OECD releases Economic Outlook Interim Report: Steering through Uncertainty
The Organization for Economic Co-operation and Development (OECD) has released the Economic Outlook Interim Report: Steering through Uncertainty on 17 March 2025. According to the report, the global economy has been resilient in 2024, but some
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Indonesia: Tax cuts lead to high palm oil exports
Indonesia's palm oil exports surged 62.2% in February 2025, reaching 2.06 million metric tons, the highest in four months, fueled by a reduction in export taxes. Palm oil is a crucial component in food products, cosmetics, and household items. It
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France introduces reforms to UCITS legal framework
The French government has issued Ordinance No. 2025-230 on 12 March 2025, introducing reforms to the legal framework for UCITS (Organismes de placement collectif, OPC). The measure aims to modernise and simplify regulations governing these
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Ecuador launches tax benefits to support women entrepreneurs
Ecuador has introduced a series of tax benefits to support female entrepreneurs with the enactment of the Organic Law for Promoting the Economy of Women Entrepreneurs, published in the Official Gazette on 10 March 2025. The law aims to reduce
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European Commission: March infringement package targets Spain on royalty withholding tax and capital gains tax issues
The European Commission has released its March infringements package: key decisions on 12 March 2025. The European Commission decided to refer Spain to the Court of Justice of the European Union for having failed to remedy an infringement in
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Saudi Arabia: ZATCA announces 21st e-invoicing integration phase
The Saudi Zakat, Tax, and Customs Authority (ZATCA) has outlined the criteria for the 21st phase of integration under the country’s new E-Invoicing (FATOORA) requirements. This announcement was made by ZATCA on 28 February 2025. This phase
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Singapore: IRAS introduces GST InvoiceNow requirement for e-invoicing
The Inland Revenue Authority of Singapore (IRAS) released a new edition of its e-Tax Guide, Adopting GST InvoiceNow Requirement for GST-Registered Businesses (First Edition), on 7 March 2025. This e-Tax Guide explains the requirement for
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Finnish issues guidance on Pillar Two global minimum tax
Finland’s tax administration has released two guidance documents on the Minimum Tax Act, approved in late 2023 to implement the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523. The first guidance was released on 10 March
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Peru: Congress approves bill for MLI ratification
The Peruvian Congress approved the bill for the ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 13 March 2025. Following the internal ratification process,
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UAE: FTA urges taxpayers to update records by March ‘25 to avoid penalties
UAE taxpayers must update their tax records by 31 March 2025 to benefit from an extended grace period, during which administrative penalties will be waived. Registrants who have not yet updated their tax records are urged to submit them before the
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Ghana: 2025 budget to ease economic pressures on households, businesses
Ghana's Minister of Finance, Dr. Cassiel Ato Forson, presented the 2025 Budget Statement and Economic Policy on 11 March 2025 outlining tax policies and proposals designed to restore fiscal discipline, boost revenue generation, and ease economic
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Costa Rica: Tax Authority clarifies use of electronic invoices for imported goods
Costa Rica's Tax Authority has issued Private Letter Ruling No. MH-DGT-0006-2025 on 3 March 2025, clarifying the requirements for electronic invoices in relation to imports. For tangible goods purchased from non-resident suppliers, the standard
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US: CRS issues report on tax reform and itemised deductions
The US Congressional Research Services (CRS) published a new report on Selected Issues in Tax Reform: Itemized Deductions on 4 March 2025. The report analyses changes to itemised deductions under the Tax Cuts and Jobs Act (TCJA) through 2025 and
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Hungary: Tax Authority releases 2025 audit plan
Hungary’s National Tax and Customs Administration (NAV) has published its audit plan for 2025 on 11 March 2025, outlining priorities for tax, customs and law enforcement controls. The plan focuses on securing budget revenues through measures aimed
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Taiwan: MoF issues statement on US Double-Tax Relief Act approval
Taiwan's Ministry of Finance ( MoF) issued a statement on 12 March 2025, welcoming the passage of the US-Taiwan Expedited Double-Tax Relief Act by the US House of Representatives on 15 January 2025 (local time). The 119th US Congress, which
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Singapore: IRAS issues Advance Ruling 4/2025 on trade status and tax implications
The Inland Revenue Authority of Singapore has issued Advance Ruling Summary No. 4/2025 on 3 March 2025 , addressing whether a company is engaged in trade or business or operates as a passive investment holding company, along with the associated
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UK: HMRC to close free online filing for company accounts and tax returns by March 2026
The UK tax authority, His Majesty's Revenue and Customs (HMRC) announced on 6 March 2025 that it will shut down its free company filing software. This service allowed businesses and agents to submit company accounts and tax returns to both HMRC and
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UAE: FTA urges natural persons to complete corporate tax registration
The UAE's Federal Tax Authority (FTA) issued a statement on 9 March 2025, urging individuals to register for corporate tax by the end of March 2025. The FTA emphasized that all natural persons subject to Corporate Tax must submit their Tax
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