Russia introduces reduced corporate income tax rate for electronics manufacturers
Russian companies manufacturing equipment for electronic components and radio-electronic products will benefit from a reduced 8% corporate income tax rate starting 1 January 2025. This tax incentive is part of government Resolution No. 1848,
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Luxembourg enacts VAT scheme for small businesses
Luxembourg has enacted a law implementing a VAT scheme for small businesses. VAT obligation exemption threshold has been increased to EUR 50,000 starting 1 January 2025, with a 10% tolerance, allowing businesses to benefit from the scheme up to EUR
See MoreLuxembourg enacts bill amending global minimum taxation law
Luxembourg has enacted the bill amending the law that implements the Minimum Taxation Directive (2022/2523) on 23 December 2024, known as the Minimum Taxation Law of 22 December 2023 (MTL), incorporating guidance and clarifications from the OECD’s
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Uruguay sets deadlines for tax return submissions, payments in 2025
The Uruguayan tax authorities (DGI) issued a Resolution 2,867/024 on 11 December 2024, establishing deadlines for filing tax returns and payments from January to December 2025. The filing deadlines for tax returns in 2025 for state-owned
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Brazil enacts Pillar Two global minimum tax rules
The President of Brazil, Luiz Inácio Lula da Silva, enacted Bill No. 3,817/24, which is now known as Law No. 15,079/24, implementing the OECD's Pillar Two global minimum tax and introduces the global anti-base erosion (GloBE) regulations within
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Malaysia updates transfer pricing guidelines, audit framework
Malaysia’s Inland Revenue Board (IRB) has updated transfer pricing guidelines and transfer pricing audit framework. The transfer pricing guidelines have been updated in accordance with the amendments made to section 140A, the introduction of
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Luxembourg enacts Budget Law 2025, introduces changes to CO2 tax credits
Luxembourg has enacted the Budget Law for 2025, which includes modifications to the CO2 tax credits, VAT, and introduction of initiatives to revitalise the housing market; published in Official Gazette No. A 558 of 23 December 2024. The law will
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China enacts first VAT Law
The 13th Session of the 14th National People's Congress Standing Committee has reviewed and approved the draft of the Value-Added Tax (VAT) Law of China. This legislation, which marks the introduction of China's first VAT Law, is set to take
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Nigeria: President presents 2025 budget
The President of Nigeria, Bola Ahmed Tinubu, presented the 2025 Budget titled “The Restoration Budget: Securing peace, Rebuilding prosperity” during a joint session of the 10th National Assembly on 18 December 2024. The budget is a record high
See MoreRussia updates CbC reporting jurisdictions
The Russian Federal Tax Service (FTS) has updated its list of jurisdictions for automatic exchange of country-by-country (CbC) reports, effective 31 December 2024. The revised list comprises 45 states and 10 territories, compared to the previous
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Greece updates classification criteria for business size categories
The Greek Official Gazette published Law No. 5164 on 24 December 2024, which transposes key EU directives related to sustainability and business size, while also revising tax incentives for specific investments. The law implements EU Directive
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Peru: Congress approves VAT exemption on international remittance fees
Peru’s Congress has approved a tax relief measure under Law 32,201 on 26 December 2024, exempting VAT on fees related to international money remittances. The exemption includes fees charged to beneficiaries receiving funds from abroad and to
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Malta gazettes VAT (Amendment) Act 2024, introduces EU Small Business Scheme for Cross-Border Supplies
Malta published the Value Added Tax (Amendment) Act 2024 in the Official Gazette, on 17 December 2024, introducing the EU small business scheme for cross-border supplies, aligning with Council Directive (EU) 2020/285 of 18 February 2020. The Act
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Turkey introduces 1% withholding tax on e-commerce intermediary payments
Turkey's Revenue Administration has announced the issuance of Presidential Decision No. 9284, introducing a 1% withholding tax rate on payments made by intermediaries to service providers engaged in activities under Law No. 6563 on the Regulation of
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Qatar: Parliament approves introduction of Pillar Two global minimum tax
Qatar's General Tax Authority has announced that the Shura Council (parliament) has approved amendments to implement measures for the Pillar Two global minimum tax. During its regular weekly session convened on 23 December 2024 at the Council’s
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Australia: ATO consults implementation of thin capitalisation third-party debt test
The Australian Taxation Office (ATO) has initiated a public consultation regarding the implementation of the thin capitalisation third-party debt test . Additionally, it addresses the associated Schedule 3 of Draft Practical Compliance Guideline
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US: Treasury Department, IRS publish final regulations on the treatment of tax-exempt bonds as retired
The US Treasury Department and IRS released final regulations (T.D. 10020) regarding when tax-exempt bonds are treated as retired on 27 December 2024. The final regulations address when tax-exempt bonds are treated as retired for certain Federal
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Australia to amend law to strengthen tax penalty regime
Australia’s government will be amending the tax law to strengthen the current tax penalty regime, as part of the 2024–25 Mid-Year Economic Fiscal Outlook. The announcement was made by ATO is a release on 18 December 2024. The new measure
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