Denmark: Supreme Court rules arm’s length pricing need not align with interquartile range
The case examined EET Group's taxable income from 2010 to 2012, focusing on revenue from goods sold to seven sales subsidiaries. Denmark’s Supreme Court issued a ruling on the arm's length pricing of transactions between the Danish EET Group
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US: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
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Ireland: Revenue updates guidelines on interest charges for late tax payments
Irish Revenue has updated its guidelines on interest for late tax payments, now covering Capital Acquisitions Tax. The eBrief clarifies interest rules, removes mentions of Fixed Direct Debit and Balloon payments, and updates due dates for
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Sweden proposes DAC8 implementation bill for 2026
Sweden has proposed a bill to implement the EU's DAC8 directive on tax cooperation, introducing new rules for the automatic exchange of information on crypto-assets and securities. The regulations will take effect on 1 January 2026. The Swedish
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EU Commission unveils strategy to streamline single market
The European Commission released a communication on 21 May 2025 outlining a strategy to strengthen and simplify the EU Single Market. The document emphasises the Single Market as a cornerstone of the EU's growth, competitiveness, and resilience,
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OECD issues updated guidance on common Country-by-Country reporting errors
The OECD released an updated document on common errors by multinational enterprises (MNEs) in preparing Country-by-Country (CbC) reports on 22 May 2025. The Organisation for Economic Co-operation and Development (OECD) released an updated
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Mexico unveils tax incentives for new economic development zones
Mexico has introduced tax incentives for businesses operating in newly designated SEZs, including full deductions for fixed asset investments and additional relief for spending on training and innovation from 2025 to 2030. Mexico has issued a
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EU: European Parliament endorses revisions to EU carbon border mechanism
The European Parliament has approved changes to the EU's carbon border adjustment mechanism (CBAM), simplifying the rules and exempting 90% of importers. The European Parliament approved changes to the EU's carbon border adjustment mechanism
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Australia: ATO revises functional currency guidelines
The ATO updated its Guide to Functional Currency Rules on 22 May 2025, detailing the rules, eligibility, and tax reporting impacts. The Australian Taxation Office (ATO) updated its Guide to functional currency rules on 22 May 2025, covering the
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Malta: MoF extends VAT exemptions for passenger transport services
MOF extended VAT exemptions under new rules issued in Legal Notice 88 of 2025. Malta's Minister for Finance (MoF) issued Legal Notice 88 of 2025 on 13 May 2025, amending the "Value Added Tax Act (Amendment of Fifth Schedule) Regulations, 2025"
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Vietnam, US conclude second round of tariff negotiations
Vietnamese Trade Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer led the talks, identifying areas of near consensus and others requiring further discussion. The US and Vietnam concluded their second round of tariff
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Brazil: Government announces spending cuts 2025 budget
The government announced plans to cut BRL 31.3 billion from the 2025 budget to meet fiscal rules and plans to raise the tax on financial transactions. Brazil's government announced that it will implement measures to slash BRL 31.3 billion (USD
See MoreAustralia: Administrative Review Tribunal rules in favour of Alcoa against ATO in key transfer pricing ruling
This case focused on a major transfer pricing issue, where ATO claimed Alcoa underpriced its alumina sales to Aluminium Bahrain B.S.C. (Alba) from 1993 to 2009, causing a tax shortfall of over AUD 213 million. Australia’s Administrative Review
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Pakistan to offer incentives for US mining investors in tariff negotiations
Pakistan plans mining incentives for US firms, including Balochistan joint ventures, to ease trade talks and avert proposed US tariffs. Pakistan plans to offer investment incentives to US companies in its mining sector as part of ongoing trade
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Brazil: MoF scraps higher tax on investments made abroad
Finance Ministry dropped plans for a higher tax on overseas investments on Friday, following criticism that it signalled a return to capital controls. Brazil's Finance Ministry dropped a higher transaction tax on overseas investments on Friday,
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OECD: PCT publishes tax incentives principles
The Principles are intended to support governments in developing the rationale for tax incentives and in strengthening their design, implementation, and evaluation The Platform for Collaboration on Tax (PCT) has released the final version of the
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UK proposes tighter transfer pricing rules, replacing diverted profits tax with new UTPP
The UK government will tighten transfer pricing rules and replace the diverted profits tax with a new corporation tax charge. The government has announced plans to revise the UK's international tax framework, which involves narrowing the
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Bangladesh: Government backtracks dissolution of National Board of Revenue
The government has confirmed that NBR will maintain its operations during the phased implementation of the new Revenue Policy and Revenue Management Ordinance 2025. Bangladesh’s interim government has confirmed that the National Board of
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