US: Treasury, IRS finalise rules on micro-captive transactions
The US Department of the Treasury and the Internal Revenue Service (IRS) released the final regulations (TD 10029) identifying transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions,
See More
US: IRS, Treasury finalise rules on dual consolidated losses and disregarded payments
The US Department of Treasury and the Internal Revenue Service (IRS) have released the final Rules on Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, which were officially published in the Federal Register on 14 January
See More
OECD updates GloBE return, guidance, Q&A
On 15 January 2025, A key part of the OECD/G20 BEPS Project addressed the tax challenges arising from the digitalisation of the economy. In October 2021, over 135 jurisdictions joined a ground breaking plan to update key elements of the
See More
EU Tax Observatory issues publishes paper on global minimum tax, profit shifting
The EU Tax Observatory has released a working paper titled Global Minimum Tax and Profit Shifting in October 2024 offering an in-depth analysis of tax data from the Slovak Republic. The findings suggest that the Pillar Two global minimum tax could
See More
OECD publishes paper on MNE business functions’ reaction to corporate taxation
The OECD has released a working paper titled MNE Business Functions and Corporate Taxation on 13 January 2025, exploring how multinational enterprises (MNEs) adjust their business activities within a jurisdiction in response to corporate tax
See More
New Zealand updates money interest rates on underpayments, overpayments
The New Zealand Inland Revenue has announced updates to the Use of Money Interest (UOMI) rates for underpayments and overpayments on 18 December 2024. The revised rates are set at 10.88% (down from 10.91%) for underpayments and 4.30% (down from
See More
US: Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganisations
The US Department of the Treasury and the Internal Revenue Service (IRS) issued IR-2025-11 on 13 January 2025 in which it proposed regulations for corporate separations and reorganisations, including reporting requirements for multi-year corporate
See More
OECD publishes co-chairs’ update of BEPS Inclusive Framework Pillar One
The OECD released a statement from the co-chairs of the OECD/G20 Inclusive Framework on BEPS on 13 January 2025. This update highlights the progress made toward finalising Pillar One of the two-pillar solution, designed to address the tax
See More
Venezuela: SENIAT introduces new digital invoicing guidelines for businesses
The Venezuelan National Tax Authority (SENIAT) has introduced new guidelines under Administrative Ruling SENIAT/2024/000102 regarding digital invoicing. The update clarifies rules regarding the issuance of invoices and associated documents,
See More
Saudi Arabia further extends tax penalty waiver initiative
The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the Minister of Finance’s decision of the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months
See More
US: Treasury reissues list of countries requiring international boycott participation
The US Treasury Department reissued its list of countries that mandate cooperation with, or participation in, an international boycott as a prerequisite for conducting business. It includes Iraq, Lebanon, Syria, Kuwait, Qatar, Saudi Arabia, Libya
See More
US: Treasury, IRS release final rules for clean hydrogen production tax credit
The US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released final rules for the section 45V Clean Hydrogen Production Tax Credit established by the Inflation Reduction Act on 3 January 2025, according to a press
See More
Greece updates 2023 non-cooperative jurisdictions list
The Greek Public Revenue Authority has updated the list of non-cooperative states and jurisdictions for 2023 which includes 41 countries and territories. This decision was finalised on 31 December 2024. Key changes from the 2022 list include the
See More
US: Department of the Treasury, IRS release final rules for technology-neutral clean electricity credits
The US Department of the Treasury (Treasury) and the IRS announced the released final rules for the Clean Electricity Investment and Production Tax Credits – also known as the technology-neutral credits – in tax code sections 45Y and 48E
See More
Taiwan extends reduced day trading tax rate until 2027
Taiwan's Ministry of Finance announced the implementation of amendments to extend the reduced Securities Transaction Tax for day trading (from 0.3% to 0.15%) on the Taiwan securities market, following approval by the Legislative Yuan on 31 December
See More
Australia consults protected tax info disclosure after PwC tax leak
The Australian Treasury has launched a public consultation to review secrecy exceptions for tax regulators in light of the PwC tax leak scandal. The consultation is set to conclude on 28 February 2025. The PwC tax leaks exposed limitations in
See More
UN: General Assembly approves negotiations for global tax cooperation framework
The UN General Assembly adopted a resolution establishing the terms of reference for a United Nations Framework Convention on International Tax Cooperation. The resolution passed with 119 countries voting in favor, 9 opposed, and 43
See More
Peru raises tax unit value (Unidad Impositiva Tributaria) for 2025
Peru has increased the value of its Tax Unit (Unidad Impositiva Tributaria - UIT) for the 2025 fiscal year. The value will rise from PEN 5,150 to PEN 5,350, as outlined in Supreme Decree No. 260-2024-EF. This announcement was published on 17
See More