Belgium: Chamber of Deputies approve participation exemption changes, exit tax rules, other tax reforms
From 2026, Belgium's tax changes include stricter participation exemption rules, exit tax on cross-border reorganisations, a permanent 6% VAT for residential demolition/reconstruction, and higher VAT on coal and fossil fuel boilers. The Belgian
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Hungary updates tax rates on retail, financial entities, and insurance sectors
Act LIV of 2025 introduces updated tax rates, increased VAT thresholds, and new regulations across retail, financial, insurance, and energy sectors, along with enhanced R&D deductions. Hungary has published Act LIV of 2025 in the Official
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Italy clarifies VAT split-payment exemption effective date for listed companies
Italy has abolished the VAT split-payment system for FTSE MIB-listed companies, effective 1 July 2025. Italy has abolished the VAT split-payment system requirement for companies listed on the FTSE MIB index, as per Decree-Law No. 84 of 17 June
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Poland gazettes Act increasing VAT exemption threshold
The Act increases the VAT exemption threshold from PLN 200,000 to PLN 240,000 from 2026. Poland published the Act of 24 June 2025 in the Official Gazette on 7 July 2025, raising the VAT exemption threshold from PLN 200,000 to PLN 240,000,
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Vietnam extends VAT reduction until 2026
The National Assembly has extended the 2% VAT cut for eligible goods and services from 1 July 2025 to 31 December 2026. Vietnam’s National Assembly passed Resolution No. 204/2025/QH15 on 17 June 2025, extending the reduced VAT rate of 8% (down
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Ukraine considers extending VAT exemption for electric vehicles until 2027
Ukraine’s parliament is reviewing a draft law to extend the VAT exemption on electric vehicles by one year, through to 1 January 2027. Ukraine’s parliament is reviewing draft Law No. 13351, submitted on 6 June 2025, which proposes to extend
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Nigeria: President approves four new tax reform bills
The new legislation comprises the Nigeria Tax Act, the Nigeria Tax Administration Act, the National Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act. Nigeria’s President Bola Tinubu has signed four major tax
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Uganda presents 2025–26 budget, proposes income tax exemption for start-ups
Uganda's Ministry of Finance unveiled a UGX 72.136 trillion national budget for 2025-26. Uganda’s Ministry of Finance Planning and Economic Development has unveiled a UGX 72.136 trillion national budget for the 2025-26 financial year on 12
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Mozambique restores VAT exemption on soap, sugar, and oil
The VAT exemption will be effective from 30 May 2025 to 31 December 2025. Mozambique has published Law No. 3/2025 in the Official Gazette on 21 May 2025, amending the VAT Code to reintroduce a VAT exemption for soap, sugar, and cooking
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Philippines grants VAT exemption on medicines for major illnesses
Philippines announced a VAT exemption on medicines for cancer, diabetes, dialysis, hypertension, high cholesterol, and mental illnesses, effective 13 June 2025. The Philippines’ Department of Finance announced a VAT exemption for medicines
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Ireland releases updated EU VAT guidelines for small enterprises
Ireland issues new VAT guidelines for SMEs under EU scheme, exempting cross-border sales under EUR 100,000 from 2025. Ireland’s Revenue Commissioners published eBrief No. 113/2025 on 4 June 2025, providing new guidance on the EU VAT scheme for
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Saudi Arabia: ZATCA urges taxpayers to utilise fines and penalties waiver before June 2026
ZATCA extends deadline for penalty waivers, urging taxpayers to settle dues by 30 June 2025. The Saudi Zakat, Tax and Customs Authority (ZATCA) has urged taxpayers on 2 June 2025. to leverage the “Cancellation of Fines and Exemption of
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Bangladesh: Interim Government announces 2025-26 national budget
The government’s growth forecast of 5.5% falls below the IMF’s estimate, signalling a shift away from chasing ambitious GDP targets and mega projects. The budget is set at BDT 7,90,000 crore, with a revenue budget of BDT 5,74,000
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Malta: MoF extends VAT exemptions for passenger transport services
MOF extended VAT exemptions under new rules issued in Legal Notice 88 of 2025. Malta's Minister for Finance (MoF) issued Legal Notice 88 of 2025 on 13 May 2025, amending the "Value Added Tax Act (Amendment of Fifth Schedule) Regulations, 2025"
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Poland: Council of Ministers adopts deregulation legislations
Poland's Ministry of Finance announced on 6 May 2025 that the Council of Ministers has adopted a number of draft laws that are part of the deregulation process. Draft corporate tax amendment act The proposal suggests removing the requirement
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Uruguay extends VAT relief for tourism sector
Uruguay published Decree No. 93/025 on 28 April 2025, extending the temporary value-added tax (VAT) reduction for certain tourism-related services until 30 April 2026. The measure continues the nine percentage point cut from the standard 22% VAT
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France delays VAT exemption threshold cut to 2026 after consultations
The French government has postponed the planned reduction of the domestic VAT exemption threshold for small businesses until 2026, following public consultations. The Finance Law for 2025 had originally set the new threshold at EUR 25,000 from 1
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Turkey extends VAT exemption for construction under incentive certificates
Turkey has extended a VAT exemption for construction activities in the manufacturing and tourism sectors, under Presidential Decision No. 9770 issued on 30 April 2025, which was published in the Official Gazette on 1 May 2025 (No. 32887). The
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