Egypt: ETA issues new rules to offset tax credits against liabilities
The Egyptian Tax Authority (ETA) issued Instruction No. 46 of 2025, on Tuesday, 2 December 2025, establishing a formal procedure for registered taxpayers to offset credit balances, including VAT credits, against their outstanding tax
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Australia: ATO consults revised mining, petroleum tax guidelines
The Australian Taxation Office (ATO) has opened a public consultation regarding the revised guidance on mining and petroleum exploration expenditures and farm-out arrangements on 10 December 2025. ATO has released updates to three guidance
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Russia: Government approves budget forecast until 2042
Russia’s government has approved a decree on the Budget Forecast through 2042 on 15 December 2025. The forecast sets out the characteristics and projected values of key federal budget indicators and their expected dynamics. The Budget
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Italy introduces fiscal measures for third sector, amateur sports, VAT, business crisis procedures, digital platforms
Italy’s Revenue Agency announced that it has published Legislative Decree No. 186 of 4 December 2025 in the Official Gazette on 15 December 2025. This decree introduces a coordinated package of fiscal measures affecting the third sector, amateur
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Belgium: Parliament endorses tax reform targeting investment company share gains
Belgium’s Chamber of Deputies passed legislation on 11 December 2025 to implement key elements of the government’s tax reform plan outlined in April 2025 targeting investment company share gains. The main measures include: Introducing a
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Azerbaijan: CBA lowers key policy rate
The Central Bank of Azerbaijan (CBA) announced, on 10 December 2025, that it has lowered its policy (key) rate by 0.25 percentage points to 6.75%. The interest rate corridor was also adjusted, with the lower bound set at 5.75% and the upper bound
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US: IRS-CI releases 2025 annual report highlighting key investigations
The US IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on 11 December 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how
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UK: HMRC publishes draft guidance on advance tax certainty service
UK’s HM Revenue & Customs (HMRC) published draft guidance on 10 December 2025 setting out the framework for the advance tax certainty service, due to formally launch in July 2026. The guidance reflects the position during the first year of the
See MoreItaly: Protest breaks out over 2026 budget proposal
Thousands of people across Italy joined a nationwide strike on 12 December 2025, organised by Italy’s main union, CGIL (Italian General Confederation of Labour), to oppose the government’s proposed 2026 budget. The protest comes ahead of
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Hungary enacts 2026 autumn tax reforms, additional measures
Hungary has enacted several significant tax measures through legislative acts to reduce administrative burdens, promote business investment, and align domestic rules with EU directives. The measures are scheduled to take effect in 2026 unless
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Turkey extends withholding provisions related certain capital market earnings until 2030
Turkey’s President has extended the tax withholding rules on certain capital market earnings for another five years. The decision was made under Presidential Decree No. 10680, published in the Official Gazette on 11 December 2025 (No.
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UAE: Ministry of Finance revises excise tax rules on sweetened beverages
The UAE’s Ministry of Finance has announced the issuance of Cabinet Decision No. (197) of 2025 on selective goods, the tax rates or amounts imposed on them, and the method for calculating the selective price on 11 December 2025. The resolution
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Colombia: Senate Committee rejects 2026 tax reform
Colombia’s Senate announced that its Fourth Commission voted down the government’s proposed 2026 tax reform during the third joint session of Congress’s Economic Commissions, with 4 votes in favour and 9 against. This announcement was made
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Brazil: RFB launches compliance program focused on legal certainty
Brazil’s Federal Revenue Service (RFB) announced on 10 December 2025 the launch of Confia, its Cooperative and Tax Compliance program, marking a historic moment for the relationship between the tax authorities and taxpayers. Federal government
See MoreUS: IRS, Treasury issue guidance on enhanced health savings account tax benefits under the One, Big, Beautiful Bill
The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-05 on 9 December 2025, announcing new guidance on tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes
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Andorra, EU protocol to AEOI agreement enters into force
The amending protocol to the Andorra–European Union Automatic Exchange of Information Agreement, signed on 13 October 2025, will come into effect on 1 January 2026. The key measures involve updating the Common Reporting Standard (CRS) to align
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Hong Kong: IRD consults CARF adoption, CRS rules update
Hong Kong’s Inland Revenue Department (HKIRD) has launched a public consultation on 9 December 2025 on the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments in relation to the Common Reporting Standard (CRS) promulgated
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Norway: Parliament approves 2026 budget bill, corporate tax rate unchanged
Norway’s parliament passed the proposed 2026 Budget bill on 5 December 2025. This follows Norway’s government's presentation of its 2026 state and national budget proposals on 15 October 2025. The bill boosts welfare, defence, and climate
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