Taiwan proposes extension of tax refund claim period under income tax treaties
Taiwan’s Ministry of Finance (MOF) has proposed a draft amendment to extend the tax refund application period under income tax treaties from five years to ten years. This change aims to streamline regulations and provide taxpayers with
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Bosnia and Herzegovina implements new excise duty rates on tobacco products
As of 1 January 2025, Bosnia and Herzegovina will introduce revised excise duty rates on manufactured tobacco. The changes, proposed by the governing board of the Indirect Taxation Authority in December 2024, will affect both specific and ad
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UAE: FTA offers penalty exemption for tax record updates by 31 March 2025
The UAE Federal Tax Authority has issued a notice on 4 February 2025 encouraging taxpayers to update their records by 31 March 2025, allowing them to benefit from a penalty exemption during the grace period. The Federal Tax Authority (FTA) has
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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UK: HMRC Releases 2025-2026 employer rates and PAYE tax thresholds
The UK HMRC has issued guidance on employer rates and thresholds for the 2025-2026 tax year, covering the period from 6 April 2025 to 5 April 2026 on 31 January 2025. This covers the PAYE tax rates and thresholds for 2025-2026 for England,
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OECD analyses EU CBAM impact on supply chains
The OECD released its working paper "Carbon Border Adjustments: The potential effects of the EU CBAM along the supply chain" on 29 January 2025. This paper analyses the impact of the EU's Carbon Border Adjustment Mechanism (CBAM) on global trade
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US: House Ways and Means Committee flags issues with OECD tax plan, backs counter measures
Republican members of the US House Ways and Means Committee have addressed a letter to President Donald Trump, outlining their concerns with Pillar 1 and Pillar 2 of the OECD's proposed two-pillar solution. The letter supports Trump’s recent
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Indonesia: Core Tax Administration System (CTAS) comes into effect
Indonesia’s Regulation No. 81 of 2024, which implements the Core Tax Administration System (CTAS), went into effect on 1 January 2025. CTAS is the Directorate General of Taxation's (DGT) comprehensive system streamlining key tax administration
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US withdraws from UN global tax cooperation negotiations
The US has withdrawn from UN discussions on a new Framework Convention on International Tax Cooperation. The decision was announced by Jonathan Shrier, the Acting US Representative to the UN Economic and Social Council, during the meeting of the
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UK: House of Commons votes to enshrine fiscal rules in law, strengthening economic stability
The House of Commons voted to enshrine the Charter for Budget Responsibility and the new fiscal rules into law on Wednesday, 29 January 2025. These fiscal rules provide the stability which underpins the Plan for Change and the Government’s
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Uzbekistan adopts CIS tax information exchange protocol
Uzbekistan adopted the amended protocol of the CIS Mutual Assistance Agreement on 13 December 2024. The Commonwealth of Independent States (CIS) is an intergovernmental organization that promotes cooperation among former Soviet republics. It was
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Turkey extends tax restructuring and force majeure measures with new presidential decision
Turkey’s Revenue Administration has released Presidential Decision No. 9500 on 1 February 2025, extending provisions for restructuring tax debts. This measure revisits installment payment terms established under previous laws, including Law No.
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Danmark: Ministry of Taxation launches public consultation on draft tax legislation amendments
The Danish Ministry of Taxation has initiated a public consultation on the draft legislation to amend the Minimum Taxation Act, the Tax Assessment Act, the Corporate Tax Act, the Tax Administration Act, and the Tax Control Act on 3 February
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Belgium: Coalition government plans tax reforms
Belgium’s five political parties agreed on a coalition government program on 31 January 2025, which outlines various tax reform measures. These reforms introduce tax measures to boost economic competitiveness by encouraging “green”
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Luxembourg shifts tax filing deadline to April for pre-filled returns
Luxembourg’s Administration des Contributions Directes (ACD) has moved the tax return submission date to 7 April 2025, replacing the previous first-Monday-in-February deadline. The new timeline aligns with employers’ early-year data
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Kazakhstan: Finance Ministry launches pilot project for public procurement contracts in electronic VAT invoice system
The Ministry of Finance has introduced a pilot project to register public procurement contracts in the Electronic VAT Invoice System. Participation is voluntary and applies to suppliers, subcontractors, and state revenue authorities. All
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OECD updates ICAP documentation for global compliance
The OECD has updated the required documentation for the International Compliance Assurance Programme (ICAP). The Main Documentation Package has been revised and no longer requires MNE Groups to prepare a country-by-country reporting self-assessment
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OECD to host webinar on Pillar One Amount B
The OECD will host a webinar on Pillar One Amount B on 11 February 2025. OECD's transfer pricing team will discuss the latest updates and developments regarding the design and implementation of the Amount B framework. This framework, developed by
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