OECD warns against Ireland’s heavy reliance on tax revenue from MNEs
The OECD published Survey of Ireland 2025 on 12 February 2025, warning Ireland’s heavy reliance on tax revenue from multinational companies and a narrow tax base could be risky. The survey also points out that one-third of income earners in
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Bosnia and Herzegovina mandates tax-exempt financial assistance for employees
Bosnia and Herzegovina published Official Gazette No. 8/25, on 5 February 2025, introducing a new regulation to help reduce the impact of rising inflation on citizens. Employers can now provide up to BAM 450 in monthly financial assistance to
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Australia urges top privately owned wealthy groups to document processes to manage tax issues, risks
The Australian Taxation Office (ATO) has issued a statement urging privately owned and wealthy groups to document their processes for identifying and managing tax issues and risks on 7 February 2025. ATO’s ongoing engagement with groups in the
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US: Trump Administration unveils plan to reduce trade deficit
The Trump Administration has released a memorandum introducing the "Fair and Reciprocal Plan," aimed at reducing the trade deficit and promoting fairness in international trade on 13 February 2025. The letter states that for many years, the
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UK: Treasury Forms global group to assess CBAM impact
The UK Treasury has announced the need for a UK Carbon Border Adjustment Mechanism (CBAM) group to gather insights from international partners on the UK CBAM and provide updates on 11 February 2025. The Autumn Budget 2024 confirmed that the
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UK launches consultation on e-invoicing
The UK's tax authority, His Majesty's Revenue and Customs (HMRC) launched a 12-week public consultation (Promoting electronic invoicing across UK businesses and the public sector) regarding the adoption of electronic invoicing (e-invoicing) across
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Turkey issues new guidelines on electronic product certificates
The Turkish Ministry of Treasury and Finance has released General Communiqué No. 579 on 8 January 2025, amending General Communiqué No. 452 on the Tax Procedure Law (TPL). The amendments introduce expanded documentation and reporting
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Luxembourg adopts bill on cross-border company rules
Luxembourg’s Chamber of Deputies approved a draft bill on 4 February 2025 implementing the EU directive on cross-border conversions, mergers, and divisions. The bill introduces common procedures, strengthens protections for employees,
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UK issues new alcohol duty regulations
The UK's tax authority, His Majesty's Revenue and Customs (HMRC) has published new regulations and updated guidance on alcohol duty, detailing implementation rules under the Finance (No. 2) Act 2023. The Alcohol Duty Regulations SI 2025/96,
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Colombia: DIAN confirms RUT does not expire, only updated for specific changes
Colombia’s National Tax Authority (DIAN) has confirmed that the Unique Tax Registry (RUT) remains valid indefinitely and only needs to be updated if a taxpayer changes their residence, phone number, email, economic activity, tax obligations, or
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Russia exempts CFC profits from IHC tax base until 2029
Russia’s Ministry of Finance has clarified that international holding companies are not required to include the profits of their controlled foreign companies (CFCs) in their corporate income tax base for tax periods ending before 1 January
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UK Public Accounts Committee highlights underestimated tax evasion costs
The UK Parliament's Public Accounts Committee has published a report on 12 February 2025 cautioning that the actual cost of tax evasion is probably being underestimated. HMRC not sufficiently curious on true scale of evasion, with no strategy for
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Greece: Finance Minister unveils draft law to strengthen capital market and attract investments
The Greece Minister of National Economy and Finance, Kostis Hatzidakis, presented the draft law for the Strengthening of the Capital Market, which was recently approved by the Cabinet. This announcement was made by Greece National Economy and
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India: CBDT releases details on Income Tax Bill 2025
India's Central Board of Direct Taxes (CBDT) has released details about the Income Tax Bill 2025 , which was presented in parliament on 13 February 2025. Earlier, the Indian Union Cabinet approved the Income Tax Bill 2025, which will supersede
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Vietnam: National Assembly approves extension of environmental protection tax cut on petrol, oil and lubricants
The Standing Committee of Vietnam's National Assembly approved an extension of the environmental protection tax reduction on gasoline, oil, and lubricants until 31 December 2025. The decision was made on 11 January 2025, through Resolution
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European Commission unveils 2025 Work Programme
The European Commission unveiled its 2025 work programme on 12 February 2025, where it outlined key priorities aimed at strengthening the EU's competitiveness, security, and economic resilience. The work programme focuses on the flagship
See MoreAustralia: ATO publishes reportable tax position schedule for 2025
Companies are required to complete a reportable tax position schedule if their total business income is AUD 250 million or more, or AUD 25 million or more while part of an economic group with AUD 250 million or more in total income. This applies
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Dominican Republic offers tax credit for large taxpayers adopting e-invoicing
The Dominican Republic’s Directorate General of Internal Revenue (DGII) issued Notice 05-25 on 10 February 2025, introducing a tax incentive to support large national taxpayers in adopting e-invoicing during the voluntary implementation
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