Author: News Desk

On June 6, 2025, the Belgian government submitted a new legislative program to Parliament that includes significant changes to the reduced VAT rate applicable to demolition and reconstruction of housing. These amendments, set to take effect on July 1, 2025, aim to clarify and expand the conditions under which the 6% reduced VAT rate can be applied. Key Changes:The reduced 6% VAT rate will apply to the delivery of newly built housing after demolition and reconstruction by either a legal entity or individual seller under the following conditions: Additionally, the assessment criteria for “single residence” and the concept of “preventing…

Indonesia’s diverse and evolving tax regime presents both opportunities and challenges for international businesses, investors, and tax professionals. Covering corporate income tax, individual tax residency, withholding taxes, VAT, luxury goods sales tax, and customs duties, Indonesia’s tax landscape reflects its ambitions for economic growth, social equity, and regional competitiveness. Corporate Income Tax Incentives Foster Investment GrowthThe standard corporate income tax rate is 25%. However, public companies listed on the Indonesia Stock Exchange (IDX) with at least 40% public ownership enjoy a reduced rate of 20%, incentivizing equity market development. Small and medium enterprises (SMEs) with turnovers under IDR 50 billion…

President Donald Trump arrives at the G7 summit in the Canadian Rockies amid mounting global tensions and a looming tariff deadline. With international trade agreements hanging in the balance and a volatile Middle East crisis escalating, the summit underscores the fragile state of global economic diplomacy under Trump’s second term. Trade Negotiations Face Stiff Challenges Trump’s administration had initially promised swift trade deals with key allies following last month’s U.K. agreement. Yet, efforts to finalize pacts with Japan and others remain elusive. Sources close to the White House reveal tempered expectations, emphasizing that the complexities of modern trade negotiations resist…

Low- and moderate-income Canadians are set to receive their next GST/HST credit payments next week, offering vital financial support amid ongoing economic uncertainties. Administered by the Canada Revenue Agency (CRA), this program provides quarterly tax-free payments to ease the impact of harmonized sales taxes for eligible residents. What Is the GST/HST Credit? The GST/HST credit is a non-taxable, income-tested benefit designed to offset the cost of the Goods and Services Tax and Harmonized Sales Tax for Canadians with modest incomes. Payments are issued quarterly, with the next disbursement scheduled for July 5, 2025. Who Is Eligible? Eligibility is automatically determined…

Brazil has officially ended its tax exemption on small-scale cryptocurrency gains, implementing a flat 17.5% tax rate on all capital gains from digital assets regardless of transaction size. This sweeping change, introduced under Provisional Measure 1303, marks a significant shift in the nation’s approach to taxing the booming crypto market and aims to bolster government revenues amid increasing financial market oversight. Key Changes in Brazil’s Crypto Tax Landscape Previously, Brazilian residents enjoyed an exemption on crypto sales of up to 35,000 BRL (approximately USD 6,300) per month. Gains beyond this threshold were taxed progressively between 15% and 22.5%, with the…

South Korea is taking decisive steps to overhaul its tax framework on dividends as part of President Lee Jae-myung’s ambitious plan to invigorate the domestic stock market. The proposed reforms aim to enhance shareholder returns and tackle the persistent “Korea Discount” — the undervaluation of South Korean firms compared to global peers. During a visit to the Korea Exchange on June 11, President Lee emphasized the importance of encouraging dividend payouts through potential tax reductions, provided such measures do not severely impact public finances. “If it does not greatly hurt public finances, it will be better to lower (taxes) for…

In a significant legislative development, Vietnam’s 15th National Assembly approved revised regulations to both the Corporate Income Tax Law and the Excise Tax Law during its ongoing 9th session. These amendments mark a crucial step in Vietnam’s ongoing tax reform agenda, aiming to modernize tax administration, improve compliance, and enhance the investment climate amid increasing global economic integration. Key Highlights of the Tax Amendments Strategic Implications for Multinational Corporations (MNCs) Vietnam continues to position itself as an attractive destination for foreign direct investment, especially in manufacturing and export sectors. The updated tax framework is designed to balance revenue generation with…

Florida’s House and Senate have reached agreement on a comprehensive tax relief package aimed at benefiting both consumers and businesses, as part of the 2025-26 fiscal year budget process. The proposed plan, expected to reduce state and local government revenues by approximately $1.3 billion, introduces a range of tax cuts including a permanent annual sales tax holiday for back-to-school items, commercial lease tax eliminations, and exemptions for hurricane preparedness supplies. Key Components of the Tax Package Implications for Businesses and Consumers This tax package strategically balances direct consumer relief with business incentives, supporting Florida’s economic growth and resilience. Eliminating commercial…

Colombia’s government has officially activated a fiscal “escape clause” to suspend statutory borrowing limits, responding to a projected fiscal deficit reaching 7.1% of GDP — the largest since the COVID-19 pandemic. This decisive move, announced by Finance Minister German Avila, underscores the country’s pressing need to recalibrate its fiscal policy to maintain macroeconomic stability amid growing revenue shortfalls and inflexible public spending. Key Fiscal Developments Economic Outlook and Monetary Policy Minister Avila expressed optimism that the central bank could accelerate interest rate cuts to stimulate economic growth, projecting GDP expansion of 2.7% in 2025 and 3% in 2026. Inflation is…

The Canadian Venture Capital & Private Equity Association (CVCA), alongside five major business groups, has called on Prime Minister Mark Carney to pause the collection of Canada’s Digital Services Tax (DST) ahead of the June 30 deadline. The call follows growing concerns that the United States plans retaliatory tax increases on Canadian investors in response to the DST, which targets large digital businesses generating over $20 million in revenue. What is the Digital Services Tax? The DST imposes a 3% tax on certain digital transactions including online marketplace sales, advertising, social media, and user data sales. Introduced last year, it…