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,
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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
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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
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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
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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
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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
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Hong Kong publishes draft guidance on proposed company re-domiciliation regime
The Hong Kong Inland Revenue Department has released draft guidance on the proposed company re-domiciliation regime introduced under the Companies (Amendment) (No. 2) Bill 2024 on 20 December 2024.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
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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
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Italy gazettes corporate income tax reform measures
Italy has published the Legislative Decree No. 192 of 13 December 2024 in Official Gazette No. 294 of 16 December 2024, introducing further advancements in the reform of corporate income tax regulations. The decree introduces several tax
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Finland: Parliament passes amendments to Minimum Tax Act
Finland’s parliament has passed amendments to the Minimum Tax Act. The Act is amended to incorporate the latest OECD guidance on Pillar Two rules. The key changes include clarifying certain provisions of the law, simplifying minimum tax
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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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