US: USTR releases 2025 national trade estimate report
The Office of the United States Trade Representative (USTR) submitted the 2025 National Trade Estimate (NTE) to President Trump and Congress on 31 March 2025. The NTE is an annual report detailing foreign trade barriers faced by U.S. exporters
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UN Tax Committee adopts major international tax reforms in 30th session
The UN Committee of Experts on International Tax Matters made key changes to global tax policies during its 30th session, which was held from 24 to 27 March 2025 in New York. About the Committee The Committee comprises 25 members, nominated by
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Taiwan: Ministry of Finance clarifies investment loss recognition rules for bankrupt businesses
Taiwan's Ministry of Finance has announced that profit-seeking enterprises can only recognise investment losses from bankrupt businesses once the court has ruled to terminate the bankruptcy proceedings, while the National Taxation Bureau of Taipei
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New Zealand seeks public feedback on proposed fringe benefit tax changes
The Inland Revenue of New Zealand is inviting public feedback on proposed changes to the Fringe Benefit Tax (FBT) rules, aiming to simplify compliance and reduce costs for taxpayers, Revenue Minister Simon Watts has announced. This announcement
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Bulgaria adopts 2025 Budget Act with tax reforms
Bulgaria published its 2025 State Budget Act on 27 March 2025, introducing several key updates. The Act aligns the country’s Pillar 2 global minimum tax laws with OECD guidelines from 2023 and 2024, including rules on tax carryforwards,
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OECD updates legislation record for Pillar 2 global minimum tax transition qualified status
The OECD has released an updated edition of the Central Record of Legislation with Transitional Qualified Status for the Pillar 2 global minimum tax as of 31 March 2025. The global minimum tax follows a rule order that limits applying minimum tax
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Denmark: Business Authority delays OIOUBL 3 e-invoicing release to October 2025
The Danish Business Authority has announced that the release of the updated version of the Danish e-invoicing format, OIOUBL 3.0, will be delayed. The new release is now expected to be available in October 2025. The final release of the OIOUBL
See MoreUS: House of Representatives reintroduces Unfair Tax Prevention Act bill to block extraterritorial taxes
Representative Ron Estes (R-Kansas) reintroduced the Unfair Tax Prevention Act in the US House of Representatives on 27 March 2025. Rep. Ron Estes (R-Kansas), joined by every Ways and Means Republican, reintroduced the Unfair Tax Prevention Act
See MoreDenmark extends digital bookkeeping to more businesses starting March 2025
Denmark introduced executive orders BEK no. 297 and BEK no. 303 on 20 March 2025, extending the digital bookkeeping obligation to more businesses. The new rules apply to: Sole proprietorships with an annual turnover over DKK 300,000 for
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UK: HMRC announces increase in late payment interest rates for unpaid taxes
The UK’s tax, payments and customs authority (HMRC) has published a policy paper on 26 March 2025 outlining an increase in the late payment interest rate for unpaid tax liabilities by 1.5 percentage points. This change will take effect from 6
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UK: HMRC launches consultation on tax certainty for major projects
The UK’s tax, payments and customs authority (HMRC) has initiated a public consultation on 26 March 2025 to gather opinions on a new process that aims to provide major projects with greater certainty regarding the tax that will apply in
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Namibia announces tax proposals in 2025-26 budgetÂ
Namibia’s Ministry of Finance unveiled the 2025-26 budget on 27 March 2025, outlining several tax proposals, including corporate tax reductions, VAT changes, and higher excise duties. Namibia’s national budget has risen to NAD 106.3 billion,
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UN Tax Committee: Guidance on Indirect Taxes
At the meeting of the UN Tax Committee on 27 March 2025 the subcommittee dealing with indirect taxation matters put forward some potential issues that the next membership of the Tax Committee may wish to consider at future sessions. The
See MoreUN Tax Committee: Extractive Industries Taxation
On 25 March 2025 the Subcommittee on the Extractive Industries taxation presented to the UN Tax Committee a draft supplement to Chapter 5 (tax incentives) of the UN Handbook on Selected Issues for Taxation of the Extractive Industries; draft
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US outlines CAA with Switzerland
The USÂ Internal Revenue Service (IRS) has released Announcement 2025-08, which outlines a competent authority arrangement (CAA) established with Switzerland in December 2024. The Competent Authority Arrangement entered into by the competent
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Luxembourg unveils action plan to boost start-ups
The Luxembourg Minister of the Economy, SMEs, Energy and Tourism, Lex Delles, and the Minister of Finance, Gilles Roth, jointly presented an action plan entitled "10 Action Points for Start-ups". This announcement was made by the Government
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Costa Rica consults draft resolution for unique tax registry registration
The Costa Rican Tax Administration has initiated a public consultation regarding the draft resolution which outlines updated procedures for taxpayer registration, updates, and deregistration in the Unique Tax Registry (RUT) on 18 March
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Saudi Arabia: ZATCA announces criteria for 22nd wave of e-invoicing compliance
The Saudi Zakat, Tax, and Customs Authority (ZATCA) announced on 21 March 2025 the criteria for the 22nd group of taxpayers required to comply with the second phase of the electronic invoicing (e-invoicing) system which includes all taxpayers
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