OECD reports Asia’s tax transparency gains
The report highlights efforts to implement global tax transparency standards across Asia, combat illicit financial flows, and boost domestic resource mobilisation through the Asia Initiative. The OECD’s Global Forum on Transparency and Exchange
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UAE: MoF temporarily eases listing requirement for REIT exemption
The Decision outlines conditions for certain Real Estate Investment Trusts (REITs) to qualify for corporate tax exemption. The UAE Ministry of Finance has issued Ministerial Decision No. 96 of 2025 on Conditions to Exempt Certain Real Estate
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Denmark updates VAT deduction timing, effective from July 2025
Businesses may claim VAT deductions up to six months after the supplier’s invoice date, within the VAT return currently due. This removes the requirement to adjust deductions back to the VAT return covering the invoice date. Denmark’s
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Dominican Republic: DGII sets 2025 inflation multipliers, exchange rates
The tax authority issued new inflation and exchange rate adjustments for the fiscal year ending March 2025. The Dominican Republic’s Directorate General of Internal Revenue (DGII) has issued Resolution No. DDG-AR1-2025-00003, establishing
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Russia: Government proposes extension of 0% VAT rate for hotels, temporary lodging services
The proposed extension will continue the rate until 31 December 2030. The Russian Government announced plans to extend the 0% VAT rate on temporary accommodation services in hotels and other lodging facilities on 22 May 2025. The proposed
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Denmark: Supreme Court rules arm’s length pricing need not align with interquartile range
The case examined EET Group's taxable income from 2010 to 2012, focusing on revenue from goods sold to seven sales subsidiaries. Denmark’s Supreme Court issued a ruling on the arm's length pricing of transactions between the Danish EET Group
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US: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
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Ireland: Revenue updates guidelines on interest charges for late tax payments
Irish Revenue has updated its guidelines on interest for late tax payments, now covering Capital Acquisitions Tax. The eBrief clarifies interest rules, removes mentions of Fixed Direct Debit and Balloon payments, and updates due dates for
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Sweden proposes DAC8 implementation bill for 2026
Sweden has proposed a bill to implement the EU's DAC8 directive on tax cooperation, introducing new rules for the automatic exchange of information on crypto-assets and securities. The regulations will take effect on 1 January 2026. The Swedish
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EU Commission unveils strategy to streamline single market
The European Commission released a communication on 21 May 2025 outlining a strategy to strengthen and simplify the EU Single Market. The document emphasises the Single Market as a cornerstone of the EU's growth, competitiveness, and resilience,
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OECD issues updated guidance on common Country-by-Country reporting errors
The OECD released an updated document on common errors by multinational enterprises (MNEs) in preparing Country-by-Country (CbC) reports on 22 May 2025. The Organisation for Economic Co-operation and Development (OECD) released an updated
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Mexico unveils tax incentives for new economic development zones
Mexico has introduced tax incentives for businesses operating in newly designated SEZs, including full deductions for fixed asset investments and additional relief for spending on training and innovation from 2025 to 2030. Mexico has issued a
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US: Trump postpones 50% tariff on EU goods
President Trump announced on 26 May 2025 that the effective date for his new 50% tariffs, in addition to the previously announced 20% tariffs on EU goods, has been pushed to 9 July 2025 after a call with European Commission President Ursula von der
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EU: European Parliament endorses revisions to EU carbon border mechanism
The European Parliament has approved changes to the EU's carbon border adjustment mechanism (CBAM), simplifying the rules and exempting 90% of importers. The European Parliament approved changes to the EU's carbon border adjustment mechanism
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Australia: ATO revises functional currency guidelines
The ATO updated its Guide to Functional Currency Rules on 22 May 2025, detailing the rules, eligibility, and tax reporting impacts. The Australian Taxation Office (ATO) updated its Guide to functional currency rules on 22 May 2025, covering the
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US tariffs are reshaping transfer pricing strategies for multinationals
The Trump Administration’s latest tariffs are reshaping global trade policies and pushing multinational corporations (MNCs) to revise their transfer pricing policies. US President Donald Trump’s latest tariffs, including a 104% levy on
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Vietnam, US conclude second round of tariff negotiations
Vietnamese Trade Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer led the talks, identifying areas of near consensus and others requiring further discussion. The US and Vietnam concluded their second round of tariff
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US: Trump revives trade tensions with new tariff threats on EU, Apple
Trump announced that he plans to impose a 50% tariff on EU goods, on top of the existing 20%, starting 1 June 2025. He also plans a 25% tax on imported iPhones that US consumers purchase. US President Donald Trump threatened, on Friday 23 May
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