Egypt to replace capital gains tax with stamp tax on stock transactions
Egypt's Cabinet replaces the capital gains tax on securities with a stamp tax. Egypt’s Cabinet has decided to cancel the capital gains tax on securities listed on the country’s stock exchanges on 4 June 2025. Ministers have decided to
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Denmark: Parliament approves changes to Pillar Two minimum tax, Pillar One Amount B, related measures
The Parliament approved Bill L 194A on 3 June 2025. Denmark’s parliament has approved Bill L 194A, amending the Minimum Taxation Act, Corporate Tax Act, and other laws on 3 June 2025. Minimum Taxation Act and Corporate Tax Act The
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Philippines enacts Capital Markets Efficiency Promotion Act (CMEPA)Â
Philippine President Ferdinand R. Marcos, Jr. has signed the Capital Markets Efficiency Promotion Act (CMEPA) into law on 30 May 2025, which goes into force on 1 July 2025. Philippine President Ferdinand R. Marcos, Jr., has signed the Capital
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Latvia approves draft law for partial DAC8 implementation
Latvia has approved a draft law to implement DAC8, introducing new reporting and due diligence rules for crypto-asset service providers. Most rules will take effect on 1 January 2026. Latvia’s government has approved a draft law to implement
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New Zealand lowers interest rates on tax underpayments and overpayments
New Zealand Inland Revenue updated the UOMI Rates on 28 May 2025. Underpayment rates drop to 9.89% (from 10.88%), and overpayment rates decrease to 3.27% (from 4.30%). The New Zealand Inland Revenue has published the revised Taxation (Use of
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Chile confirms end date for Costa Rica’s preferential tax regime status
Chile’s tax Administration (SII) confirmed that Costa Rica is not considered a preferential tax regime under the Income Tax Law. Chile’s tax authority (SII) issued Letter Ruling No. 1007 on 22 May 2025 regarding when Costa Rica ceased to be
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Mexico objects US tax on cross-border remittancesÂ
The One, Big, Beautiful Bill (Act), which is now under Senate review, proposes a 3.5% tax on all remittances sent by non-US citizens to foreign countries, regardless of the transfer amount. The US House of Representatives passed the One,
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South Africa: SARS lowers interest rate for taxation on interest-free and low-interest loans
SARS lowers official interest rate for fringe benefits on employer loans from 8.50% to 8.25%, effective 1 June 2025. The South African Revenue Service (SARS) has announced a reduction in the official interest rate used to calculate fringe
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Colombia issues tax refund certificates for exporters’ indirect taxes
Colombia provides tax refund certificates (CERT) to exporters for indirect taxes paid on goods and services, effective 30 May 2025. Colombia’s Ministry of Finance and Commerce, Industry, and Tourism introduced Decree 0566 on 28 May 2025,
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Vietnam issues new guidance on e-invoices and tax compliance
Vietnam updated regulations on e-invoices, taxpayer risk assessment, and invoicing procedures for business models, effective 1 June 2025. Vietnam’s Ministry of Finance released Circular 32/2025/TT-BTC on 31 May 2025, offering updated guidance
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Italy: Finance ministry updates synthetic reliability indices
Italy’s finance ministry issued a ministerial decree on 28 May 2025, updating the synthetic indices of reliability (ISA) for the 2024 fiscal year.  Italy’s Ministry of Economy and Finance has published the Ministerial Decree of 24 April
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Nigeria implements incentives to enhance cost efficiency in upstream petroleum operations
The President signed an incentives program to encourage cost efficiency in upstream petroleum operations, which includes a tax credit of up to 20% of an operator’s annual tax liability. Nigeria's Ministry of Information and National Orientation
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Belgium: Government proposes stricter participation exemption rules and exit tax extension
Belgium’s Chamber of Deputies is reviewing draft legislation by the government on 27 May 2025 to implement tax reforms proposed in the government policy note. Belgium’s Chamber of Deputies is reviewing a draft legislation presented by the
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Latvia postpones mandatory B2B e-invoicing
Latvia delays mandatory B2B e-invoicing to 1 January 2027. Latvia's Ministry of Smart Administration and Regional Development has proposed postponing the mandatory implementation of B2B e-invoicing for all registered businesses to 1 January
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Germany extends obligation to correct tax returns
Germany has updated the Tax Code with a new provision to promptly report any incorrect or incomplete tax returns. Germany’s Ministry of Justice and Consumer Protection has introduced a new provision in the Tax Code for taxpayers reporting
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Australia: ATO grants 12-month extension for Not-for-Profits to update governing documents for tax exemption complianceÂ
The extension applies to NFPs that have not distributed income or assets to members while it is operating and winding up. The Australian Taxation Office (ATO) announced on 2 June 2025, a 12-month extension for self-assessing income tax exempt
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US: Hawaii introduces lodging tax for climate-change mitigation
The law adds a 0.75% "Green Fee" to the existing transient-accommodations tax of 10.25% and imposes a levy on cruise-ship passengers docking in the islands. Hawaii Governor Josh Green has signed SB 1396 into law, making Hawaii the first US
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Denmark: Parliament simplifies transfer pricing rules, lowers documentation requirements
The revised rules, which will apply from the 2025 income year, are expected to exempt at least 1,500 companies that submitted documentation for the 2022 fiscal year. Denmark’s Parliament has passed amendments to Sections 39 and 40 of the
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