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
See More
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
See More
Poland updates Corporate Income Tax Haven List
The Polish Official Gazette published Regulation No. 1928 on 24 December 2024, updating the list of tax havens for corporate income tax. The regulation enters into force 1 January 2025 The provisions apply to transfer pricing documentation
See More
Hong Kong gazettes amendment to Minimum Tax for Multinational Enterprise Groups Bill 2024
Hong Kong announced that the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 was published in the Gazette on 27 December. The Bill seeks to implement the international tax reform framework, Base Erosion and
See More
Croatia: Parliament approves amendments to VAT Act, establishes EU small business scheme for cross-border supplies
The Croatian parliament has approved the Bill on Amendments to the Value Added Tax Act on 13 December 2024, raising the VAT registration threshold from EUR 40,000 to EUR 60,000, surpassing the initially suggested EUR 50,000. In light of this new
See More
Turkey increases withholding tax on dividend distributions
The Revenue Administration of Turkey has announced the release of Presidential Decision No. 9286 on 22 December 2024, updating the withholding tax rate on dividend distributions. The withholding tax rate on dividends distributed under Article 94
See More
Luxembourg: Chamber of Deputies approve amendments to Pillar Two law
Luxembourg's Chamber of Deputies has passed Bill No. 8396 amending the Law of 22 December 2023, (Global Minimum Taxation Law, commonly referred to as the Pillar Two law) on 20 December 2024. Earlier, the Luxembourg government published a revised
See More
Luxembourg enacts law reducing CIT rate
Luxembourg has enacted the bill on the Corporate Income Tax (CIT) rate reduction on 20 December 2024. The law was published in Official Gazette No. A 589 on 24 December 2024. Earlier, the Parliament passed legislation that introduced
See More
Sweden gazettes law amending Pillar Two global minimum tax
The Swedish Official Gazette published Law No. SFS 2024:1248 on 11 December 2024, amending the Additional Tax Act to implement the Pillar Two global minimum tax into domestic law. The new regulations are set to come into force on 1 January
See More
Spain gazettes law implementing Pillar Two global minimum tax
Spain has published Law No. 7/2024, on 20 December 2024, in the Official Gazette establishing the implementation of the Pillar Two global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. Earlier, Spain’s Council of
See More
Morocco publishes Finance Law 2025
Morocco has published Finance Law 2025 on the Ministry of Finance website on 20 December 2024. Earlier, Morocco’s Ministry of Finance released the draft Finance Law 2025 on 19 October 2024, proposing various measures for corporate income tax,
See More
Australia gazettes instrument regarding Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024
The Australian Official Gazette, on 17 December 2024, published a legislative instrument for CbC reporting jurisdictions by the Taxation Administration for the year 2024. This instrument includes the list of CbC reporting jurisdictions along with
See More
Australia consults Crypto Asset Reporting Framework, related amendments
The Australian Treasury has initiated a public consultation regarding how Australia applies the Crypto Asset Reporting Framework (CARF). The consultation paper explores: a comparison of 2 options: adding the CARF into Australian tax law
See More
Finland publishes overview of changes to taxation in 2025
The Finnish tax authority has published an overview of the changes to taxation in 2025, which includes amendments introduced for the upcoming tax year. Earlier, Finland’s Parliament has approved the 2025 budget on 20 December
See More
Taiwan publishes guidance on tax withholding, calculation for foreign enterprises
Taiwan’s Ministry of Finance has issued guidance on income tax withholding, non-withholding tax statements, and calculating corporate taxes for foreign companies. Optimised income tax withholding system According to an announcement by
See More
UK: HMRC publishes guidance on Pillar Two budget changes
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released the Explanatory Notes outlining the government amendments, which focus on matters related to Pillar Two, to the Finance Bill 2024-25 on 19 December 2024. The Explanatory
See More
Hong Kong publishes draft guidance on proposed company re-domiciliation regime
The Hong Kong Inland Revenue Department has released draft guidance on the proposed company re-domiciliation regime introduced under the Companies (Amendment) (No. 2) Bill 2024 on 20 December 2024. It is pending approval in the Legislative
See More
Belgium publishes guidance on new CFC rules
Belgium’s tax authorities have issued two circular letters - Circular 2024/C/82 and Circular 2024/C/83 - on 13 December 2024 - providing clarity on specific aspects of the controlled foreign company (CFC) rules introduced in 2023. The amended
See More