed to
See MoreUS: IRS updates 2025 inflation adjustment and reference price for renewable energy credit
The IRS set the inflation adjustment factor for the Renewable Electricity Production Credit (REPC) at 1.9971 and the reference price for wind-generated electricity at USD 0.031 per kilowatt hour for the 2025 tax year. The US Internal Revenue
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