Morocco publishes Finance Law 2025
Morocco has published Finance Law 2025 on the Ministry of Finance website on 20 December 2024. Earlier, Morocco’s Ministry of Finance released the draft Finance Law 2025 on 19 October 2024, proposing various measures for corporate income tax,
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Australia consults Crypto Asset Reporting Framework, related amendments
The Australian Treasury has initiated a public consultation regarding how Australia applies the Crypto Asset Reporting Framework (CARF). The consultation paper explores: a comparison of 2 options: adding the CARF into Australian tax law
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Finland publishes overview of changes to taxation in 2025
The Finnish tax authority has published an overview of the changes to taxation in 2025, which includes amendments introduced for the upcoming tax year. Earlier, Finland’s ​Parliament has approved the 2025 budget on 20 December
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Finland: Parliament approves 2025 state budget
Finland’s ​Parliament has approved the 2025 budget on 20 December 2025. The Finance Committee's proposal for the state budget for 2025 is approximately EUR 89.2 billion, which is about EUR 1.3 billion more than the actual budget for 2024. The
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South Africa: National Treasury, SARS consult draft Revenue Laws Amendment Bill (RLAB)
The National Treasury and the South African Revenue Service (SARS) published the 2025 draft Revenue Laws Amendment Bill (RLAB) for public comment on 13 December 2024. This announcement was also made on the same day. This draft tax bill
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France: Parliament approves Special Finance Bill for 2025
The French Parliament has approved the special budget bill proposed by the government, allowing the State to collect existing taxes and borrow funds to maintain government operations until the 2025 Finance Law and Social Security Finance Law are
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Ireland: Revenue issues new guidance on leasing ringfences
Irish Revenue has released eBrief No. 307/24 on 10 December 2024, providing new guidance on leasing ringfences, outlined in the Tax and Duty Manual 12-04-02 – Leasing Ringfences – Sections 403 and 404 of the Taxes Consolidation Act 1997. The
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India: GST Council rejects airlines’ proposal to include aviation fuel under GST framework
India's GST Council has rejected the airline industry's proposal to bring Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST) framework. The announcement was made by Finance Minister Nirmala Sitharaman following a meeting on 21
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Pakistan: Proposed Tax Laws (Amendment) Bill 2024 strengthens measures against non-filers
Pakistani Finance Minister Muhammad Aurangzeb presented the Tax Laws (Amendment) Bill, 2024, to the National Assembly on 18 December 2024 to strengthen measures against non-filers. The proposed bill introduces strict measures targeting
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Portugal postpones mandatory SAF-T submission
Portugal has announced the postponement of mandatory submission of the Standard Audit File for Tax (SAF-T), which was initially scheduled for 2026. The new deadline has been pushed to 2027 following the approval of the state budget, allowing
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Bulgaria to introduce mandatory SAF-T filing from 2026
The draft law for Bulgaria's 2025 State Budget, published on 9 December 2024, introduces several amendments, including a requirement for businesses to submit standard audit files (SAF-T). This new rule will apply to most companies, with
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Luxembourg: Parliament approves 2025 budget law
Luxembourg’s Parliament approved the 2025 budget law on 19 December 2024. It introduces a 50% reduction in the taxable base for registration and transcription duties on real estate acquisitions, in addition to the existing EUR 40,000
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Canada: Budget deficit shrinks in first 7 months of 2024/25
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
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US: IRS, Treasury propose rules for tax professionals who can practice before the IRS
The US Department of the Treasury and the Internal Revenue Service issued IR-2024-315 on 20 December 2024, in which it proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained
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UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax
Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary
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UK: Draft Scotland 2025-26 budget increase hospitality tax reliefÂ
Scotland’s Cabinet Secretary for Finance and Local Government has presented the draft Scottish Budget 2025-2026 on 4 December 2024. The draft budget proposes various tax measures, including the extension of 100% rate relief for hospitality
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Brazil: Chamber of Deputies approve indirect tax reformÂ
Brazil's Chamber of Deputies have approved a law to regulate the country's indirect tax reform after it has returned from the Senate (upper house) with amendments on 17 December 2024. This follows after Brazil passed Constitutional Amendment No.
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Italy: Chamber of Deputies approve 2025 budget
Italy's government has secured a win in the Chamber of Deputies on 20 December 2024 by securing a confidence vote on its 2025 budget. The budget seeks to reduce next year’s fiscal deficit to 3.3% of gross domestic product (GDP), down from the
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