Costa Rica issues draft resolution on annual transfer pricing reporting obligation
Costa Rica's Directorate-General of Taxation has published a notice in the Official Gazette announcing a public consultation on a draft resolution on 13 February 2025. The resolution pertains to submitting the informative statement on transfer
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European Commission unveils 2025 Work Programme
The European Commission unveiled its 2025 work programme on 12 February 2025, where it outlined key priorities aimed at strengthening the EU's competitiveness, security, and economic resilience. The work programme focuses on the flagship
See MoreEU: European Commission ends infringement case against Romania over DAC7 information exchange
The European Commission (EC) announced the closure of the infringement procedure against Romania (INFR(2024)2048) on 12 February 2025 for failing to automatically exchange information under the 2021 amendment to the 2011 Directive on Administrative
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EU Parliament approves positive opinion on DAC9
The European Parliament has adopted its opinion on the proposal to amend the Directive on Administrative Cooperation (2011/16), known as DAC, on 12 February 2025. The proposal seeks to simplify filing and reduce the administrative burden for MNEs
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Canada: Northwest Territories announce 2025-26 budget, carbon tax increased, income tax unchanged
Finance Minister Caroline Wawzonek has presented the Government of the Northwest Territories (GNWT) 2025-26 budget to the 20th Legislative Assembly on 6 February. Budget 2025‑2026 forecasts revenues of CAD 2.7 billion and allocates CAD 2.5
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Croatia enacts amendments to the General Tax Act for 2025
Croatia has introduced amendments to its taxation laws concerning changes to its General Tax Act. The amendments go into effect on 1 January 2025. Amendments to the General Tax Act Expansion of tax audit scope and limitations for
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Cyprus further extends deadlines for 2022 tax returns, transaction reports
The Cyprus Tax Department announced, on 12 February 2025, that it has further extended deadlines for submitting the annual company income tax return and the summary information table (SIT) on controlled transactions for the 2022 tax year. The
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Australia: ATO publishes reportable tax position schedule for 2025
Companies are required to complete a reportable tax position schedule if their total business income is AUD 250 million or more, or AUD 25 million or more while part of an economic group with AUD 250 million or more in total income. This applies
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France updates interest rate caps for shareholder loan deductions for FY ending between December 24 and March 25
The French tax authority has published new interest rates for determining the deductibility of interest payments to shareholders on 12 February 2025. The fiscal year-end period and the corresponding applicable rates are as follows: Fiscal
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Kazakhstan proposes VAT rate increases and exemptions in tax code overhaul
The Kazakhstan government has introduced proposed amendments to its Tax Code on 11 February 2025, aimed at reshaping the country’s VAT framework. The key changes include raising the standard VAT rate from 12% to 16%, alongside a new reduced 10%
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Sweden consults tax changes for 2026 Autumn Budget
Sweden’s Ministry of Finance has released several tax proposals for public consultation as part of preparations for the 2026 autumn budget on 10 February 2025. These proposals, which cover key sectors like agriculture, energy, and metallurgy,
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Turkey introduces guide on simple method business income taxation
Turkey’s Ministry of Treasury and Finance has released an updated guide on the Simple Method of Taxation for business income, aimed at individuals engaged in business activities under Article 20/A of the Individual Income Tax Law (IITL). This
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Dominican Republic offers tax credit for large taxpayers adopting e-invoicing
The Dominican Republic’s Directorate General of Internal Revenue (DGII) issued Notice 05-25 on 10 February 2025, introducing a tax incentive to support large national taxpayers in adopting e-invoicing during the voluntary implementation
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UAE publishes details of domestic minimum top-up tax law
The UAE Ministry of Finance has published a copy of Cabinet Decision No. 142 of 2024, detailing the country’s Domestic Minimum Top-up Tax (UAE DMTT) law. The Decision enacted a DMTT for multinational enterprises (MNEs). This measure aligns with
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Ukraine updates fines for certain transfer pricing reporting violations
The State Tax Service of Ukraine issued a notice on fines for specific transfer pricing reporting violations on 5 February 2025. A penalty of 100 subsistence minimums is imposed for not submitting the notification of participation in an
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Nigeria approves 15% tariff hike for Nigerian ports services
Nigeria’s Federal Government in a press release on X has approved a 15% tariff increase on Nigerian Ports Authority (NPA) services. This tariff increase applies to all rates and dues. The NPA explained the 15% upward increase is aimed at the
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Czech Republic gazettes tax break extension for Ukraine donations
The Czech Republic has published Law 24/2025 in the Official Gazette on 10 February 2025, a legislation that extends the enhanced tax deduction for donations sent to Ukraine. Under Law 24/2025, individuals and corporations can deduct up to 30% of
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OECD updates MCAA-CbC signatory list
The Organization for Economic Cooperation and Development (OECD) has released an updated list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports on 10 February 2025. The
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