Belgium: Government proposes stricter participation exemption rules and exit tax extension
Belgium’s Chamber of Deputies is reviewing draft legislation by the government on 27 May 2025 to implement tax reforms proposed in the government policy note. Belgium’s Chamber of Deputies is reviewing a draft legislation presented by the
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Italy to abolish VAT split payment for FTSE MIB firms by July 2025
Italy has extended the VAT split payment system until 30 June 2026 for most public sector transactions. From 1 July 2025, FTSE MIB-listed companies must exit the regime and return to the standard VAT system. Italy has extended the VAT split
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UAE clarifies VAT obligations on imported services
The UAE’s FTA has clarified the VAT treatment of imported services in Public Clarification VATP044, confirming that taxable persons must account for output tax on such services and may recover input tax if conditions are met. The UAE Federal
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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
See MoreItaly: Council of Ministers approves draft code on registration and indirect taxes
 Italy preliminarily approves decree consolidating registration and indirect taxes to simplify compliance, excluding VAT. The Italian Council of Ministers granted preliminary approval to a Legislative Decree consolidating the rules on
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Bangladesh to revise tariffs in fy 2025–26 budget ahead of LDC graduation
Bangladesh plans to reform its tariff structure in the FY2025–26 budget, reducing duties on medicines and industrial inputs while increasing them on select raw materials, ahead of its LDC transition in 2026. Bangladesh is preparing a tariff
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Peru considers temporary reduction of standard VAT rate
The reduced VAT rates will apply to natural and legal persons engaged in business activities across any productive sector and subject to VAT. The Peruvian Congress is reviewing Bill No. 11228/2024-CR, introduced on 19 May 2025, which proposes a
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Spain considers legislation to improve access to housing
This legislation urges the government to advance initiatives addressing housing challenges, ensure legal certainty, mobilise vacant homes, make housing more affordable, expand public housing, and increase social and affordable rental
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Denmark updates VAT deduction timing, effective from July 2025
Businesses may claim VAT deductions up to six months after the supplier’s invoice date, within the VAT return currently due. This removes the requirement to adjust deductions back to the VAT return covering the invoice date. Denmark’s
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Russia: Government proposes extension of 0% VAT rate for hotels, temporary lodging services
The proposed extension will continue the rate until 31 December 2030. The Russian Government announced plans to extend the 0% VAT rate on temporary accommodation services in hotels and other lodging facilities on 22 May 2025. The proposed
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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)Â 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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France consults VAT treatment of art, antiques
France has launched a public consultation on new VAT rules for art, antiques and collectibles ahead of a reduced 5.5% rate which is set to take effect on 1 January 2025. France’s tax authorities have launched a public consultation on new VAT
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France updates VAT guidelines for composite supplies
France updates VAT rules to clarify taxation of mixed goods and services. The French Tax Authorities issued new administrative guidelines regarding the VAT treatment of composite supplies in transactions involving a mix of goods and services on
See MoreItaly clarifies how VAT applies to secondment under legislative changes
Italy’s tax authority clarified that from 1 January 2025, staff secondment reimbursements covering only salary and related costs will be subject to VAT under new or renewed agreements. Italy’s tax authorities issued Circular No. 5/E on 16 May
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Czech Republic: Ministry of Finance publishes draft guidance on floor area calculation for VAT
Ministry of Finance issued a draft decree on calculating floor area for VAT, preparing for real estate VAT changes under the 2024 consolidation package, which goes into effect on 1 July 2025. The Czech Republic’s Ministry of Finance released a
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South Africa: MoF presents revised 2025 budget, scraps proposed VAT hike
Finance Minister delivered 2025 revised budget speech on 21 May 2025. Key tax changes include scrapping proposed VAT rate hikes, removing additional zero-rated items, and increasing the inflation-linked fuel levy. South Africa’s Finance
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Dominican Republic: DGII extends e-invoicing implementation deadline for large local, medium taxpayers
The Dominican Republic’s General Directorate of Internal Taxes (DGII) has announced a six-month extension for large local and medium-sized taxpayers who were originally required to implement electronic invoicing by 15 May 2025. This extension,
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Sweden: Ministry of Finance announces tax proposals for Autumn Budget 2026, includes reduced corporate taxÂ
Sweden's Ministry of Finance announced various tax proposals for the 2026 Autumn Budget on 19 May 2025. It includes reduced corporate tax, energy tax on electricity, special income tax for non-residents, amongst others. Reduced corporate
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