Belgium gazettes laws concerning participation exemption requirements, exit tax rules, and other tax reforms
The Belgian Chamber of Deputies approved the law on 17 July 2025. Belgium’s government has published the Programme Law of 18 July 2025 in the Official Gazette on 29 July 2025. The law introduces a new participation exemption requirement
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US: IRS Confirms 2025 individual filing rules and withholding tables unchanged under ‘One Big Beautiful Bill Act’
The IRS announced there will be no changes to certain information returns or withholding tables under the phased implementation of the One Big Beautiful Bill Act for the 2025 tax year. The US Internal Revenue Service (IRS) has issued
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Taiwan urges taxpayers to observe statutory deadlines for administrative appeals
The finance ministry reminded taxpayers to strictly observe statutory deadlines when filing administrative appeals to avoid rejection due to late submission. Taiwan’s Ministry of Finance has issued a notice highlighting the need for taxpayers
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Kazakhstan consults on liquidity criteria for tax exempt securities
The consultation ends on 14 August 2025. Kazakhstan launched a public consultation on liquidity criteria for securities traded on its stock exchanges on 30 July 2025. These criteria will determine eligibility for a tax exemption on dividends
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Singapore clarifies tax treatment of intercompany loan settlements using promissory notes
IRAS confirms that settling intercompany loans via offshore promissory notes does not amount to deemed remittance into Singapore. Singapore's Inland Revenue Authority (IRAS) has released an Advance Ruling Summary No. 15/2025 on 1 August 2025,
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New Zealand proposes special economic zones to boost regional growth
The special economic zones (SEZs) are aimed at driving regional investment and growth through targeted tax and regulatory incentives. New Zealand’s Regional Development Minister Shane Jones has announced plans to submit a proposal to the
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OECD releases Pillar Two XML schema guide for tax administrations
The GloBE Information Return XML Schema facilitates the automatic exchange of GIR data for implementing the Global Minimum Tax. The OECD published a user guide for tax administrations on the GloBE Information Return (Pillar Two) Status Message
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Australia: ATO consults on guidance for auditing low-risk software payments
The deadline to submit comments is 17 September 2025. The Australian Tax Office (ATO) has initiated a public consultation on draft guidance, Practical Compliance Guideline (PCG) 2025/D4, on 6 August 2025, about cross-border software
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OECD publishes list of 14 countries to the GIR MCAA
The 14 countries include 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 14 countries that have signed the
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Korea (Rep.) unveils 2025 tax revision bill, enhances R&D credits
The 2025 tax reform bill aims to bolster strategic industries and welfare by introducing targeted tax credits for R&D, AI, and K-content, while streamlining corporate and capital gains taxes. South Korea’s Ministry of Economy and Finance
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Singapore: IRAS confirms economic substance exemptions for foreign gains
The two advance rulings confirms that gains from foreign asset disposals are not taxable where economic substance requirements are met. The Inland Revenue Authority of Singapore (IRAS) has published two advance ruling summaries (Nos. 13/2025
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Oman postpones digital tax stamp phase three to November 2025
Oman delays phase three of the digital tax stamp system for soft drinks and energy drinks to 1 November 2025. The Oman Tax Authority (OTA) has postponed the implementation of phase three of its Digital Tax Stamp (DTS) system from 1 August 2025
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Kazakhstan consults on VAT rules for foreign entities
The deadline for submitting comments is 18 August 2025. Kazakhstan launched a public consultation on 1 August 2025 regarding draft rules for conditional VAT registration for foreign companies. The proposed rules are set to take effect from 1
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US clarifies tax policy for digital assets
The report is the outcome of President Trump's executive order to establish a "working group" for developing a regulatory framework for digital assets. The US President’s Working Group on Digital Asset Markets has issued a report titled
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Australia: ATO announces foreign exchange rates for 2025–26 income year
The ATO has updated its foreign exchange rate guidance, including monthly exchange rates for 1 July 2025 to 30 June 2026. The Australian Taxation Office (ATO) has released guidance on monthly exchange rates for the period from 1 July 2025 to 30
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Nigeria: FIRS ends issuance of tax waiver certificates
The suspension takes effect immediately, halting new certificate approvals while existing ones remain valid until expiry with no renewals allowed. Nigeria’s Federal Inland Revenue Service (FIRS) announced on 30 July 2025, the cessation of
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Ghana announces new tax measures in 2025 mid-year budget, removes exemption on marine gas oil
The 2025 mid-year budget introduces tax reforms, removing marine gas oil tax exemptions for non-artisanal fishing fleets, enhancing the modified taxation system with digital tools, and simplifying VAT to reduce rates and exempt small
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Cambodia expands mandatory e-invoicing to six more ministries
The Ministry of Economy and Finance has extended mandatory e-invoicing to six additional ministries as part of Phase 2 in the national rollout. The Ministry of Economy and Finance (MEF) of Cambodia has issued Circular No. 012, extending the
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