Cyprus offers VAT exemption to rental property owners
Cyprus’ Commissioner of Taxation published Circular 2/2025 on 24 March 2025, outlining guidelines for rental property owners who haven't opted to exempt their property from VAT. The circular is valid until 31 December 2025. In Cyprus, renting
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Ghana: Parliament passes 2025 budget measures
Ghana's Ministry of Finance announced that the Parliament approved several 2025 Budget measures on 26 March 2025. The passage of these bills marks a major leap for economic reform and a significant step in fulfilling the government’s commitment
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Namibia announces tax proposals in 2025-26 budgetÂ
Namibia’s Ministry of Finance unveiled the 2025-26 budget on 27 March 2025, outlining several tax proposals, including corporate tax reductions, VAT changes, and higher excise duties. Namibia’s national budget has risen to NAD 106.3 billion,
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UN Tax Committee: Guidance on Indirect Taxes
At the meeting of the UN Tax Committee on 27 March 2025 the subcommittee dealing with indirect taxation matters put forward some potential issues that the next membership of the Tax Committee may wish to consider at future sessions. The
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On 25 March 2025 the Subcommittee on the Extractive Industries taxation presented to the UN Tax Committee a draft supplement to Chapter 5 (tax incentives) of the UN Handbook on Selected Issues for Taxation of the Extractive Industries; draft
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Germany updates guidance on VAT rules for small businesses
The German Ministry of Finance has updated its guidance on special VAT rules for small businesses on 18 March 2025. These changes follow the approval, in December 2024, of the increase in VAT exemption thresholds to take effect from 1 January
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Bulgaria: Parliament approves lower VAT registration threshold starting April 2025
Bulgaria's parliament passed the State Budget Bill for the year on 21 March 2025 which includes amendments to the Value Added Tax (VAT) Act. The amendments lower the mandatory VAT registration threshold from the current BGN 166,000 to BGN
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Norway signs renegotiated agreement with the EU to combat international VAT fraud
Norway's Ambassador to the EU, Anders H. Eide, signed a renegotiated agreement with the EU on administrative cooperation in VAT on 2 October 2024. The agreement aims to combat international VAT fraud. The full announcement was published on 21
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Bulgaria: Parliament adopts 2025 state budget
Bulgaria’s National Assembly has adopted the draft law on the state budget for 2025 at its second reading on 21 March 2025. The 2025 budget proposes no tax increases and projects a deficit of 3% of the gross domestic product (GDP). It forecasts
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UN Tax Committee: Transfer Pricing Subcommittee Discusses Future Guidance
On 26 March 2025 the UN Tax Committee discussed their transfer pricing work. Since the previous session of the Committee, the Subcommittee on Transfer Pricing has gathered feedback from members on possible future workstreams that could be pursued by
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UN: New Article 12AA on Taxation of Services Presented for Approval
The 30th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 24 to 27 March 2025. On 25 March 2025 the Subcommittee on Taxation Issues Related to the Digitalized and Globalized Economy presented
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Belgium: B2B e-invoicing mandate excludes non-established entities
Belgium’s government confirmed on its official e-invoicing page on 19 March 2024 that non-established VAT-registered entities in Belgium are excluded from the e-invoicing mandate. However, the legislation has yet to be amended to include this
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EU approves Estonia’s special VAT measure on passenger cars
The EU has published Council Implementing Decision 2025/539 (the Decision) on 21 March 2025, which allows Estonia to continue applying a special VAT measure, deviating from parts of the VAT Directive (2006/112). Under the Decision, Estonia can
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Israel: Parliamentary Finance Committee approves 2025 budget
Israel's Parliamentary Finance Committee approved the 2025 state budget on 23 March 2025. The bill proposes that the net state budget for 2025 will stand at about NIS 755.9 billion – the total budget for calculation of the expenditure limit
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South Africa: SARS issues guidance on VAT rate increase starting May
The VAT rate in South Africa will increase from 15.0% to 15.5% starting 1 May 2025, with a planned increase to 16.0% from 1 April 2026. The South African Revenue Service (SARS) has released a set of Frequently Asked Questions (FAQs) regarding the
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Nigeria: House keeps corporate tax at 30% and VAT at 7.5%
Nigeria’s House of Representatives has approved and adopted the recommendations of its Committee on Finance, which retains the value added tax (VAT) rate at 7.5%. The previous proposal was to increase to 12.5%, which was set for 2026. The House
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UAE: FTA issues clarification on amendments to VAT executive regulations
The UAE Federal Tax Authority (FTA) released a VAT Public Clarification VATP040 addressing the amendments to the VAT Executive Regulations on 14 March 2025. This Clarification offers guidance on various rules, including registration,
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Mongolia considers draft bill to lower VATÂ
Mongolia’s Deputy Speaker B. Purevdorj and MPs Ch. Lodoisambuu, A. Undraa, and G. Uyankhishig proposed a bill on 13 January 2025 to reduce the VAT rate to 5%. This bill was first submitted in 2019 but was returned as it was not reviewed. The
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