Taiwan: National Taxation Bureau explains estate tax rules for untransferred property sales
The Taipei National Taxation Bureau of Taiwan’s Ministry of Finance stated that it often receives inquiries regarding situations where a deceased person (the decedent) had sold real property before death, but the ownership transfer registration
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Mexico: Central bank cuts interest rate to 7.25%
Mexico’s central bank, Bank of Mexico, has cut its benchmark interest rate by 25 basis points to 7.25%, continuing its cycle of rate reductions. This is the lowest level since May 2022. Deputy Governor Jonathan Heath has opposed a rate cut due
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US: IRS services remain limited as US government shutdown hits record length
The ongoing US federal government shutdown, which began on 1 October 2025, has become the longest in history, lasting 37 days as of 6 November 2025. The IRS is heavily impacted, with most staff furloughed and limited capacity to process returns,
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Russia: Government approves budget amendments for second reading
The Russian Government has approved a wide-ranging package of amendments to the draft federal budget for 2026–2028 and to the Budget and Tax Codes for the second reading on 6 November 2025. The revised proposals, presented by Finance Minister
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Canada: DoF releases 2025 budget, includes corporate tax and transfer pricing measures
Canada’s Department of Finance released the details of the Budget 2025 on 4 November 2025. The main tax measures of the budget are as follows: Business Income Tax Measures Immediate Expensing for Manufacturing and Processing
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Colombia: DIAN invalidates social media claims of debt forgiveness
Colombia's tax and customs authority (DIAN) has denied recent social media claims that it “forgives” taxpayers’ debts, calling the information false and misleading. This announcement was made on 4 November 2025. DIAN stressed that in
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Greece: AADE issues tax IDs automatically for minor children
Greece’s Independent Authority for Public Revenue (AADE) has completed its latest programme to automatically assign Tax Identification Numbers (AFM) to minors. The announcement was made on 5 November 2025. Under this initiative, 42,975
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Ethiopia, EU sign financing agreement to support 2025 reform and recovery plan
The Ethiopian Ministry of Finance (MoF) and the European Union (EU) have signed a EUR 90 million financing agreement for the Annual Action Plan (AAP)-2025. This agreement acknowledges Ethiopia’s unique context, specifically the ongoing deep
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US: IRS clarifies penalty relief for 2025 reporting on tips and overtime under One, Big, Beautiful Bill
The US Internal Revenue Service (IRS) has announced, on 5 November 2025, penalty relief for tax year 2025 related to information reporting on tips and overtime. The Treasury, IRS provide penalty relief for tax year 2025 for information
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Zambia: MoF presents 2026 budget, promotes corporate investments in key sectors
Zambia’s Ministry of Finance and National Planning delivered the 2026 Budget Speech to the National Assembly on 26 September 2025, announcing a series of revenue measures aimed at strengthening domestic resource mobilisation, supporting small
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Algeria: NTA raises penalties for failure to meet registration duty requirements
Algeria’s tax authority (NTA) issued a circular on 29 October 2025 announcing higher fines for failing to comply with registration duty requirements, effective from 1 January 2025. The circular communicates modifications introduced by Articles
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Costa Rica: DGT introduces new monthly tax reporting form for transactions not supported by electronic vouchers
Costa Rica’s tax authority (DGT) issued Resolution MH-DGT-RES-0055-2025 on 3 November 2025, introducing a new monthly tax reporting form for businesses and organisations that conduct transactions not covered by electronic invoices. The new
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Singapore: IRAS classifies subordinated perpetual securities as debt
The Inland Revenue Authority of Singapore released Advance Ruling Summary No. 21/2025 on 3 November 2025, addressing the classification of subordinated perpetual securities as debt and the deductibility of distributions paid on them as
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Australia: BoT redesigns Voluntary Tax Transparency Code (VTTC)
The Board of Taxation (BoT) has completed a redesign of the Voluntary Tax Transparency Code (VTTC), which provides principles and minimum standards to guide medium and large businesses in publicly disclosing tax information. The BoT, responsible
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Cameroon: Directorate General of Taxation issues guidance on tax treaty dispute resolution
Cameroon’s Directorate General of Taxation has published a circular outlining the amicable procedure for resolving disputes under its double taxation treaties. The procedure is designed to ensure fair tax administration by effectively resolving
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OECD releases report encouraging economic diversification in Libya through public-private dialogues
The OECD has published a new report, Encouraging Economic Diversification in Libya through Public-Private Dialogues, on 28 October 2025, which outlines key findings and policy recommendations for five priority sectors of Libya's economy. This
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Israel: MoF announces tax reforms for R&D centres
Israel’s Ministry of Finance presented reforms in its taxation policy on 2 November 2025, designed to facilitate activities and increase the attractiveness of the Israeli high-tech industry. The reform was formulated by a team that included
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Bulgaria plans dividend tax hike, faster write-offs for electric vehicles in 2026 budget
Bulgaria's Ministry of Finance has released the draft State Budget Act for 2026 and updated the medium-term budget forecast for 2026-2028, which were published on the Ministry’s website on 3 November 2025. Draft State Budget Act for
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