Sweden revises tax deduction regulations for green energy installations
Sweden has amended tax reduction rules for green technology installations, effective 1 July 2025. Sweden’s government has published Law No. SFS 2025:541 in the Official Gazette on 28 May 2025. This legislation amends the tax reduction
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Singapore: IRAS issues advance ruling on tax treatment of agreement novation
IRAS rules that novation of agreements in group restructuring is a capital, non-taxable transaction. The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling No. 6/2025 on 2 May 2025, explaining the tax treatment of transferring
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Ireland updates general corporate tax guidance
New guidance modifies startup relief (Section 486C TCA) and introduces foreign dividend exemptions (Section 831B TCA), with PRSI-linked caps and EUR 40K-60K thresholds. The Irish Revenue has released eBrief No. 102/25 on 16 May 2025, announcing
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Poland: Council of Ministers approve deregulatory corporate tax amendments
The bill takes effect on 1 January 2026. Poland’s Council of Ministers have passed a bill which amends the CIT Act to ease reporting on general partnership partners, introduces tax group benefits, and simplifies tax refund rules when support
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US: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
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Australia: ATO revises functional currency guidelines
The ATO updated its Guide to Functional Currency Rules on 22 May 2025, detailing the rules, eligibility, and tax reporting impacts. The Australian Taxation Office (ATO) updated its Guide to functional currency rules on 22 May 2025, covering the
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Kazakhstan introduces new excise tax calculations for fuel
Kazakhstan has introduced a new method for calculating excise taxes on gasoline and diesel, effective from 11 May 2025. It applies when the price of fuel exceeds specified thresholds, aiming to better reflect market conditions. For gasoline
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Netherlands: Government submits Box 3 tax reform bill to House of Representatives
The Netherlands Ministry of Finance has published a letter to the House of Representatives regarding the submission of a draft bill to reform Box 3 income taxation, which includes income from savings and investments, on 16 May 2025. The reform
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US: Alabama opts out of federal R&D tax deduction rules, reduces grocery sales tax
Alabama Governor Kay Ivey signed the bill (HB 163) on 14 May 2025, which decoupled Alabama from the federal Tax Cuts and Jobs Act (TCJA) treatment of research and experimental (R&E) expenditures. On the same day, the governor also signed a bill
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Taiwan: Ministry of Finance makes available interest-free extension, installment plan for business affected by US tariffs
In response to the impact of the US “Reciprocal Tariffs” policy on various industries, the National Taxation Bureau of Kaohsiung states that taxpayers who are unable to pay the full amount of tax in a single payment during the income tax return
See MoreTaiwan: MOF clarifies that businesses with minor tax overdue can still offset profits and losses
Taiwan’s Ministry of Finance (MOF) announced that profit-seeking businesses with minor outstanding tax payments may still request to offset profits and losses. This clarification was made by the Ministry on 6 May 2025. The National Taxation
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Peru: SUNAT revises digital services definition, excludes human-driven support from withholding tax rules
Peru’s tax authority (SUNAT) updated its guidance on digital services in Report No.46-2025 issued on 29 April 2025. The updated report was made publicly available on 8 May 2025. It reversed its earlier 2024 position that classified online
See MoreUS: House Ways and Means Committee releases tax provision summary for budget reconciliation, amends earlier recommendations
The US House Ways and Means Committee released a Description of Tax Provisions related to budget reconciliation recommendations, including proposals to extend key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and other reforms on 12 May
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Bangladesh to raise mandatory minimum corporate turnover tax
The Bangladeshi government is preparing to raise the minimum tax on company turnover from 0.6% to 1% in the upcoming budget. The minimum rate may also rise from 0.25% to 1% for individual taxpayers. These changes are reportedly driven by pressure
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Ireland issues guidance on new corporate tax exemption for foreign distributions
The Irish Revenue Commissioners published Revenue eBrief No. 095/25 on 6 May 2025, which provides guidance on the corporate tax participation exemption for distributions received from foreign subsidiaries. This exemption applies from 1 January
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Poland: Council of Ministers adopts deregulation legislations
Poland's Ministry of Finance announced on 6 May 2025 that the Council of Ministers has adopted a number of draft laws that are part of the deregulation process. Draft corporate tax amendment act The proposal suggests removing the requirement
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UK expands list of tax-exempt government bonds
The UK Treasury published Order SI 2025/553 on 6 May 2025, adding more government bonds, also called "gilt-edged securities", to the list of investments exempt from capital gains tax and corporate tax. In the UK, government bonds are referred to
See MoreAustralia: ATO publishes guidance on eligibility of instant asset write-off
The Australian Taxation Office (ATO) released guidance, on 5 May 2025, about business eligibility for the AUD 20,000 instant asset write-off for 2024-2025. Businesses with a turnover under AUD 10 million using simplified depreciation rules may
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