Switzerland: Basel-City approves tax incentives and R&D fund in referendum
Switzerland’s Basel-City canton approved a referendum on 18 May 2025, introducing tax incentives, R&D grants, an innovation fund, and a new corporate tax structure starting in 2026. Voters in Switzerland’s Basel-City canton approved a
See More
Venezuela: SENIAT announces adjustment to tax unit value
Venezuela’s SENIAT has raised the tax unit value from 9 to 43 bolivars, a 377.78% increase, effective immediately for national tax calculations. Venezuela’s National Integrated Customs and Tax Administration Service (SENIAT) issued
See More
Venezuela grants tax exemption on central bank securities
Venezuela exempts income tax on Central Bank securities for one year from 8 May 2025. Venezuela has enacted Decree No. 5,127, published in the Official Gazette Extraordinary No. 6,905  on 8 May 2025. The decree grants a one-year income tax
See More
Philippines grants VAT exemption on medicines for major illnesses
Philippines announced a VAT exemption on medicines for cancer, diabetes, dialysis, hypertension, high cholesterol, and mental illnesses, effective 13 June 2025. The Philippines’ Department of Finance announced a VAT exemption for medicines
See More
Brazil revises financial transaction tax rates again
Brazil issued Decree No. 12.499 on 11 June 2025, repealing Decrees 12.466 and 12.467, raising financial transaction tax (IOF) rates on select insurance, credit, and forex transactions. Brazil has published Decree No. 12.499 on 11 June 2025, which
See More
Czech Republic announces VAT on compensation for stolen goods
The Czech tax authorities clarified that compensation for stolen goods is subject to VAT only if ownership rights are transferred and the compensation directly relates to the goods. The Czech Republic’s Coordination Committee of the Chamber of
See More
Bolivia announces extension of filing deadlines for May 2025
The last digits of one’s tax ID corresponds to a specific new deadline for submission. Bolivia’s tax authority (SIN) has extended the deadline for filing tax returns for the May 2025 fiscal period through Resolution No. 102500000026 on 3
See More
Czech Republic considers amendments to Income Tax Act, plans R&D tax incentive boost
The amendments propose abolishing withholding tax, removing the CZK 40 million capital gains cap, and increasing R&D allowances. The Czech Republic’s Chamber of Deputies is reviewing a draft legislation on the"Act on Single Monthly Employer
See MoreCzech Republic: Senate approves new tax and penalty waiver rules
The Czech Senate approved a bill on 11 June 2025, allowing tax authorities to waive penalties upon request and enabling the government to waive tax obligations during emergencies or legal irregularities. The Czech Republic’s Senate approved the
See More
Australia: ATO revises corporate tax residency guidelines
The ATO updated its corporate tax residency guidelines on 11 June 2025, clarifying the central management and control (CMC) test The Australian Taxation Office (ATO) updated its corporate tax residency guidelines in PCG 2018/9 on 11 June 2025,
See More
Philippines issues VAT filing guidelines for nonresident digital providers
The BIR has issued a form and related guidelines for nonresident digital service providers to file and pay VAT. The Philippines Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 52-2025 on 30 May 2025, introducing a
See More
Kenya: National Treasury publishes budget statement 2025-26, reduces corporate and digital tax ratesÂ
Kenya's National Treasury has released the 2025-26 Budget Statement on 12 June 2025. Kenya's National Treasury published the 2025-26 Budget Statement on 12 June 2025, outlining key tax measures aligning with proposals highlighted in the 2025
See More
Hong Kong announces 2024-25 property tax obligations for owners
Hong Kong property owners with taxable rental income must inform the Inland Revenue Department by 31 July 2025 if they don’t receive a tax return, or face penalties. The Hong Kong Inland Revenue Department has issued a notice on property tax
See More
Portugal extends corporate tax filing and payment deadlines for 2024
Portugal extended the 2024 corporate income tax (IRC) filing and payment deadline for calendar-year companies from 15 June 2025 to 30 June 2025. Portugal’s tax and customs authority issued Order No. 2/2025-XXV on 9 June 2025, extending the
See More
OECD publishes framework to assess revenue potential of country-specific tax reforms
The OECD released a new working paper outlining the Domestic Resource Mobilisation (DRM) Framework, highlighting tax policy measures and estimating their potential to increase tax revenues in low- and middle-income countries. The OECD published a
See More
Germany finalises 2025 automatic financial information exchange list
Germany has confirmed 115 jurisdictions for the 2025 automatic exchange of financial account information, with reporting due by 31 July 2025. The German Ministry of Finance released the final list of 115 jurisdictions participating in the
See More
Malaysia: IRBM grants e-invoicing exemption for revenue below MYR 500,000, defers for up to MYR 5 million
The IRBM announced that taxpayers with annual turnovers under MYR 500,000 are temporarily exempt from e-Invoicing. The Inland Revenue Board of Malaysia (IRBM) announced on 5 June 2025 that taxpayers with annual revenue below MYR 500,000 are
See MoreBrazil: Government to raise tax on interest on equity in fiscal package
Brazil's Finance Ministry plans to increase the income tax on interest on equity (JCP) payments from 15% to 20% as part of a new fiscal package. Brazil's Finance Minister, Fernando Haddad, announced on 10 June 2025 that the government is
See More