Greece: Parliament approves bill mandating B2B e-invoicing
Greece’s parliament approved a new bill titled “National Customs Code and Other Provisions – Pension Regulations” on 25 July 2025, which introduces mandatory electronic invoicing (e-invoicing) for business-to-business (B2B)
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Bangladesh: Government approves purchase of 220k metric tons of wheat from US to ease trade tensions
This government-to-government deal is part of Bangladesh’s efforts to reduce trade tensions with the US and avoid high tariffs on its exports. Bangladesh has approved the purchase of 220,000 metric tons of wheat from the US for USD 302.75 per
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Russia: Central Bank cuts key interest rate to 18%
New rate affects tax-related interest and penalty calculations from 25 July 2025. The Russian Central Bank reduced the key interest rate to 18% on 25 July 2025, following a prior cut from 21% to 20% on 6 June 2025. The key rate plays an
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Nigeria to enforce mandatory e-invoicing for large taxpayers starting tomorrow
All large taxpayers with annual turnovers of NGN 5 billion or more will be required to adopt mandatory electronic invoicing via the EFS. Nigeria’s national electronic invoicing (e-invoicing) regime through the Electronic Fiscal System (EFS)
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Mexico updates list of registered foreign digital service providers
Mexico’s July update lists 266 foreign digital providers registered for VAT as of 30 June 2025. Mexico’s tax administration released an updated list on 25 July 2025, identifying 266 foreign digital service providers registered for tax
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Colombia proposes comprehensive tax reforms to stimulate economy
The draft bill offers VAT exemptions for hotels and renewable energy, vehicle tax penalty discounts, debt relief for low-income electricity users, and a traffic fine amnesty through 2024. Colombia has published Bill No. 507 of 2025 in the
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Azerbaijan: Central Bank lowers key interest rate
The rate has been lowered from 7.25% to 7%, effective 24 July 2025. The Central Bank of Azerbaijan has lowered its key refinancing rate from 7.25% to 7.0%, effective 24 July 2025. The decision was based on actual inflation aligning with
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Sri Lanka releases consolidated Inland Revenue Act 2025
The consolidated version of the Inland Revenue Act reflects the recent legal amendments. The Sri Lankan Inland Revenue Department released the consolidated version of the Inland Revenue Act No. 24 of 2017 on 24 July 2025. The updated text
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Ireland: Revenue updates guidance on outbound payment defensive measures
Irish Revenue has updated its guidance on outbound payment defensive measures to reflect the 2025 legislative changes to Section 817U of the TCA, effective from 1 January 2026. Irish Revenue has published eBrief No. 139/25 announcing updates to
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US: IRS clarifies BEAT exception rules; states services cost method not mandatory, documentation essential
The IRS clarified that under BEAT rules, taxpayers may exclude the cost portion of service payments to foreign related parties using the Section 59A(d)(5) exception, even without applying the specific transfer pricing method. The US Internal
See MoreIreland: Revenue issues guidance on taxation of income from social media and promotional activities
Irish Revenue has issued guidance on the tax treatment and compliance obligations for income earned from social media and promotional activities under Income Tax and Corporation Tax rules. Irish Revenue released eBrief No. 138/25 on 21 July 2025
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Ireland to increase infrastructure spending by 30%
The updated National Development Plan outlines a wide-ranging strategy for infrastructure development from 2026 to 2030, focusing on housing, energy, water, and transport. Ireland’s government has announced a major boost to infrastructure
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Belgium: Chamber of Deputies approve participation exemption changes, exit tax rules, other tax reforms
From 2026, Belgium's tax changes include stricter participation exemption rules, exit tax on cross-border reorganisations, a permanent 6% VAT for residential demolition/reconstruction, and higher VAT on coal and fossil fuel boilers. The Belgian
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EU urges Netherlands to align investment fund tax rules with EU law
The European Commission issued a reasoned opinion to the Netherlands for not aligning its tax levy reduction scheme with the free movement of capital under EU and EEA agreements. The European Commission issued a reasoned opinion to the
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EU to shift VAT liability on imported distance sales to non-EU sellers, platforms
The change aims to promote the use of the VAT Import One-Stop-Shop (IOSS), enabling VAT registration in a single EU state for sales across the EU. The EU General Affairs Council adopted amendments to the VAT directive during a meeting on 18
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G20 finance ministers, central bank governors commit to ongoing discussions on Pillar Two global minimum tax concerns
They expressed their commitment to continuing constructive engagement to address concerns surrounding the Pillar Two global minimum taxes. The G20 Finance Ministers and Central Bank Governors issued a Communique following their meeting held on
See MoreEU unveils 2028–2034 budget proposal, includes CORE corporate contribution
The framework provides Europe with a long-term investment budget to support its ambitions for independence, prosperity, security, and economic growth over the next decade. The European Commission presented its 2028-2034 budget proposal for an
See MoreColombia clarifies tax on indirect transfers of free trade zone branches
The Ruling clarifies tax rules for indirect transfers of Free Trade Zone branches, excluding preferential rates. The Colombian tax authority (DIAN) issued Ruling 7858 int 924 on 18 June 2025, clarifying the taxation of indirect transfers
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