US: IRS, Treasury finalise rules on dual consolidated losses and disregarded payments
The US Department of Treasury and the Internal Revenue Service (IRS) have released the final Rules on Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, which were officially published in the Federal Register on 14 January
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New Zealand updates money interest rates on underpayments, overpayments
The New Zealand Inland Revenue has announced updates to the Use of Money Interest (UOMI) rates for underpayments and overpayments on 18 December 2024. The revised rates are set at 10.88% (down from 10.91%) for underpayments and 4.30% (down from
See MoreUS: Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganisations
The US Department of the Treasury and the Internal Revenue Service (IRS) issued IR-2025-11 on 13 January 2025 in which it proposed regulations for corporate separations and reorganisations, including reporting requirements for multi-year corporate
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Venezuela: SENIAT introduces new digital invoicing guidelines for businesses
The Venezuelan National Tax Authority (SENIAT) has introduced new guidelines under Administrative Ruling SENIAT/2024/000102 regarding digital invoicing. The update clarifies rules regarding the issuance of invoices and associated documents,
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Saudi Arabia further extends tax penalty waiver initiative
The Saudi Zakat, Tax and Customs Authority (ZATCA) announced the Minister of Finance’s decision of the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months
See MoreUS: Treasury reissues list of countries requiring international boycott participation
The US Treasury Department reissued its list of countries that mandate cooperation with, or participation in, an international boycott as a prerequisite for conducting business. It includes Iraq, Lebanon, Syria, Kuwait, Qatar, Saudi Arabia, Libya
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US: Treasury, IRS release final rules for clean hydrogen production tax credit
The US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released final rules for the section 45V Clean Hydrogen Production Tax Credit established by the Inflation Reduction Act on 3 January 2025, according to a press
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Greece updates 2023 non-cooperative jurisdictions list
The Greek Public Revenue Authority has updated the list of non-cooperative states and jurisdictions for 2023 which includes 41 countries and territories. This decision was finalised on 31 December 2024. Key changes from the 2022 list include the
See MoreUS: Department of the Treasury, IRS release final rules for technology-neutral clean electricity credits
The US Department of the Treasury (Treasury) and the IRS announced the released final rules for the Clean Electricity Investment and Production Tax Credits – also known as the technology-neutral credits – in tax code sections 45Y and 48E
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Taiwan extends reduced day trading tax rate until 2027
Taiwan's Ministry of Finance announced the implementation of amendments to extend the reduced Securities Transaction Tax for day trading (from 0.3% to 0.15%) on the Taiwan securities market, following approval by the Legislative Yuan on 31 December
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Lithuania gazettes 2025-27 budget, increases tax-exempt income threshold
Lithuania has published its budget plan for the three-year period from 2025 to 2027 in the official gazette on 19 December 2024. Key changes include an increase in the tax-exempt income threshold for 2025. Even though the budget for the next
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Uruguay sets deadlines for tax return submissions, payments in 2025
The Uruguayan tax authorities (DGI) issued a Resolution 2,867/024 on 11 December 2024, establishing deadlines for filing tax returns and payments from January to December 2025. The filing deadlines for tax returns in 2025 for state-owned
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India: GST Council rejects airlines’ proposal to include aviation fuel under GST framework
India's GST Council has rejected the airline industry's proposal to bring Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST) framework. The announcement was made by Finance Minister Nirmala Sitharaman following a meeting on 21
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Pakistan: Proposed Tax Laws (Amendment) Bill 2024 strengthens measures against non-filers
Pakistani Finance Minister Muhammad Aurangzeb presented the Tax Laws (Amendment) Bill, 2024, to the National Assembly on 18 December 2024 to strengthen measures against non-filers. The proposed bill introduces strict measures targeting
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Brazil: Chamber of Deputies approve indirect tax reform
Brazil's Chamber of Deputies have approved a law to regulate the country's indirect tax reform after it has returned from the Senate (upper house) with amendments on 17 December 2024. This follows after Brazil passed Constitutional Amendment No.
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Italy: Chamber of Deputies approve 2025 budget
Italy's government has secured a win in the Chamber of Deputies on 20 December 2024 by securing a confidence vote on its 2025 budget. The budget seeks to reduce next year’s fiscal deficit to 3.3% of gross domestic product (GDP), down from the
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Netherlands: Upper House approves 2025 Tax Plan, Pillar Two amendments
Netherlands’ Upper House of Parliament has passed 11 tax bills on 17 December 2024, which include the entirety of the 2025 Tax Plan package and amendments to 2025 Tax Plan, 2025 Tax Plan BES Islands, and Minimum Taxation Act (Amendment) Act
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Russia to tax cryptocurrency transactions starting 2025
Russia published Federal Law No. 418-FZ on 29 November 2024, which introduces amendments to the Tax Code concerning the taxation of income derived from cryptocurrency activities, including mining and trading. The law will take effect on 1 January
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