Australia: ATO targets thin capitalisation in trust reviews
The Australian Taxation Office (ATO) has announced on 30 January 2025 regarding its focus on the updated thin capitalisation rules as part of its justified trust reviews. Thin capitalisation in focus for justified trust reviews How we're
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Canada delays capital gains tax hike to 2026
Canada’s Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, has announced that the federal government is deferring—from 25 June 2024 to 1 January 2026—the date on which the capital gains inclusion rate would increase from
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India: Finance Minister unveils new tax proposals in 2025 budget
India's Union Budget 2025-2026, presented by Finance Minister Nirmala Sitharaman on 1 February 2025, introduced several key tax proposals. Key highlights include: Non-resident taxation  A presumptive taxation regime for non-residents
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Kazakhstan: Finance Ministry launches pilot project for public procurement contracts in electronic VAT invoice system
The Ministry of Finance has introduced a pilot project to register public procurement contracts in the Electronic VAT Invoice System. Participation is voluntary and applies to suppliers, subcontractors, and state revenue authorities. All
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Lithuania proposes further VAT rule amendments for small businesses
The Ministry of Finance has made further amendments to the Law on Value Added Tax (VAT), refining previous proposals and enhancing alignment with EU Directive 2022/542 on 27 January 2025. The amendments include key updates such as the expansion
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UK: HMRC consults multinational, domestic top-up tax guidance
The UK tax authority, HMRC, has opened a public consultation on the supplementary draft guidance regarding the Multinational Top-up Tax and Domestic Top-up Tax on 28 January 2025. This release of draft guidance contains sections on flow-through
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Portugal announces 2024 FY municipal surcharge rates for corporations
The Portuguese Tax Authority has issued Circular Letter No. 20273/2025 on 22 January 2025, outlining the municipal surcharge rates for corporate tax in fiscal year 2024. The circular introduces several key provisions, including: Lower
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Hungary delays mandatory e-invoicing for energy sector to July 2025
Hungary’s government has amended Government Decree 273/2007 (X. 19.) and Government Decree 19/2009 (I. 30.), which delays the e-invoicing requirement for electricity and gas supplied to nonresidential customers. Electronic invoicing
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Venezuela further extends temporary VAT exemption on hydrocarbon fuels
Venezuela has published Decree No. 5.079 in Official Gazette No. 43.044 on 10 January 2025, extending a temporary exemption from VAT, customs duty, and other taxes on the import and sale of hydrocarbon fuels as well as inputs and additives to
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Indonesia updates CRS participating and reportable jurisdictions for 2025
Indonesia's Directorate General of Taxes has published Announcement No. 1/PJ/2025 on 24 January 2025, listing the participating and reportable jurisdictions for the 2025 automatic exchange of financial account information under the Common Reporting
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Netherlands advances with controversial savings, investment income tax reforms
The Netherlands Ministry of Finance has issued Letter No. 2025-0000021906 on 24 January 2025, informing both houses of parliament of its decision to move forward with a proposed overhaul of the taxation regime for savings and investment income,
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Philippines: BOI consults 2025 investment priority plan
The Philippine Board of Investments (BOI) has announced a series of public consultations for the Draft 2025 Strategic Investment Priority Plan (SIPP). These consultations are scheduled to occur in three key locations: Quezon City on 31 January
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Jamaica waives interest, penalties in tax settlement programme
Jamaica’s tax administration (TAJ) has announced, on 29 January 2025, the launch of a Special Arrears Settlement Programme, designed to waive/remit Interest, Penalty and Surcharge (IPS) accrued once outstanding principal taxes are paid by 31 March
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Panama introduces new return form for Colon Free Zone taxpayers
Panama’s General Directorate of Revenue has introduced a new income tax return form for Colon Free Zone taxpayers, now available in the eTax 2.0 system. Taxpayers must update their status as Colon Free Zone users in the eTax 2.0 system to
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Slovak Republic: Parliament considers corporate tax rate cuts, extension of loss carryforward period
The Slovak Parliament is reviewing proposed bills to lower corporate tax rates and extension of the loss carryforward limit in the country. One of the draft bills advocate reducing the corporate tax rate to 16% from the standard rate of 21% and
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OECD updates ICAP documentation for global compliance
The OECD has updated the required documentation for the International Compliance Assurance Programme (ICAP). The Main Documentation Package has been revised and no longer requires MNE Groups to prepare a country-by-country reporting self-assessment
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OECD to host webinar on Pillar One Amount B
The OECD will host a webinar on Pillar One Amount B on 11 February 2025. OECD's transfer pricing team will discuss the latest updates and developments regarding the design and implementation of the Amount B framework. This framework, developed by
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Argentina lowers late tax payment interest rates
Argentina has announced a reduction in the interest rate for late tax payments, effective from 1 February to 31 March, 2025. The compensatory interest rate for late payments is 7.26% per month, down from 7.47% per month from 1 December 2024 to 31
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