Netherlands delays Box 3 taxation reform until 2028
The Netherlands Ministry of Finance has announced a delay in the planned reform of Box 3 taxation pertaining to taxable income from savings and investments on 13 December 2024. Originally scheduled for implementation on 1 January 2027, the tax
See More
OECD publishes 8th annual peer review on Exchange of Information on Tax Rulings
The Organisation for Economic Co-operation and Development (OECD) has released the Harmful Tax Practices – 2023 Peer Review Reports on the Exchange of Information on Tax Rulings report on 16 December 2024. Under the BEPS Action 5 minimum
See More
Luxembourg proposes amendments to bilateral and multilateral advance ruling practice in transfer pricing cases, tax collection, appeal procedure
The Luxembourg government has adopted a draft law to a bill on changes to the bilateral and multilateral advance ruling practice in transfer pricing cases, tax collection and the appeal procedure on 11 December 2024. Key changes include updates
See More
Egypt extends tax dispute resolution process
The Egyptian Parliament introduced Law No. 160 of 2024 on 3 December 2024, ensuring the continued operation of the Dispute Resolution Committee (DRC), which will process ongoing cases and accept new dispute applications until 30 June 2025. The
See More
Colombia: Congress rejects proposed Tax Reform Bill
The tax reform bill proposed by Colombian President Gustavo Petro was rejected by the four economic committees of the Colombian Congress on 11 December 2024. The rejection of the tax reform comes after Congress also rejected the government’s
See More
India expands scope of mandatory e-invoicing
The Indian tax administration announced that businesses with an annual turnover exceeding INR 10 crores will be required to report e-invoices to the Invoice Registration Portal (IRP) within 30 days of issuance. This new requirement will start
See More
New Zealand: Inland Revenue clarifies transitional residency, crypto asset sales
New Zealand’s Inland Revenue issued a ruling TDS 24/22 addressing the transitional residency status of a taxpayer and the tax treatment of their crypto asset sales on 3 December 2024. The Taxpayer was a natural person who had previously been a
See More
Bulgaria: Ministry of Finance releases draft state budget bill for 2025
The Bulgarian Ministry of Finance released a draft bill for the 2025 state budget on 9 December 2024 which includes several key proposals affecting tax policies, resource extraction, and VAT registration. One of the primary provisions in the bill
See More
Malaysia publishes guidance on Pillar Two global minimum tax, updates FAQs
The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on
See More
EU: European Court of Auditors issue report on ATAD, DAC6, TDRD
The European Court of Auditors released a report, “Combating Harmful Tax Regimes and Corporate Tax Avoidance” on 28 November 2024. The report evaluates the effectiveness of measures and strategies implemented by the European Commission (EC)
See More
France enacts Special Budget Bill for 2025
France has approved a special budget bill on 11 December 2024, allowing the State to collect taxes and borrow funds necessary for financing essential public expenditure until the 2025 Finance and Social Security Finance Laws are implemented. This
See More
Ireland: Revenue issues eBrief on VAT updates in Finance Act 2024
The Irish Revenue has released eBrief No. 297/24 on 4 November 2024 regarding the VAT Notes for Guidance under the Finance Act 2024. Interpretation (Part 3) This section defines the Principal Act as the Value-Added Tax Consolidation Act
See More
Singapore revises e-tax guide for securities lending and repo transactions
The Inland Revenue Authority of Singapore (IRAS) has issued an updated e-Tax Guide Securities Lending and Repurchase Arrangements (Second Edition) on 4 December 2024. This e-Tax Guide gives details on the income tax treatments and tax concessions
See More
Greece enacts 2025 tax reform measures
Greece has published Law No. 5162 in the Official Gazette on 5 December 2024 enacting 2025 tax reform measures. The legislation eliminates the business (trade) tax for all individuals and extends the suspension of capital gains tax on the
See More
Brazil further updates electronic invoicing amid tax reforms
Brazil’s government has released an updated version of Technical Note NT 2024.002 on 6 December 2024. This updated version introduces new validation rules to calculate the monthly amounts due for the recently implemented indirect taxes - CBS
See More
Zambia proposes new tax measures in 2025 budget draft
Zambia's Ministry of Finance and National Planning have introduced new tax measures in the draft 2025 Budget. The proposed tax changes include limiting the offset of carried-forward losses to 50% of taxable income across all sectors, a reduction
See More
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
See More
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
See More