OECD analyses EU CBAM impact on supply chains
The OECD released its working paper "Carbon Border Adjustments: The potential effects of the EU CBAM along the supply chain" on 29 January 2025. This paper analyses the impact of the EU's Carbon Border Adjustment Mechanism (CBAM) on global trade
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El Salvador ends bitcoin tax payments
El Salvador's parliament has approved changes to the 2021 law that made Bitcoin a legal currency on 29 January 2025. The amendments repeal provisions allowing tax payments in Bitcoin and make accepting Bitcoin voluntary for businesses instead of
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Spain announces new requirement to maintain accounting records for manufacturing excise goods
Spain’s Ministry of Finance has issued Order HAC/1505/2024 on 26 December 2024, which mandates accounting records for products with manufacturing excise duties. The Order was published on 31 December 2024 and took effect on 1 January
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Colombia introduces tax form for non-residents with a significant economic presence
Colombia’s tax authority (DIAN) has released Resolution No. 000004 of 24 January 2025, introducing Form No. 115 for income and complementary tax returns for non-residents with significant economic presence (SEP) in Colombia. The Form 115
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US: House Ways and Means Committee flags issues with OECD tax plan, backs counter measures
Republican members of the US House Ways and Means Committee have addressed a letter to President Donald Trump, outlining their concerns with Pillar 1 and Pillar 2 of the OECD's proposed two-pillar solution. The letter supports Trump’s recent
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Turkey updates withholding tax rules for financial instruments
Turkey's Revenue Administration has announced the publication of Presidential Decision No. 9487 on 31 January 2025, which extends and modifies the reduced withholding tax rates on income from deposit accounts held in Turkish lira (TRY). Under the
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Czech Republic: Senate approves extended tax breaks for Ukraine donations
The Czech Republic Senate has passed a new legislation to expand the tax deductibility of donations to Ukraine. Once enacted, the law will allow individuals and corporations to deduct up to 30% of the value of their donations, an increase from the
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Iceland includes Pillar Two global minimum tax bill in 2025 parliamentary agenda
Iceland’s government has published the 2025 parliamentary agenda which includes a bill to introduce a 15% minimum tax on multinational corporations with annual revenues over EUR 750 million aligning with the OECD Inclusive Framework and the EU
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Indonesia: Core Tax Administration System (CTAS) comes into effect
Indonesia’s Regulation No. 81 of 2024, which implements the Core Tax Administration System (CTAS), went into effect on 1 January 2025. CTAS is the Directorate General of Taxation's (DGT) comprehensive system streamlining key tax administration
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Iceland launches business tax return filing website for 2024
Iceland’s Revenue and Customs (RSK) has launched its website for business tax return filings for 2024. The tax filings must be completed only in Icelandic. The Instructions for completing the returns are: RSK 8.05 (Tax return for businesses -
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Ecuador sets 2023 tax year presumptive assessment rates
Ecuador's Internal Revenue Service (SRI) has published Resolution No. NAC- DGERCGC25-00000002 on 30 January 2025, detailing the coefficients for presumptive tax assessments for 2023. The 2023 coefficients, which differ based on industry or
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EU Commission issues January 2025 infringement package, highlights VAT concerns
The European Commission has published its Infringement Package for January 2025 – addressing VAT-related issues affecting multiple countries – on 31 January 2025. The Commission is sending a letter of formal notice to those Member States who
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US withdraws from UN global tax cooperation negotiations
The US has withdrawn from UN discussions on a new Framework Convention on International Tax Cooperation. The decision was announced by Jonathan Shrier, the Acting US Representative to the UN Economic and Social Council, during the meeting of the
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Singapore: IRAS updates lists of reportable, participating jurisdictions for CRS
The Inland Revenue Authority of Singapore (IRAS) released updated lists of reportable and participating jurisdictions under the Common Reporting Standard (CRS) on 3 February 2005. The Common Reporting Standard (CRS) is an internationally agreed
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India 2025 Budget: Everything we know so far
India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2025-2026 on 1 February 2025 to the parliament, which included the Finance Bill 2025 (The Bill) outlining amendments to various direct and indirect taxes as well as various
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US: IRS shares key tips for easier tax filing
The US Internal Revenue Service (IRS) has released IR-2025-19 on 30 January 2025 providing taxpayers with six tips to make filing their 2024 tax return easier. Most of the information below is also available on the IRS.gov Let us help you
See MoreUS: IRS announces safe harbours for commercial clean vehicle creditÂ
The US Internal Revenue Service (IRS) has issued Notice 2025-9 on the Section 45W Credit for Qualified Commercial Clean Vehicles and Incremental Cost for 2025. This notice provides safe harbours regarding the incremental cost and retail price
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US: California Governor suspends property tax for a year due to wildfires
California’s Governor Gavin Newsom has issued an executive order on 16 January 2025 to suspend penalties, costs, and any interest accrued on late property tax payments until 10 April 2026 for properties in areas affected by the firestorm. This
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