New Zealand lowers interest rates on tax underpayments and overpayments
New Zealand Inland Revenue updated the UOMI Rates on 28 May 2025. Underpayment rates drop to 9.89% (from 10.88%), and overpayment rates decrease to 3.27% (from 4.30%). The New Zealand Inland Revenue has published the revised Taxation (Use of
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South Africa: SARS lowers interest rate for taxation on interest-free and low-interest loans
SARS lowers official interest rate for fringe benefits on employer loans from 8.50% to 8.25%, effective 1 June 2025. The South African Revenue Service (SARS) has announced a reduction in the official interest rate used to calculate fringe
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Vietnam issues new guidance on e-invoices and tax compliance
Vietnam updated regulations on e-invoices, taxpayer risk assessment, and invoicing procedures for business models, effective 1 June 2025. Vietnam’s Ministry of Finance released Circular 32/2025/TT-BTC on 31 May 2025, offering updated guidance
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Italy: Finance ministry updates synthetic reliability indices
Italy’s finance ministry issued a ministerial decree on 28 May 2025, updating the synthetic indices of reliability (ISA) for the 2024 fiscal year.  Italy’s Ministry of Economy and Finance has published the Ministerial Decree of 24 April
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Belgium: Government proposes stricter participation exemption rules and exit tax extension
Belgium’s Chamber of Deputies is reviewing draft legislation by the government on 27 May 2025 to implement tax reforms proposed in the government policy note. Belgium’s Chamber of Deputies is reviewing a draft legislation presented by the
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South Africa: SARB reduced repo rate by 25 basis points
The SARB has cut the repo rate by 25 basis points to 7.75%, effective 30 May 2025. The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) has decided to reduce the repo rate by 25 basis points, with effect from 30 May
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Singapore: IRAS exempts PEHE foreign disposal gains under Advance Ruling 7/2025
Singapore’s IRAS confirms that pure equity-holding entities meeting economic substance requirements will be exempt from tax on foreign-sourced disposal gains under Advance Ruling 7/2025. Singapore’s IRAS has issued Advance Ruling Summary
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Ecuador: SRI implements new remittance tax filing rules for card transactions
Ecuador’s tax authority now requires annual filings for taxpayers exceeding the foreign currency outflows tax (ISD) exemption on card transactions, including retroactive payments from 2022 to 2024. Ecuador’s Internal Revenue Service (SRI)
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Australia: Tasmania unveils 2025–26 budget, abolishes stamp duty for first home buyers
The 2025-26 budget introduces no new taxes or changes to existing ones. Its key initiative is removing stamp duty for first home buyers in Tasmania on homes up to AUD 750,000. Guy Barnett, Treasurer and Deputy Premier of Tasmania, presented the
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New Zealand enacts 2025 budget, includes investment boost and Kiwisaver reforms
Taxation (Budget Measures) Act 2025 was published in the Official Gazette on 29 May 2025. New Zealand published the Taxation (Budget Measures) Act 2025 in the Official Gazette, after it received royal assent on 29 May 2025. The Taxation
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OECD report reveals decline in tax revenue relative to GDP in Latin America and the Caribbean
The OECD’s 2025 report on Latin America and the Caribbean reveals a slight drop in tax revenue as a share of GDP in 2023. The OECD has published its 2025 report on Revenue Statistics in Latin America and the Caribbean, revealing a recovery in
See MoreSingapore: IRAS updates GST concession guide for Singapore-listed REITs and business trusts
The Inland Revenue Authority of Singapore has updated its e-Tax Guide to clarify GST concession procedures for listed REITs and Business Trusts, confirming that separate claims statements are no longer required unless requested and extending the
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Bangladesh: Interim Government announces 2025-26 national budget
The government’s growth forecast of 5.5% falls below the IMF’s estimate, signalling a shift away from chasing ambitious GDP targets and mega projects. The budget is set at BDT 7,90,000 crore, with a revenue budget of BDT 5,74,000
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Germany plans 10% tax on digital services from tech giants
Germany is drafting legislation for a 10% tax on major digital platforms like Google and Facebook. Germany’s Minister of State for Culture, Wolfram Weimer, has announced that the government is preparing draft legislation to introduce a 10%
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India: Government restores RoDTEP benefits for AA, SEZ, and EOU exports
 India restores RoDTEP benefits for AA, EOU & SEZ exporters from 1 June 2025 to boost competitiveness. The Government of India has announced the restoration of benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP)
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UK, Isle of Man: Authorities collaborate to combat tax avoidance and evasion
The UK and Isle of Man Treasuries are joining forces to tackle tax avoidance scheme promoters and enhance cooperation. The UK's HM Treasury has announced a collaborative initiative with the Isle of Man Treasury to target and dismantle the
See MoreNew Zealand to enhance governance of emissions trading scheme
New rules will require detailed reporting from trading platforms and participants, enhancing oversight as part of broader climate reforms. The New Zealand government announced that it is taking steps to improve its Emissions Trading Scheme (ETS)
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US: Trump pledges to negotiate ‘big, beautiful’ tax bill for Senate approval
Trump’s remarks came after Elon Musk said in a CBS interview that he was ‘disappointed’ with the bill’s massive spending, which undermines the Department of Government Efficiency (DOGE) efforts to reduce the US budget deficit US
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