Argentina introduces new rules to maintain foreign currency surcharge
Argentina’s tax authority (ARCA) announced a new regime for the ongoing application of the additional tax (surcharge) on foreign currency purchases (PAIS tax) on 19 December 2024. The surcharge on foreign currency transactions was tied to the
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Finland: Parliament approves 2025 state budget
Finland’s ​Parliament has approved the 2025 budget on 20 December 2025. The Finance Committee's proposal for the state budget for 2025 is approximately EUR 89.2 billion, which is about EUR 1.3 billion more than the actual budget for 2024. The
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South Africa: National Treasury, SARS consult draft Revenue Laws Amendment Bill (RLAB)
The National Treasury and the South African Revenue Service (SARS) published the 2025 draft Revenue Laws Amendment Bill (RLAB) for public comment on 13 December 2024. This announcement was also made on the same day. This draft tax bill
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Russia: Ministry of Finance to decide Pillar Two adjustments mid-2025
The Russian Ministry of Finance has announced that it will decide by mid-2025 whether to adjust national legislation in response to the global tax reform under Pillar Two. This announcement was made in a release on 11 December 2024. The
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Korea (Rep.): National Assembly passes 2024 Tax Law Amendment Bill
The South Korean National Assembly approved the 2024 Tax Law Amendment Bill on 10 December 2024. The amendments will affect various tax regulations which include: Deferral of Crypto Gains Tax The bill introduces a two-year deferral on the
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Singapore updates guide on tax treatment of gains, losses from sale of foreign assets
The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on Income Tax: Tax Treatment of Gains or Losses from the Sale of Foreign Assets (Second Edition) on 9 December 2024. This guide explains the income tax treatment of
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France: Parliament approves Special Finance Bill for 2025
The French Parliament has approved the special budget bill proposed by the government, allowing the State to collect existing taxes and borrow funds to maintain government operations until the 2025 Finance Law and Social Security Finance Law are
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Ireland: Revenue issues new guidance on leasing ringfences
Irish Revenue has released eBrief No. 307/24 on 10 December 2024, providing new guidance on leasing ringfences, outlined in the Tax and Duty Manual 12-04-02 – Leasing Ringfences – Sections 403 and 404 of the Taxes Consolidation Act 1997. The
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India: GST Council rejects airlines’ proposal to include aviation fuel under GST framework
India's GST Council has rejected the airline industry's proposal to bring Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST) framework. The announcement was made by Finance Minister Nirmala Sitharaman following a meeting on 21
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Pakistan: Proposed Tax Laws (Amendment) Bill 2024 strengthens measures against non-filers
Pakistani Finance Minister Muhammad Aurangzeb presented the Tax Laws (Amendment) Bill, 2024, to the National Assembly on 18 December 2024 to strengthen measures against non-filers. The proposed bill introduces strict measures targeting
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Italy to allow software based storage, transmission of daily receipt data reporting
Italy has published Legislative Decree 1/2024 on Rationalization and Simplification of the Rules on Tax Compliance in 2024. The decree was designed to streamline compliance and enhance efficiency for businesses. Under Article 24, using software
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Denmark updates dividend taxation rules for resident, non-resident companies
Denmark’s Parliament passed Bill No. L 28 on 19 December 2024, introducing changes to the country’s tax laws, including updates to the taxation of dividends paid to resident and non-resident companies, effective from 1 January 2025. The new
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Portugal postpones mandatory SAF-T submission
Portugal has announced the postponement of mandatory submission of the Standard Audit File for Tax (SAF-T), which was initially scheduled for 2026. The new deadline has been pushed to 2027 following the approval of the state budget, allowing
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Bulgaria to introduce mandatory SAF-T filing from 2026
The draft law for Bulgaria's 2025 State Budget, published on 9 December 2024, introduces several amendments, including a requirement for businesses to submit standard audit files (SAF-T). This new rule will apply to most companies, with
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Luxembourg: Parliament approves 2025 budget law
Luxembourg’s Parliament approved the 2025 budget law on 19 December 2024. It introduces a 50% reduction in the taxable base for registration and transcription duties on real estate acquisitions, in addition to the existing EUR 40,000
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Cyprus updates beneficial owners register framework
Cyprus’ Department of the Registrar of Companies and Intellectual Property (DRCIP) have announced several amendments to The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, which was published on 6 December
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Italy introduces rules to prevent VAT fraud on imports
Italy has published two decrees to prevent value added tax (VAT) fraud on imports under EU Directive 2006/112/EC. Decree 4/12/24 and Decree 9/12/24, was published in the official gazette on 9 December 2024 and 13 December 2024. The decrees
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Canada: Budget deficit shrinks in first 7 months of 2024/25
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
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