Global updates – a quick glance
Australia:
- The government has announced the maximum superannuation guarantee contributions base and rate for the 2025–26 income year, effective from 1 July 2025.
- The Federal Budget 2025 introduces amendments to personal income tax rates for 2026–27 and 2027–28 and updates to Medicare levy thresholds.
Bulgaria:
- The 2025 State Budget introduces changes to minimum and maximum insurance bases and a lower VAT registration threshold.
- A phased implementation of the Standard Audit File for Tax (SAF-T) will commence from 2026.
Canada:
- Quebec’s 2025 budget includes revised individual income tax thresholds, enhanced tax credits for e-business development, and a new R&D-focused tax credit system.
Chile:
- Major pension reforms enacted, including a gradual increase in employer contributions through to 2035.
China:
- New Personal Information Protection Compliance Audit Measures come into effect on 1 May 2025, mandating audits for entities processing data of over 10 million individuals.
Costa Rica:
- Deadline for mandatory e-invoicing extended to 1 September 2025.
Denmark:
- Amendments to the Danish Companies Act are effective from 1 January 2025.
European Union:
- The European Council formally adopts the VAT in the Digital Age (ViDA) package. Implementation will span from 2025 to 2035, structured across three key pillars.
France:
- Finance Bill 2025 includes:
- CVAE now scheduled for full elimination by 2030.
- Gradual reduction in CET rates.
- Personal income tax brackets adjusted for inflation.
- Introduction of a 20% minimum tax for high-income earners (over €250,000 per individual/€500,000 per couple) in 2025.
Germany:
- Intrastat reporting thresholds for arrivals and dispatches increased as of 1 January 2025.
Greece:
- The cap on monthly social security contribution bases raised to €7,572.62 effective from 1 January 2025.
Hong Kong:
- Budget 2025–26 introduces:
- 100% tax relief on profits and salaries tax (capped at HKD 1,500),
- Property rate concessions,
- A new Global Minimum Tax bill.
- The Inland Revenue Department extends 2024/25 profit tax return deadlines.
- Compensation for work injuries and related cases increased by 3.8% to 86.3%, effective 17 April 2025.
Honduras:
- Individual income tax rates for 2025 published.
Hungary:
- Expanded tax exemptions for mothers, commencing 1 October 2025, to be rolled out in phases.
India:
- Finance Act 2025 introduces:
- Revised tax slabs under the default regime for FY 2025–26,
- Enhanced rebate threshold from INR 700,000 to INR 1,200,000,
- Extension of start-up tax benefits through to April 2030.
- Draft Digital Personal Data Protection Rules, 2025 released to support implementation of the DPDP Act.
- A new Income Tax Bill, 2025 is proposed to replace the existing 1961 Act from 2026.
Indonesia:
- Global Minimum Tax comes into force from 1 January 2025.
- New corporate beneficial ownership regulations effective from 4 February 2025.
Japan:
- 2025 tax reform introduces:
- A 4% defense-related corporate tax surcharge from 2026,
- Increase in SME corporate tax rate (for income up to JPY 8 million) from 15% to 17% if total income exceeds JPY 1 billion.
Lithuania:
- Adopts EU VAT Scheme for small businesses.
- Amends Labour Code with new rules on overtime, public holiday pay, and workplace safety, effective 1 January 2025.
Malaysia:
- New qualifying thresholds for audit exemption for private companies introduced.
Mexico:
- Federal Data Protection Law enacted, effective from 21 March 2025.
Poland:
- Introduces supplementary maternity leave for parents of premature or hospitalized newborns, effective 19 March 2025.
Serbia:
- Increased contribution bases for social security, effective 2025.
- Law on the Central Register of Beneficial Owners enacted on 14 March 2025.
Singapore:
- Budget 2025 extends corporate support through:
- Corporate Income Tax Rebate,
- New R&D tax deductions,
- Extensions of DTDi and M&A schemes.
South Africa:
- Global Minimum Tax effective retroactively from 1 January 2024.
- Companies Act amended (from 27 December 2024) to tighten governance rules.
- Proposed two-stage VAT increase pending parliamentary approval.
- BCEA earnings threshold increased to ZAR 261,748.45 as of 1 April 2025.
South Korea:
- Amendments to the Personal Information Protection Act will require foreign entities operating in Korea to designate a local representative, effective 2 October 2025.
Turkey:
- VAT refund threshold increased from TRY 2,000 to TRY 10,000 for claims on or after 1 April 2025.
- Social security contribution bases adjusted to TRY 26,005.50 (minimum) and TRY 195,041.40 (maximum), effective 1 January 2025.
United Kingdom:
- Joint filing of company accounts and tax returns via HMRC online services to be discontinued from 31 March 2026.
- Implementation of Autumn Statement measures, including:
- Higher employer NIC contributions,
- A transition to a new residence-based taxation regime, replacing the non-dom remittance system.