Author: News Desk

New Energy Risk (NER), a specialist managing general underwriter under Paragon Insurance Group, has completed its first tax credit insurance transaction, signaling the company’s expansion into one of the fastest-growing intersections of tax and clean energy finance. The policy, placed in partnership with Alliant Insurance Services, underwrites a utility-scale solar project in Texas that will power a large data center. The transaction highlights the rising role of renewable energy projects in meeting the surging electricity demands of the U.S. digital economy, while simultaneously aligning with corporate sustainability mandates. Tax credit insurance has emerged as a critical instrument since the Inflation…

The United Arab Emirates has taken a decisive step toward embedding itself in the global tax transparency architecture by signing the Multilateral Competent Authority Agreement under the OECD’s Crypto-Asset Reporting Framework (CARF). This move underscores the country’s ambition to position itself as a trusted financial hub while aligning with international standards on digital asset taxation. Under the new framework, the UAE will begin automatic exchange of crypto-asset tax data in 2028, with implementation scheduled for 2027. The CARF is designed to close regulatory gaps by requiring jurisdictions to share information on transactions and holdings in crypto-assets, much as the Common…

Switzerland’s Federal Council has unveiled plans to subject electric vehicles (EVs) to taxation starting in 2030, in a move designed to offset declining revenues from traditional fuel taxes. The proposal, now out for consultation until January 2026, comes as policymakers grapple with a structural challenge facing road finance in the era of decarbonisation. The Fiscal Logic Behind the Move Unlike many jurisdictions where fuel duty forms part of a broader tax mix, Switzerland’s roads are funded almost entirely on a user-pays basis. The mineral-oil tax on petrol and diesel has been the backbone of the National Road and Agglomeration Transport…

The Internal Revenue Service (IRS) has officially approved the use of cryptocurrency for payroll, signaling a significant shift in how U.S. employers can compensate workers. Under the new guidance, wages paid in digital assets are treated as taxable income, requiring standard withholding for federal income tax, Social Security, and Medicare. Employers must also report payments at fair market value on the payment date, converting crypto into U.S. dollars to ensure compliance. “The IRS framework integrates cryptocurrency into payroll while maintaining rigorous tax compliance,” the agency noted, emphasizing the importance of accurate valuation to avoid penalties. Navigating Form 1099-DA From 2025,…

Independent “teapot” refiners in China are bracing for a fresh hit to profits following new government rules aimed at curbing untaxed refined oil, analysts say. The sector, already grappling with sluggish fuel demand and overcapacity, is expected to face heightened financial pressure. Under the revised regulations, refiners must now pay consumption taxes both on imported feedstock and on the refined products they produce. Historically, evasion has been widespread: research cited by state oil giant Sinopec and consultancy GL Consulting estimates that 30–40% of gasoline and diesel is sold without taxes. Digital Reporting Replaces Paper Ledgers The Ministry of Commerce has…

Singapore’s tax take surged to $88.9 billion in the financial year ending March 2025, marking a 10.7% increase from the previous year, according to the Inland Revenue Authority of Singapore (IRAS). The growth reflects robust economic activity, rising corporate profits, and stronger consumer spending. The collections accounted for 76.9% of government operating revenue and represented 12.2% of GDP, underscoring the central role of taxation in financing Singapore’s social programmes and infrastructure investments. “Taxes are a critical enabler for public services and economic growth,” IRAS said, highlighting the funds’ role in supporting social schemes, infrastructure, and business incentives. Corporate Tax Still…

Spain is set to implement a sweeping update to its customs procedures with the entry into force of the new Customs Code Regulation on October 1, 2025. The government has finalized the regulation, completing the legal framework to modernize import and export operations across the country. Aligned with two EU delegated regulations, the new framework ensures that Spanish customs practices meet European standards while introducing digital tools to simplify trade. Authorities have already tested and implemented the necessary technological changes with operators to guarantee a smooth transition. The regulation is structured around eight key sections, covering customs duties, guarantees, the…

The Hungarian National Tax and Customs Administration (NAV) has officially activated the single-window data exchange for ozone-depleting substances (ODS) exports through the eVÁM AES system, starting September 3, 2025. This move aligns with the European Union’s requirement to link certain non-customs systems to the EU Single Window Certification Exchange System (EU CSW-CERTEX) and national single-window customs environments. From now on, all export declarations for ODS products will undergo automatic verification in the EU systems, including checks for permits and supporting documentation. Accurate completion of the export declaration in eVÁM AES is critical, as errors may result in rejection. Key data…

The long-standing double taxation agreement between the United Kingdom and Vietnam, originally signed on 15 December 1994, has officially been updated through the Multilateral Instrument (MLI). For context, the original treaty took effect in Vietnam on 1 January 1995 for withholding taxes paid after 1 January 1994, and in the UK starting 1 April 1995 for Corporation Tax and 6 April 1995 for Income Tax and Capital Gains Tax. Now, the modifications introduced by the MLI have new effective dates: These changes aim to streamline tax processes and prevent double taxation for businesses and individuals operating across the two countries,…

Qatar’s General Tax Authority (GTA) has extended its flagship tax penalty exemption initiative until December 31, 2025, giving businesses and individuals more time to regularize their tax status without incurring financial penalties. The scheme, which offers a 100% waiver on penalties for late registration, filing, or payments, has already delivered significant results. More than 7,000 taxpayers have benefitted, with financial penalties worth over QAR 1.6 billion written off. In addition, the program prompted the filing of 56,000 tax returns, including overdue submissions covering periods from 2014 to 2024, the authority said. The GTA described the initiative as a cornerstone of…