Taiwan: Ministry of Finance warns of penalties for underreporting income despite no tax due
Taiwan's Ministry of Finance has clarified that enterprises will be penalized for failing to report or underreporting income, even if no tax liability exists. This announcement was made by the Taiwan Ministry of Finance on 2 January
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The OECD has published a case study on tax and development highlighting Kazakhstan’s enhanced ability to combat tax avoidance. The case study showcases Kazakhstan’s notable achievements, emphasizing key milestones such as: Signed and
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OECD releases latest Pillar Two compliance insights
The OECD has released essential guidance on implementing the Pillar 2 GloBE rules on 15 January 2025. Jurisdictions implementing Pillar 2 must calculate an MNE’s tax liability using their local legislation, which may differ from calculations
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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
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Angola approves 2025 state budget
Angola’s parliament has approved the General State Budget for 2025 on 30 December 2024, introducing amendments to corporate income tax, VAT and personal income tax. The key tax measures are as follows: Corporate income tax Corporate
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Taiwan: MOF clarifies exit restrictions for tax debtors ahead of lunar new year
Taiwan's Ministry of Finance (MOF) has issued a notice on 21 December 2025 clarifying the requirements for the lifting of travel restriction on tax debtors, which include either paying the tax due along with a fine, or furnishing property
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India issues guidance on principal purpose test in tax treaties
India's Central Board of Direct Taxes has issued Circular No. 01/2025 on 21 January 2025, clarifying the application of the Principal Purpose Test (PPT) provisions in tax treaties. The Circular confirms that PPT provisions, including those
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Luxembourg issues 2024 exchange rates for foreign currencies
The Luxembourg Administration of Direct Tax has released Circular L.G. - A n° 60bis/10 of 17 January 2025, detailing the reference EUR exchange rates for 30 foreign currencies for 2024. This announcement was made by the Government of Luxemburg
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Sweden proposes property tax increase on wind turbines from 2026
The Swedish Government has announced a proposal to raise the property tax on wind turbines. This announcement was made by the Swedish Government on 2 January 2025. The legislative amendment is proposed to take effect on 1 January
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Turkey releases guide on mandatory transaction documentation
Turkey has released a new guide outlining the requirement for taxpayers and non-taxpayers, including end consumers, to document collections and payments exceeding 30,000 TL. These transactions must be recorded through documents issued by banks,
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Ireland: Revenue updates guidance on digital games tax
Irish Revenue has released eBrief No. 015/25 on 21 January 2025, providing updated guidance on the Section 481A Digital Games Corporation Tax Credit. Tax and Duty Manual Part 15-02-07 - Section 481A Digital Games Corporation Tax Credit - has been
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Dominican Republic launches public forum on beef cattle tax regulation
The Dominican Republic Directorate General of Internal Taxes informs taxpayers and the public that a public forum has been opened for the discussion of the draft "General Standard Regulating the Tax Treatment Applicable to the Beef Cattle Farming
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Russia clarifies tax implications of dividends paid in property
Russia's Ministry of Finance has issued guidance Letter No. 03-07-11/121626 on the corporate income tax and VAT implications of dividends distributed in the form of property. The letter confirms that transferring ownership of assets to
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Egypt: House of Representatives approves amendments to unified tax procedures law
The Egyptian House of Representatives approved a draft law to amend provisions of the Unified Tax Procedures Law (Law No. 206 of 2020) On 26 January 2024,. The amendments allow the Minister of Finance or their representative to negotiate
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Egypt launches tax reform to simplify compliance and support business growth
Egypt’s Ministry of Finance launched a tax reform initiative aimed at simplifying administrative procedures, expanding the taxpayer base, and creating a more supportive environment for businesses. The reforms were developed in collaboration with
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Sweden plans reforms to R&D and expert tax incentives
Sweden is set to revise its research and development (R&D) tax incentives and expert tax relief rules to simplify administration and expand access. A government report has proposed key changes, expected to take effect on 1 January 2026. For
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Germany updates tax haven defense ordinance, removes five jurisdictions
Germany published the Third Ordinance amending the Tax Haven Defense Ordinance in the Official Gazette on 30 December 2024. The amendments reflect the EU Economic and Financial Affairs Council's 2024 decisions to remove Antigua and Barbuda, the
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Japan, Zambia sign investment agreement
The “Agreement between Japan and the Republic of Zambia for the Promotion and Protection of Investment” (Japan-Zambia Investment Agreement) was signed in Tokyo by H.E. Mr. TAKEUCHI Kazuyuki, Ambassador Extraordinary and Plenipotentiary of Japan
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