Canada mandates digital tax registration for big businesses next year
Canada’s government has mandated that large businesses whose online revenues are above specific thresholds must register for a Digital Services Tax (DST) programme account by 31 January 2025, and file and pay their first DST returns by 30 June
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OECD introduces new tools to simplify transfer pricing (Amount B)
The OECD has announced the launch of new tools to streamline the implementation of Amount B under Pillar One aimed at simplifying transfer pricing rules. Amount B under the Two-Pillar Solution to Address the Tax Challenges of the Digitalising
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Hungary to launch small business VAT regime in 2025
The Hungarian tax authority has issued a notice on 10 December 2024 regarding the new Small Enterprises (SME) VAT scheme for small businesses under Council Directive (EU) 2020/285. The SME will take effect on 1 January 2025. Under the new scheme,
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Italy announces statutory interest rate for 2025
Italy has published the Decree of 10 December 2024 in the Official Gazette, which sets a 2.0% statutory (legal) interest rate (down from 2.5%) with effect from 1 January 2025. The statutory interest rate applies to interest income taxation as a
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Netherlands: Upper House approves 2025 Tax Plan, Pillar Two amendments
Netherlands’ Upper House of Parliament has passed 11 tax bills on 17 December 2024, which include the entirety of the 2025 Tax Plan package and amendments to 2025 Tax Plan, 2025 Tax Plan BES Islands, and Minimum Taxation Act (Amendment) Act
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Indonesia announces relief to ease 2025 VAT hike impact
Indonesia’s government has announced a relief package to mitigate the effects of the upcoming VAT increase to 12%, set to take effect on 1 January 2025. Earlier, Indonesia’s Finance Minister, Sri Mulyani Indrawati confirmed that the VAT rate
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Norway mandates beneficial owner registration for local companies, legal entities
Norway has issued a new legislation on 12 December 2024 mandating Norwegian companies and legal entities to register their beneficial owners in the Register of Beneficial Owners. The legislation will take effect on 31 July 2025, although
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Ireland: Central Bank warns US tax policy could swing government finances into a deficit
The Irish Central Bank has cautioned that changes in US tax policy could reduce corporate tax revenues from American companies operating in Ireland. In its quarterly bulletin, the bank noted that these firms contribute a substantial portion of
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Georgia amends transfer pricing regulations for 2025
Georgia’s Ministry of Finance has announced that it has amended its international controlled transaction regulations through Order No. 331 (issued on 2 October 2024) to align with the latest OECD Transfer Pricing Guidelines. The amendment also
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Switzerland: SIF updates AEOI jurisdictions list, changes status of Belize
The Swiss State Secretariat for International Finance (SIF) released an updated list of jurisdictions participating in the automatic exchange of information (AEOI) on financial accounts on 17 December 2024. Recent updates include a change in
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Nigeria proposes new tax incentives for oil and gas industry
The Nigerian Oil and Gas Industry Content Development (NOGICD) Bill, 2023 has been presented before the National Assembly which introduces tax law changes and new incentives to promote Nigeria’s oil and gas sector. The key measures include a
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Australia announces jurisdictions for public CbC reporting
Australia has published the Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024, listing jurisdictions for public Country-by-Country (CbC) reporting on 12 December 2024. Notably, Liechtenstein has been excluded
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US: Treasury, IRS clarify stance on OECD’s simplified transfer pricing rules
The US Treasury Department and the Internal Revenue Service (IRS) released Notice 2025-04, “Application of the Simplified and Streamlined Approach under Section 482”, on 18 December 2024, clarifying the US government’s stance on using the
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Russia to tax cryptocurrency transactions starting 2025
Russia published Federal Law No. 418-FZ on 29 November 2024, which introduces amendments to the Tax Code concerning the taxation of income derived from cryptocurrency activities, including mining and trading. The law will take effect on 1 January
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Estonia: Parliament approves Security Tax Act
The Estonian Parliament (Riigikogu) has approved a new Security Tax Act (512 SE), designed to enhance the country’s defense capabilities through increased tax measures. The legislation introduces three key changes: A 2% increase in the
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Germany: MoF issues final decree on anti-hybrid rules
The German Ministry of Finance (MoF) released the final decree on the application of Germany's anti-hybrid rules on 5 December 2024, providing clarifications over the draft version published in 2023. The decree addresses how foreign controlled
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Ukraine: The National Bank increases interest rate affecting late payment penalty interest
The Board of the National Bank of Ukraine has decided to raise the key policy rate to 13.5% annually. This decision aims to maintain the stability of the currency market, control inflation expectations, and gradually reduce inflation to the target
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Ireland: Revenue updates DST tax manual
The Irish Revenue has released eBrief No. 301/24, which provides an update to the Tax and Duty Manual (TDM) Part 04-06-03, effective 5 December 2024. This update confirms Revenue's acceptance of certain Digital Services Taxes (DSTs) as deductible
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