US: CRS issues report on tax reform and itemised deductions
The US Congressional Research Services (CRS) published a new report on Selected Issues in Tax Reform: Itemized Deductions on 4 March 2025. The report analyses changes to itemised deductions under the Tax Cuts and Jobs Act (TCJA) through 2025 and
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Taiwan: MoF issues statement on US Double-Tax Relief Act approval
Taiwan's Ministry of Finance ( MoF) issued a statement on 12 March 2025, welcoming the passage of the US-Taiwan Expedited Double-Tax Relief Act by the US House of Representatives on 15 January 2025 (local time). The 119th US Congress, which
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Austria: Lower House of Parliament approves Budget Restructuring Bill 2025
Austria's lower house of parliament (Nationalrat) passed the Budget Restructuring Measures Bill 2025 (Budgetsanierungsmaßnahmengesetz 2025) on 7 March 2025. The announcement was made in a release on 10 March 2025 by the Austrian Ministry of
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Turkey rejects OECD’s Pillar One Amount B implementation
The Turkish Ministry of Treasury and Finance has issued a formal statement regarding the implementation of Amount B under Pillar One on 7 March 2025, a key component of the OECD/G20 Base Erosion and Profit Shifting (BEPS) framework, developed by the
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Singapore issues advance ruling on income tax matters concerning business transfers
The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling Summary No. 3/2025 on 3 March 2025, addressing the income tax implications of business transfers. 1. Subject: a. Whether the proposed transfer of the entire banking
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Switzerland: Lucerne consults economic development, R&D incentives
The government of the Swiss Canton of Lucerne has announced a public consultation on its plans for economic development on 10 March 2025. The canton aims to invest CHF 300 million annually starting in 2026 to address changes in international tax
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Germany releases income tax decree on crypto assets, expanding guidance on filing and reporting
The German Ministry of Finance (MOF) released an updated decree on the income tax treatment of crypto assets on 6 March 2025, replacing the previous version from May 2022. A crypto-asset is the digital representation of a value or of a right that
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Kuwait updates UBO regulations with stricter penalties and expanded exceptions
Kuwait's Ministry of Commerce and Industry has issued Decision No. 16 of 2025, updating the country's regulations on Ultimate Beneficial Ownership (UBO). This decision builds on Resolution 4/2023, which took effect on 1 April 2023, and introduced
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Papua New Guinea plans major tax reforms after hitting economic goals
Papua New Guinea's Prime Minister James Marape announced tax reforms on 7 February 2025. These tax reforms will take effect once Papua New Guinea's economy reaches a K150 billion milestone, a target expected to be achieved within the next three to
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Bolivia delays e-invoicing deadline for some taxpayers
Bolivia’s Tax Authority (SIN) has announced an extension for taxpayers in groups 9 to 12 to begin issuing e-invoices. This extension is outlined in three resolutions—RND 102500000008, RND 102500000009, and RND 102500000010. The new
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Philippines resumes e-invoicing expansion
The Philippines' tax administration (BIR) issued Revenue Resolution 11-2025 on 27 February 2025, announcing the expansion of the electronic invoicing (e-invoicing) system. The Philippines' e-invoicing mandate requires taxpayers to issue invoices
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Mozambique: President announces new tax proposals in inauguration speech
Mozambique's new president, Daniel Chapo, announced new tax measures, including renegotiating deals with foreign investors, in his inauguration speech on 15 January 2025. The measures aim to eliminate poverty and improve the country's business
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UK: Finance Bill 2025 moves to House of Lords for final approval
UK’s Finance Bill 2024-25 has now moved to the House of Lords, where it had its first reading on 4 March. The Bill has passed through the House of Commons where MPs debated during the report stage on 3 March 2025, approving 66 amendments
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UK introduces reserved investor fund with tax-transparent status
The UK Government published the final Co-ownership Contractual Schemes (Tax) Regulations 2025 on 25 February 2025, introducing the Reserved Investor Fund (RIF), effective from 19 March 2025. The RIF is an unauthorised contractual scheme designed for
See MoreSingapore: IRAS issues ruling on taxability of feeder fund redemption gains
Singapore's Inland Revenue Authority issued Ruling Summary No. 2/2025 regarding the taxability of gains from feeder fund redemption on 3 March 2025. Advance Ruling Summary No. 2/2025 1. Subject: Whether: a. the gains derived by the company
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Greece launches public consultation on capital market strengthening bill
The Greece Ministry of National Economy and Finance has opened a public consultation on a Bill titled "Strengthening the capital market" on Thursday, 27 February 2025 , which proposes new tax incentives aimed at supporting small and medium
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US to impose reciprocal tariffs on India and other countries
The US will implement reciprocal tariffs on imports from countries imposing high tariffs on US goods, including India starting 2 April 2025. President Donald Trump announced this measure during a joint session of Congress, criticising India's 100%
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Ireland introduces angel investor tax relief to boost start-ups
Irish Finance Minister Paschal Donohoe has announced the launch of Angel Investor Relief, a new tax incentive aimed at driving investment in Ireland’s innovative start-ups on 3 March 2025. The relief offers a reduced Capital Gains Tax (CGT) rate
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