Poland: MoF issues guidance on mandatory disclosure rules
The finance ministry clarified that share capital increases via non-cash or certain cash contributions are excluded from MDR if specific tax conditions are met. Poland’s Minister of Finance issued a general ruling (ref no. DTS5.8092.3.2025,
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Venezuela: Economy ministry issues requirements for tax refunds in special economic zones
The Ministry of Economy and Finance issued guidelines for tax refunds in SEZs, which require certification, tax compliance, and adherence to administrative procedures. Venezuela’s Ministry of Economy and Finance issued Resolution No. 014-25 on
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US: Illinois to tax 50% of GILTI, tightens interest deductions under 2026 budget
Starting with tax years ending on or after 31 December 2025, taxpayers must include 50% of GILTI, as defined under IRC section 951A, in their base income for Illinois tax purposes. Illinois Governor J.B. Pritzker signed a bill (HB 2755) on 16
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Uganda presents 2025–26 budget, proposes income tax exemption for start-ups
Uganda's Ministry of Finance unveiled a UGX 72.136 trillion national budget for 2025-26. Uganda’s Ministry of Finance Planning and Economic Development has unveiled a UGX 72.136 trillion national budget for the 2025-26 financial year on 12
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Italy: Council of Ministers approves amendments to tax reform
Italy approved a new Legislative Decree on June 4, 2025, updating tax compliance, litigation, penalties, and the 2-year preventive composition procedure (CPB). Italy’s Council of Ministers has approved a Legislative Decree on 4 June 2025, which
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Bolivia becomes 172 member of Global Forum on Transparency and Exchange of Information for Tax Purposes
Bolivia becomes the 172nd member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The OECD announced on 4 June 2025 that Bolivia has joined the Global Forum on Transparency and Exchange of Information for Tax
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US: IRS issues interim guidance on simplified option for CAMT calculation
The guidance offers a simplified method to determine "applicable corporation" status under IRC Sec. 59(k), increasing minimum thresholds and waiving some estimated tax penalties. The US Internal Revenue Service (IRS) issued Notice 2025-27,
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Costa Rica consults new tax penalty self-assessment form
Costa Rica’s tax administration (DGT) has released a draft resolution for public consultation on 2 May 2025, proposing major changes to self-assessment penalties for tax infractions. The resolution requires using the new TRIBU-CR platform to
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EU publishes DAC9 directive for top-up tax information return
The EU has published the Council Directive (EU) 2025/872 of 14 April 2025 amending Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC9) in the Official Journal of the European Union on 6 May 2025. The directive
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Costa Rica consults on new tax information reporting reforms
Costa Rica’s tax administration (DGT) has released six draft resolutions for public consultation to improve tax reporting, streamline electronic compliance, and update filing methods. The proposed resolutions focus on migrating reporting
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Slovak Republic: Parliament rejects bill to limit fine deadlines for administrative offences
The Slovak Republic’s Parliament on 15 April 2025 voted against a proposed amendment to the Tax Code. The draft bill sought to introduce a deadline after which fines could no longer be imposed for specific administrative
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Philippines enforces mutual assistance convention
The OECD-Council of Europe Convention on Mutual Administrative Assistance in Tax Matters, amended by the 2010 protocol, took effect in the Philippines on 1 May 2025. The Multilateral Convention on Mutual Administrative Assistance in Tax Matters
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Belgium: Data protection authority rules FATCA data transfers for ‘Accidental Americans’ are illegal
Belgium’s Data Protection Authority (DPA) reaffirmed its decision through Decision No. 79/2025 of 25 April 2025 to ban the transfer of data to the United States under the Belgium-United States FATCA Model 1A Agreement (2014), specifically
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US: IRS, Treasury to scrap basis shifting transaction of interest rules
The US Department of the Treasury and Internal Revenue Service (IRS) issued Notice 2025-23 on 17 April 2025, announcing plans to propose removing the basis shifting transactions of interest regulations (T.D. 10028) originally issued on 14 January
See MoreUS: IRS to waive penalties for some micro-captive disclosures
The U.S. Internal Revenue Service (IRS) has released Notice 2025-24 on 11 April 2025, announcing that it will waive penalties for participants and material advisors of reportable micro-captive insurance transactions if disclosure statements are
See MoreEU: Council adopts DAC9 to support Pillar Two filings
The Council of the EU announced on 14 April 2025 the formal adoption of changes to the Directive on administrative cooperation in taxation (Directive 2011/16/EU) to simplify filing obligations under the Pillar 2 Directive (DAC9). The directive
See MoreUS: Trump directs Treasury to issue tax refunds electronically
US President Donald Trump issued an executive order on 25 March 2025 to modernise the Department of Treasury’s payment systems. In the executive order “Modernizing Payments To and From America’s Bank Account,” Trump instructed the
See MoreUS: Senator Ron Wyden exposes Pfizer’s tax dodging
US Senate Finance Committee Ranking Member Ron Wyden (D-OR) released the findings from his investigation into Pfizer's tax practices on 27 March 2025. The findings revealed that Pfizer declared zero taxable profits in the US on USD 20 billion in
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