EU moves to cut tariffs under trade deal with US
These steps contribute to restoring stability and predictability in EU-US trade and investment relations, to the benefit of business, workers and citizens. On 28 August 2025, the European Commission presented two proposals to advance the
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EU urges stricter customs oversight on non-compliant goods
The EU Commission’s report highlighted that customs authorities have improved in intercepting non-compliant goods; however, e-commerce growth has outpaced enforcement, with 13 items per million refused entry in 2024 due to safety or compliance
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Singapore: IRAS updates guidance on completing GST form F5
The update provides detailed, box-by-box guidance for filling out Form GST F5, the standard form used for reporting GST. The Inland Revenue Authority of Singapore (IRAS) has released revised instructions for completing GST returns. The update
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OECD publishes updated signatory list for GIR MCAA
The latest signatories now include the Netherlands, Austria, Belgium, Denmark, France, Ireland, Italy, Japan, Luxembourg, New Zealand, Portugal, the Slovak Republic, South Korea, Spain, and the UK. The OECD has released the list of 15 countries
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US: IRS issues guidance on elections, amended returns, accounting method changes for R&E costs under OBBBA
The guidance covers procedures for amortising domestic R&E costs, obtaining automatic consent for accounting changes, and extended deadlines for certain 2024 returns. The IRS released Revenue Procedure 2025-28, outlining rules for elections,
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Colombia clarifies tax rules on cross-border technical services with Ecuador
Colombia clarifies SIMPLE regime tax treatment of cross-border technical and consulting services with Ecuador under Andean Community rules. Colombia’s tax authority (DIAN) issued Ruling 8971 int 1044 on 10 July 2025, confirming how technical
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Luxembourg clarifies collective investment vehicle rules
Luxembourg Tax Authorities clarify which investment funds qualify as ‘Collective Investment Vehicles’ under Article 168quater (2) LITL, outlining conditions for widely held, diversified and regulated entities. The Luxembourg Tax Authorities
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Singapore: IRAS updates procedure for GST registration cancellation
The Inland Revenue Authority of Singapore (IRAS) has revised its guidance regarding the cancellation of GST registration on 22 August 2025. GST registration must be cancelled within 30 days in the following situations: Taxable supplies have
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Greece: Parliament considers ratification of bill to renew tax treaty with UAE
The Greek Parliament is reviewing a draft bill, submitted on 26 August 2025, to ratify the exchange of notes with the UAE concerning the renewed application of the countries’ bilateral tax treaty. The agreement, formalised through an exchange
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Denmark consults tax-free share options for startup employees
Denmark seeks public feedback on a bill that would let smaller startups offer unlimited tax-free employee shares under relaxed eligibility rules. The Danish Ministry of Taxation has initiated a consultation on a bill that would widen access to
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Malaysia: MoF prolongs tax deduction for sustainable investment-linked sukuk until 2027
The special tax deduction extension for Labuan companies applies from the year of assessment (YA) 2024 to YA 2027, as announced in the 2024 budget. Malaysia’s Ministry of Finance has extended the special tax deduction for companies or Labuan
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Netherlands joins GIR MCAA
As of the OECD update of 26 August 2025, the GIR MCAA has been signed by 15 jurisdictions. The Netherlands has signed the Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR MCAA), under Pillar Two of the OECD/G20
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Ecuador: SRI replaces Mining Annex with the Mining Activities Information Form, updates deadlines
The new Resolution modifies the reporting requirements for the Mining Annex (“Anexo Minero”) established by Resolution No. NAC-DGERCGC25-00000004 of 20 February 2025 and amended by Resolution No. NAC-DGERCGC25-00000007 of 28 March 2025. The
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OECD updates user guide for crypto-asset reporting framework XML schema
The document provides a technical update to the XML schema for the Crypto-Asset Reporting Framework (CARF), enhancing international tax transparency. The OECD has published a revised user guide for tax administrations on the Crypto-Asset
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Italy extends deadline for comprehensive overhaul of tax system
The reform reduces tax burdens, improves legal certainty, implements OECD BEPS Pillar Two and seeks to attract foreign investment. Italy has published Law No. 120 of 8 August 2025 in the Official Gazette No. 184 of 9 August 2025, announcing the
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Ecuador updates tax haven list, removes Panama
Ecuador’s SRI updates tax haven list, removing Panama effective 18 August 2025. The Ecuadorian Internal Revenue Service (SRI) has issued Resolution No.NAC-DGECCGC25-00000021, which updates the country’s list of tax havens and preferential tax
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OECD releases guidance on ring-fencing mining income
The practice note explains the concept of ring-fencing in mining, its benefits, design options, and implementation challenges, drawing on international experiences to guide effective tax policy and administration. The OECD has released a new
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Australia: Treasurer outlines tax reforms centred on equity, growth, and sustainability
The tax reforms prioritised ensuring fairness and intergenerational equity for workers, incentivising business investment to address economic productivity challenges, and simplifying the system to fund essential services amid societal shifts like
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