India to reduce GST by Diwali
India plans to simplify GST and lower taxes on common goods by Diwali. Indian Prime Minister Narendra Modi announced today, 15 August 2025, that the government will introduce “next generation” reforms in the Goods and Services Tax (GST),
See More
Australia: Treasury releases issues paper on budget sustainability, tax reform before economic reform roundtable
The issues paper outlines tax reforms to ensure fair resource returns, extend small business asset write-offs, support affordable housing, incentivise renewable energy investments, make superannuation concessions equitable, and enhance tax
See More
Germany: MoF releases draft law to amend Minimum Tax Act, aligns with the latest OECD Pillar Two GloBE guidelines
The draft legislation aims to amend the Minimum Tax Act by implementing the new OECD guidelines of December 2023, May 2024, and January 2025. Germany’s Ministry of Finance has released a draft law (Minimum Tax Adjustment Act) to amend the
See More
Belgium gazettes laws concerning participation exemption requirements, exit tax rules, and other tax reforms
The Belgian Chamber of Deputies approved the law on 17 July 2025. Belgium’s government has published the Programme Law of 18 July 2025 in the Official Gazette on 29 July 2025. The law introduces a new participation exemption requirement
See More
US: IRS Confirms 2025 individual filing rules and withholding tables unchanged under ‘One Big Beautiful Bill Act’
The IRS announced there will be no changes to certain information returns or withholding tables under the phased implementation of the One Big Beautiful Bill Act for the 2025 tax year. The US Internal Revenue Service (IRS) has issued
See More
Taiwan urges taxpayers to observe statutory deadlines for administrative appeals
The finance ministry reminded taxpayers to strictly observe statutory deadlines when filing administrative appeals to avoid rejection due to late submission. Taiwan’s Ministry of Finance has issued a notice highlighting the need for taxpayers
See More
Korea (Rep.) unveils 2025 tax revision bill, enhances R&D credits
The 2025 tax reform bill aims to bolster strategic industries and welfare by introducing targeted tax credits for R&D, AI, and K-content, while streamlining corporate and capital gains taxes. South Korea’s Ministry of Economy and Finance
See More
US clarifies tax policy for digital assets
The report is the outcome of President Trump's executive order to establish a "working group" for developing a regulatory framework for digital assets. The US President’s Working Group on Digital Asset Markets has issued a report titled
See More
Australia: ATO announces foreign exchange rates for 2025–26 income year
The ATO has updated its foreign exchange rate guidance, including monthly exchange rates for 1 July 2025 to 30 June 2026. The Australian Taxation Office (ATO) has released guidance on monthly exchange rates for the period from 1 July 2025 to 30
See More
Nigeria: FIRS ends issuance of tax waiver certificates
The suspension takes effect immediately, halting new certificate approvals while existing ones remain valid until expiry with no renewals allowed. Nigeria’s Federal Inland Revenue Service (FIRS) announced on 30 July 2025, the cessation of
See More
Ghana announces new tax measures in 2025 mid-year budget, removes exemption on marine gas oil
The 2025 mid-year budget introduces tax reforms, removing marine gas oil tax exemptions for non-artisanal fishing fleets, enhancing the modified taxation system with digital tools, and simplifying VAT to reduce rates and exempt small
See More
Poland: KAS intensifies measures against tax avoidance, profit outflows
The Ministry of Finance intends to set up a dedicated centre at the Małopolska Customs and Tax Office in Kraków to carry out its plans. Poland’s Ministry of Finance announced a new initiative on 31 July 2025 to address aggressive tax planning
See More
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
See More
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
See MoreUS: 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 More
Italy: Council of Ministers approves additional supplementary and corrective amendments to tax reform
The bill simplifies regulations, enhances transparency and fairness, revises the Taxpayer's Bill of Rights, and clarifies the self-assessment process with added sanctions. Italy’s Council of Ministers has preliminarily approved a Legislative
See MoreTaiwan clarifies rules on foreign tax credit eligibility
Unclaimed treaty relief blocks foreign tax credit in Taiwan Taiwan’s Ministry of Finance has clarified that profit-seeking enterprises are not eligible to claim a foreign tax credit for excess taxes paid in treaty jurisdictions if they do not
See More
Colombia sets shareholder loan rate at 9.25% for 2025
Colombia has lowered the deemed minimum interest rate on shareholder and partner loans to 9.25% for the 2025 tax year, down from 12.69% in 2024. Colombia’s Ministry of Finance has issued Decree No. 0771 on 7 July 2025, establishing a deemed
See More