EY Global

EFRAG publishes Exposure Drafts of simplified ESRS

On 31 July, EFRAG published Exposure Drafts of a simplified set of the 12 ESRS Standards adopted by the European Commission (EC).

US imposes additional tariffs on India for buying oil from Russia

The United States has imposed an additional 25% ad valorem duty on specific imports from India, effective August 27, 2025, raising the total tariff rate to 50%.

Korea announces 2025 tax reform proposals

Korea's 2025 tax reform proposals were announced on July 31, 2025, with expectations for deliberation and passage by the National Assembly within the year.

Libya cancels Jihad Tax, in place since 1970

On July 14, 2025, the Libyan Minister of Finance officially canceled the Jihad Tax following a court ruling that deemed it unconstitutional.

EUCJ rules regional taxation of dividends infringes on EU law

The EUCJ ruled that Italy's IRAP on 50% of dividends from EU subsidiaries conflicts with the Parent-Subsidiary Directive, as 5% are already taxed under IRES.

Luxembourg carried interest proposal would make significant changes

The Luxembourg government presented a draft law to Parliament to reform the carried interest regime, effective from the 2026 tax year if enacted.

Tanzanian Finance Act, 2025 analysis

The Finance Act, 2025, effective July 1, 2025, aims to boost economic growth in key sectors like manufacturing, agriculture, and energy.

US imposes tariffs on copper products

On June 30, 2025, President Trump announced a Proclamation imposing 50% tariffs on semi-finished copper products and derivatives, effective August 1, 2025.

US suspends duty-free de minimis treatment for low-value shipments

President Trump signed an Executive Order suspending duty-free de minimis treatment for shipments valued at $800 or less, effective August 29, 2025.

Japan National Tax Agency releases guidance on Amount B

Japan's National Tax Agency issued guidance on the OECD's Pillar One Amount B to simplify arm's-length pricing for domestic marketing and distribution.

Visa-free policy for Colombia, Dominica, Mozambique, and São Tomé

On 23 July 2025, Ghana introduced a visa-free policy for nationals of Colombia, Dominica, Mozambique and São Tomé and Príncipe.

Ghana presents mid-year fiscal policy review of 2025 Budget Statement and Economic Policy

Ghana’s Finance Minister presented the Mid-Year Fiscal Policy Review of the 2025 Budget to Parliament, as required by the Constitution. Learn more.

Ghana presents mid-year fiscal policy review of 2025 Budget Statement and Economic Policy

Law no. 141, published 25 July 2025, introduces fiscal and budgetary changes, amending current laws and adding new related provisions. Learn more.

Good Group ESRS Brewery (International) Limited

This is an illustrative ESRS sustainability statement for Good Group ESRS Brewery (International) Limited. Learn more

Romania adopts changes to transfer pricing legal framework

Romania updates transfer pricing rules from July 2025: extends APA with up to 5-year roll-back and improves MAP efficiency, both for ongoing cases. Learn more.

Upcoming change in requirements for non-EEA/Swiss/UK circus artists

Effective 1 November 2025, non-EEA/UK circus artists seeking to work in Ireland will need Irish employment permits and residence permissions.

EU adopts Quick Fix to extend ESRS phase-in reliefs in 2025–2026

Wave 1 undertakings gain flexibility on sustainability disclosures. Learn more.

Worldwide Transfer Pricing Reference Guide

Transfer pricing rules and regulations around the world continue to grow in number and complexity. Practitioners need to have current knowledge of a complex web of country tax laws, regulations, rulings, methods and requirements.

Turkiye increases Special Consumption Tax rates for electrical vehicles

Two changes in the 24 July 2025 Official Gazette will raise the Special Consumption Tax (SCT) on motor vehicles. Learn more.

Chile issues regulations for simplified VAT registration for digital platforms

Chile’s Tax Authority issued Resolution 84, setting the process for non-resident entities to register under the simplified VAT regime. Learn more.