India: Cabinet approves Income Tax Bill for 2025
The Indian Union Cabinet has approved the Income Tax Bill 2025, which will supersede the old Income Tax Act of 1961. The proposed legislation seeks to streamline tax laws, remove outdated provisions, and simplify compliance processes. Union
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Botswana presents 2025-26 FY budget to National Assembly
Botswana’s Ministry of Finance and Economic Development has presented its budget proposals for the 2025-26 fiscal year to the National Assembly on 10 February 2025. Amendments include changes to corporate taxation, VAT and personal
See MoreIndia 2025 Budget: Everything we know so far
India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2025-2026 on 1 February 2025 to the parliament, which included the Finance Bill 2025 (The Bill) outlining amendments to various direct and indirect taxes as well as various
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US releases expiring federal tax provisions list 2024-2034
The US Joint Committee on Taxation has published the List of Expiring Federal Tax Provisions for 2024-2034 on 9 January 2025. This document lists Federal tax provisions that expired in 2024 or are scheduled to expire in the future. Years in which
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France to introduce temporary surtax for large companies for one year in revised 2025 Finance Bill
It is rumoured that France’s government will keep several measures from the original 2025 Finance Bill with some amendments. Earlier, the French Parliament adopted the Special Finance Bill for 2025 (the Special Bill) on 18 December 2024, after the
See MoreUS: Treasury, IRS finalise rules on micro-captive transactions
The US Department of the Treasury and the Internal Revenue Service (IRS) released the final regulations (TD 10029) identifying transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions,
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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
See MoreUS: IRS, Treasury propose rules for tax professionals who can practice before the IRS
The US Department of the Treasury and the Internal Revenue Service issued IR-2024-315 on 20 December 2024, in which it proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained
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UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax
Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary
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UK: Draft Scotland 2025-26 budget increase hospitality tax relief
Scotland’s Cabinet Secretary for Finance and Local Government has presented the draft Scottish Budget 2025-2026 on 4 December 2024. The draft budget proposes various tax measures, including the extension of 100% rate relief for hospitality
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Sri Lanka: President presents tax reform proposals to parliament
The President of Sri Lanka presented a series of tax reform proposals to Parliament on 18 December 2024, with several changes set to take effect in 2025. One of the key changes is a revision to the personal income tax structure, effective 1 April
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Australia: 2024-25 Mid-Year Economic and Fiscal Outlook outlines new tax measures
The federal government released the 2024-2025 Mid-Year Economic and Fiscal Outlook (MYEFO) on 18 December 2024. The 2024-25 MYEFO did not introduce any significant tax reforms, but outlined several noteworthy tax proposals. The 2024–25 MYEFO
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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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Malaysia: House of Representatives pass Finance Bill 2024
Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after
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EU adopts new withholding tax rules (FASTER)
The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The
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Papua New Guinea presents Annual Budget 2025
Papua New Guinea’s Department of the Treasury has presented the 2025 Annual Budget to the Parliament on 29 November 2024. The budget totals PGK 28,357 million, which is PGK 980 million larger than the 2024 budget of PGK 27,377
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Liberia: Draft National Budget 2025 to raise withholding tax on consultancy services, introduce new VAT system
Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024. The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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