- Barbados: As from income year 2025, most companies must make monthly prepayments of corporation tax (companies with gross income of BDS 2 million or less are exempt), with penalties applying for noncompliance.
- Bermuda: A public consultation announced on 31 January 2025 requests feedback on proposed civil and criminal penalties under the corporate income tax regime (for prior coverage, see the item in the Bytes column of the August 2024 Corporate Tax News). A consultation paper sets out the proposed measures. Comments must be submitted by 21 February.
- Canada: After months of discussion about the changes to the capital gains inclusion rate from one-half to two-thirds, the Department of Finance issued a news release on 31 January to indicate that the date of implementation of such changes would be deferred from 25 June 2024 to 1 January 2026.
- Colombia: The tax authorities have clarified the rules governing the significant economic presence (SEP) regime that applies to nonresident companies that electronically sell goods and services to users in Colombia (for prior coverage, see the article in the February 2023 issue of Corporate Tax News). A ruling issued on 17 October 2024 addresses various compliance issues, such as requiring taxpayers to report income generated during the full calendar year in which the taxpayer registered for SEP purposes, requiring taxpayers that elect not to be subject to withholding tax to make bimonthly payments on gross income as from the SEP registrations date, the consequences of becoming subject to withholding tax, etc. A regulation released on 24 January 2025 includes the form taxpayers with an SEP in Colombia must file.
- Egypt: The tax authorities announced on 30 November 2024 that services provided by branches, legal representatives and commercial agents of foreign companies operating in Egypt to their head offices abroad will be considered exporting services subject to a 0% tax rate.
- Kazakhstan: As from 1 January 2025, taxpayers may take an additional 50% deduction for expenses arising from research, scientific, technical and/or development works in connection with the creation of industrial property and the acquisition of exclusive intellectual property rights provided the efforts are conducted and/or used in Kazakhstan. The taxpayer also must have a notification from the authorised scientific body to claim the deduction.
- Kenya: The Tax Laws (Amendment) Act 2024, which became effective on 27 December 2024, introduces a significant economic presence (SEP) tax to replace the digital services tax. The SEP applies at a rate of 30% on the taxable profits of nonresidents whose income from the provision of services is derived from, or accrued in, Kenya through a business carried on through a digital marketplace. Taxable profits for these purposes are deemed to be 10% of the gross turnover from taxable services. Various exemptions from the SEP are available.
- United Kingdom: In a policy paper published on 11 February 2025, the government announced it is setting up an international carbon border adjustment mechanism (CBAM) group to obtain feedback and insights on the UK’s CBAM that will apply as from 2027.