Niger’s 2025 draft Finance Law includes introducing VAT on online sales and new exemptions for goods transport vehicles. These changes signal growing regulation in digital and traditional sectors.

Indonesia will maintain an 11% VAT rate for most goods and services, while luxury items like yachts and private jets face a 12% rate from January 2025. Relief measures for essential goods remain in place.

Algeria has introduced new tax measures for 2025, including increased taxes for tobacco manufacturers, expanded R&D incentives, and VAT exemptions for certain imports. Businesses must review these developments to optimize compliance.

Togo's 2025 Finance Law raises the VAT registration threshold to XOF 100 million and implements new excise duties. Businesses should prepare for these significant tax shifts starting this year.

Saudi Arabia's ZATCA has determined criteria for the 19th wave of its E-Invoicing (FATOORA) program. Targeted taxpayers must integrate their systems by September 2025. Stay compliant to avoid penalties!

Turkey’s VAT refund limit for reduced-rate transactions jumps to TRY 130,700 in 2025, up from TRY 90,800. This change offers enhanced refund opportunities for businesses operating under reduced VAT rates.

Israel’s standard VAT rate increased to 18% as of January 2025. The Israeli Tax Authority provides guidance on applying the new rate, invoicing, and credit notes. Businesses should review their VAT compliance processes.

The Czech Ministry of Finance has released an updated VAT refund reciprocity list, now including Bosnia and Herzegovina, Norway, Switzerland, and the UK. Effective January 2025, this list is vital for non-EU businesses seeking VAT refunds.

China's State Administration of Taxation has announced a new VAT Law, effective January 2026. Key updates include clarified rules on the place of supply and VAT refunds. International businesses, take note!

Uzbekistan introduced a four-year corporate tax exemption for publishing and printing enterprises starting January 2025.

Peru raised its tax unit value (UIT) to PEN 5,350 for 2025, impacting thresholds for deductions, tax brackets, and reporting.

Latvia made the 12% reduced VAT rate on fresh fruits, berries, and vegetables permanent starting January 2025.

Italy reduced the revenue threshold for its Cooperative Compliance Program to EUR 750 million for 2024 and 2025, with further reductions planned through 2028.

The U.S. IRS released updated guidance on uniform capitalization rules for inventory costing under IRC 263A for producers and resellers.

Thailand enacted an Emergency Decree to implement a global minimum tax of 15% on large MNEs from January 2025, aligning with OECD standards.

Taiwan raised monthly business tax thresholds for small businesses to TWD 100,000 for goods and TWD 50,000 for services starting January 2025.

Singapore issued guidance on its new Multinational Enterprise and Domestic Top-Up Taxes, ensuring a 15% effective tax rate under BEPS Pillar 2 rules from January 2025.

Oman implemented a Domestic Minimum Top-Up Tax for large MNEs with revenues exceeding OMR 300 million, starting January 2025.

Norway increased standard personal income tax allowances and adjusted social security rates for 2025. The natural resource tax on hydropower plants was also raised slightly.

Morocco’s 2025 Finance Law subjects certain joint ventures and economic interest groups to corporate tax and includes VAT exemptions on specific goods and services.

Kuwait introduced a Domestic Minimum Top-Up Tax to ensure a 15% effective tax rate for large MNEs from January 2025.

Kazakhstan updated its Monthly Calculation Index to KZT 3,932 and maintained the minimum wage for social security purposes at KZT 85,000 for 2025.

Irish Revenue detailed an EU VAT scheme for small businesses, effective January 2025. The scheme simplifies VAT compliance for eligible Irish SMEs making supplies in other EU countries.

Brazil enacted a law introducing an Additional Social Contribution on Net Profit to align with global minimum tax standards. Plans also include an Income Inclusion Rule and revisions to the Controlled Foreign Corporation regime in 2025.

Bangladesh has introduced a 15-year income tax exemption for renewable energy projects starting commercial production between July 2025 and June 2030. The exemption includes 100% relief for the first 10 years.

Nigeria introduces new guidelines for transfer pricing agreements effective January 2025, providing taxpayers with mechanisms to achieve certainty and reduce disputes.

Taiwan retains its 2024 deduction and exemption thresholds for basic income tax for 2025, citing insufficient CPI growth.

The Dutch government confirms changes, including updates to interest deduction limits, expat exemptions, gambling taxes, and VAT rates, along with adjustments to individual income brackets.

Italy reduces its statutory interest rate from 2.5% to 2.0%, effective January 2025. This rate applies to presumed tax calculations for loans without written agreements.

Indonesia's VAT rate will rise to 12% in January 2025, but relief measures, including exemptions for essential goods and subsidies, will mitigate the impact.

Hungary introduces a special VAT exemption scheme for SMEs operating across EU states with turnover limits, effective January 2025.

Australia finalized its list of jurisdictions for public country-by-country reporting, effective for financial periods starting from July 2024.

The U.S. IRS plans to introduce a streamlined approach to intercompany transfer pricing for marketing and distribution activities, aligning with OECD’s Pillar 1 Amount B recommendations.

Moldova reintroduces a reduced 6% VAT rate for the hospitality industry during a 60-day state of emergency, effective until February 2025.

Irish Revenue clarified aspects of anti-hybrid mismatch rules, including definitions, mismatch outcomes, and scenarios for applying OECD guidance.

India expanded guidance for the Direct Tax Vivad se Vishwas Scheme, covering eligibility, computation of amounts payable, and specific scenarios like pending prosecutions and appeals.

New legislation allows deductions for reinstating leased premises to their original state and removes time limits for claiming allowances on buildings. Measures are effective from April 2024.

Ecuador's new law imposes a progressive tax of up to 5% on the sale price of used vehicles. Buyers are required to pay within 30 days, with further regulations to follow.

Brazil's Congress has approved a law to implement indirect tax reform, replacing federal, state, and municipal taxes with new taxes: CBS (federal) and IBS (state/municipal). A trial phase begins in 2026, with full implementation planned for 2027.

Senegal’s Finance Bill for 2025 includes mandatory e-invoicing requirements with penalties for non-compliance and updates to excise taxes, tax clearance rules, and repeal of outdated COVID-19 measures. These changes will take effect in January 2025.

The Bulgarian Parliament is considering increasing the maximum monthly social security basis to BGN 4,130 from January 2025, with adjustments for the minimum monthly basis for self-employed individuals. The proposal aims to align with economic trends.

Ukraine’s National Bank raised the policy rate to 13.5% from December 2024, impacting tax penalty interest, which rises to 16.2%. This adjustment influences taxpayers with late payments under the country’s fiscal policies.

Luxembourg has introduced a Small Business VAT Scheme starting January 2025, raising the VAT exemption threshold to EUR 50,000, with a 10% tolerance. The scheme simplifies VAT obligations for small businesses and cross-border operations within the EU.

Hong Kong will implement the OECD’s Crypto-Asset Reporting Framework (CARF) for automatic tax-related information exchange by 2028. Legislative preparations are set for completion by 2026, reinforcing Hong Kong’s commitment to international tax transparency.

Guernsey has implemented OECD Pillar 2 rules with a Qualified Domestic Minimum Top-Up Tax and an Income Inclusion Rule. Effective January 2025, multinational groups with revenues over EUR 750 million must comply with new registration and reporting requirements.

The Estonian Parliament has approved a Security Tax Act to fund defense and security projects. Starting July 2025, VAT will increase by 2%, with additional 2% taxes on personal and corporate incomes from 2026. Annual returns and quarterly payments will align with the new guidelines.

The Bahrain National Bureau for Revenue (NBR) has released a detailed guide and manual for the Domestic Minimum Top-Up Tax (DMTT). This 15% tax, effective from January 2025, applies to large multinational groups meeting specific revenue thresholds. Key highlights include registration requirements, potential exclusions to minimize tax liability, and deadlines to register by January 30, 2025, for eligible entities.

Switzerland will suspend its most-favored-nation clause with India effective 1 January 2025, raising the withholding tax rate on dividends back to 10%.

South Korea ratified its first tax treaty with Rwanda. The agreement will enter into force 30 days after ratification instruments are exchanged.

Luxembourg’s government council has approved the pending tax treaty with Colombia, which will apply starting 1 January following ratification.

Liechtenstein and Chile are in discussions to finalize a tax treaty to strengthen trade and economic cooperation.

Canada will increase the enhanced R&D tax credit limit to $4.5 million and expand eligibility to public corporations. Additional changes restore capital expenditure eligibility for the SR&ED program.

Malaysia's Inland Revenue Board outlines filing obligations for multinationals under the Global Minimum Tax. MNEs meeting the EUR 750 million revenue threshold must comply starting with financial years from 2025.

Latvia will introduce a 25.5% tax on income up to EUR 105,300 and a 33% rate above that threshold. Additionally, an extra 3% tax will apply to annual incomes exceeding EUR 200,000.

Kenya replaces its Digital Services Tax with a 30% tax on deemed profits for non-residents providing digital marketplace services. Other measures include changes to withholding tax rates and VAT reclassifications.

Starting January 2025, Jersey will allow multinational corporate entities with annual GloBE income under GBP 100,000 to elect for a tax exemption under its 15% corporate income tax regime.

Corporate tax returns for accounting periods ending 31 December 2023 are due by 2 January 2025. Late submissions may incur a £250 penalty.

The Irish Revenue now recognizes Canada’s Digital Services Tax (DST) as a deductible expense, aligning it with DSTs from other jurisdictions, such as France, Spain, and the UK.

Germany clarifies rules on expense deductions under the hybrid mismatch regime. It specifies which pre-2020 continuing obligations remain deductible and outlines the burden of proof for taxpayers involved in cross-border transactions.

Ecuador's new law includes workforce retention tax credits, tax payment plans, and interest waivers for overdue obligations. It also forgives certain tax debts for small businesses under the simplified RIMPE regime.

From January 2025, businesses exceeding CZK 2 million annually must register for VAT. The amendments also align Czech VAT rules with the EU small business exemption for cross-border supplies, capped at EUR 100,000 in total EU turnover.

Australia's new law, effective January 2025, increases the foreign resident capital gains withholding rate from 12.5% to 15% and removes the AUD 750,000 transaction threshold. The changes aim to enhance compliance for taxable Australian real property transactions.

The Thai Cabinet approved legislation for a 15% global minimum tax on large MNE groups, effective January 2025. Further details are pending.

The draft Global Minimum Tax Bill 2024 aligns with OECD Pillar 2 rules, introducing a Domestic Minimum Top-Up Tax and Income Inclusion Rule for fiscal years beginning after December 31, 2023, and 2024, respectively.

The Colombian Congress rejected President Gustavo Petro’s tax reform bill, which proposed progressive corporate tax rates, increased minimum tax, and extended financial surcharges. Future developments are awaited.

The Chamber of Deputies approved measures including corporate tax rate reductions, personal income tax bracket adjustments, and expanded tax credits. Most changes take effect in 2025.

Law No. 160 of 2024 extends Egypt's tax dispute resolution process until June 30, 2025. Committees will continue to handle unresolved and new cases for independent resolutions outside the courts.

The Court of Glostrup sentenced Sanjay Shah to 12 years in prison for his role in "cum-ex" dividend withholding tax refund fraud, with wrongful refunds exceeding DKK 9 billion. Assets worth DKK 7.2 billion were confiscated. Shah has appealed the verdict.

Bill C-78 provides a temporary GST/HST exemption on essentials like food, clothing, and holiday items from December 14, 2024, to February 15, 2025. Savings for families can range from $100 to $300 on purchases of $2,000.

The National Bureau for Revenue published regulations under Decree-Law No. (11) of 2024 for implementing a 15% Domestic Minimum Top-Up Tax on large MNEs starting January 1, 2025. Key requirements include registration and advance payment rules for in-scope entities.

The ATO has issued TA2024/2, warning about arrangements involving private companies circumventing Division 7A through contrived methods. These include guaranteeing loans to related companies with minimal surplus, potentially resulting in unfranked dividends or anti-avoidance measures. Feedback on draft guidance is open until January 31, 2025.

Italy clarified documentation requirements for penalty relief under hybrid mismatch rules. The guidance includes detailed submission timelines and transitional provisions.

Ireland issued new VAT guidance alongside updates, including increased VAT registration thresholds and extended reduced VAT rates for gas and electricity until April 2025.

Hong Kong has waived stamp duty on transfers of REIT shares or units, enhancing competitiveness and reducing transaction costs. The waiver takes effect on 21 December 2024.

Greece introduced wide-ranging tax reforms for 2025, including reductions in social contributions, tax exemptions, incentives for R&D, and new measures for real estate and business transformations.

Nigeria's Federal Inland Revenue Service released detailed Advance Pricing Agreement guidelines effective 1 January 2025, covering eligibility, application processes, and compliance costs.

Egypt repealed VAT circulars that imposed taxes on specific export services, allowing zero-rating of these services starting 17 November 2024, with VAT collected previously still payable.

Ecuador will maintain its VAT rate at 15% throughout 2025, per a new executive decree extending the increase introduced earlier this year.

Cyprus has approved legislation implementing a 15% global minimum tax under the OECD Pillar 2 framework, effective from 2024 for large multinational and domestic groups. The QDMTT applies starting 2025.

The Australian Taxation Office has issued a taxpayer alert regarding circular financing arrangements used to claim early-stage investor tax offsets fraudulently. Promoters face penalties, highlighting the ATO's tough stance on tax avoidance.

Angola's new Gaming Law introduces enhanced regulations for gaming activities, with special tax rates ranging from 1.1% to 20% on gaming operations and 10% to 15% on prize values.

Uruguay reminds taxpayers to adopt electronic invoicing by December 31, 2024, with requirements expanding to new VAT taxpayers starting January 1, 2025.

The IRS extends the deadline to comment on the Corporate Alternative Minimum Tax regulations until January 16, 2025, ensuring robust stakeholder engagement.

Serbia raises the non-taxable salary threshold to RSD 28,423 and extends tax and social security exemptions for new employees through December 2025.

From January 1, 2025, Guernsey raises social security contribution rates and upper earnings limits, impacting employers, employees, and self-employed individuals.

France implements regulations for a 15% global minimum tax on MNEs with revenues exceeding EUR 750 million, effective from late 2023, with full application by late 2024.

Starting January 1, 2025, Costa Rica introduces updated corporate and individual income tax brackets, with corporate rates ranging from 5% to 30%, and individual rates up to 25%.

Romania sets January 2025 for mandatory B2C e-invoicing, now including simplified invoices!

Sector-specific deadlines begin April 2025, with Phase Two in October.

Retention times cut to 8 years, and small business turnover thresholds rise to EUR 100,000.

Mandatory e-invoicing is on Estonia’s radar for 2027! Interim updates in 2025 expand requirements for machine-readable invoices.

Costa Rica moves to Version 4.4 of electronic receipts by June 1, 2025. Enhanced structures for medicine sales take effect earlier, from January 2025.

A new regime with an 18% rate starts in 2026, replacing the current GST. Plus, higher withholding tax rates for consultancy services.

PNG’s 2025 budget brings VAT exemptions for household goods starting July 2025! Plus, corporate tax cuts for banks and tighter CbC reporting penalties.

A draft bill proposes VAT registration threshold changes to EUR 85,000 and cross-border VAT exemptions.

Expanded taxpayer scope, updated supply rules, and more zero-rated supplies are just the start. Plus, a VAT rate cut to 8% in early 2025.

Singapore’s IRAS updates GST rules for motor vehicle traders. Different treatment for new vs. second-hand vehicles.

Pre-filled VAT returns are coming for November 2024 tax period. Taxpayers, check the accuracy of pre-populated data before submission by December 20, 2024.

The 18th wave of e-invoicing integration is here! VAT taxpayers with revenues above SAR 2M in 2022/2023 must integrate with ZATCA’s system by August 31, 2025.

Advance PAIS tax payments on imports are no longer required, effective November 25, 2024. This aligns with the PAIS tax expiration on December 22, 2024. A welcome relief for importers!

Effective December 2, 2024, interest on Tax Reserve Certificates drops to 0.55%. Make sure to adjust your tax planning accordingly!

New amendments introduce a corporate tax rebate, extended incentives for fund managers, and a Refundable Investment Credit to boost economic activity. Big changes for businesses!

SARS updates interest rates for taxes and refunds. Effective January 1, 2025, rates drop to 11.5% for taxes owed and 7.5% for overpayments.

Changes effective January 2025 ensure fairer penalties and extended deadlines during long holidays. Clarity and fairness for taxpayers!

A 15% corporate income tax begins January 2025 for MNEs under the global minimum tax rules. FAQs updated to guide compliance.

Master File and CbC reporting thresholds aligned with EUR 750M standard, effective January 2025. Deadlines also extended to 12 months post-fiscal year.

🇨🇱 Chile Updates VAT Rules

Approved laws ensure MNEs pay at least 15% tax, effective January 2025. Transparency and fairness in action!

New limits for reduced tax rates, VAT regimes, and flat-tax apply. Check if your business qualifies for these incentives!

Nationwide rollout of e-fapiao digital invoices begins December 1, 2024. A leap forward in streamlining tax compliance.

Taxpayer group 9 now has until March 1, 2025, to switch exclusively to electronic tax documents. More time to prepare!

The Bahamas has approved its Qualified Domestic Minimum Top-Up Tax, effective 2025. It ensures in-scope MNE groups meet the global minimum tax level of 15%.

Germany's new thresholds mean more small businesses can benefit from VAT exemption. Starting 2025, turnovers below EUR 25,000 (previous year) and EUR 100,000 (current year) qualify.

Changes include higher personal tax credits, increased R&D incentives, and reduced VAT on heat pumps. Key updates for Budget 2025 compliance are here!

From January 2025, all VAT transactions must be completed via the new eMWST portal. Paper forms will no longer be accepted.

Land developers must review IRS guidance on accounting methods. Clarifications are provided for the completed contract and percentage of completion methods.

Digital services, including those by foreign providers, will be subject to a 12% VAT under new regulations. Draft rules include simplified registration for non-resident DSPs.

Despite concerns, Indonesia confirms a rise in its VAT rate to 12%, effective January 2025.

Spain's lower house greenlights the 15% global minimum tax for large MNEs. Draft bill aligns with EU guidelines for Pillar 2 implementation.

Canadians enjoy a GST/HST break on essentials like groceries and gifts from Dec 14 to Feb 15. Savings just in time for the holidays!

Sri Lanka's IRD urges taxpayers to file 2023/2024 annual returns electronically by November 30, 2024.

Vietnam's VAT rate may drop to 8% for certain goods and services in early 2025, following the ongoing reduction through 2024.

Parliament has approved bills to implement global minimum tax rules, including a 15% Domestic Minimum Tax. Awaiting royal assent for the final green light!