Malawi lowers tax for select non-resident companies
The Malawi government has abolished the 5% repatriation tax for non-resident companies, increased withholding tax on gambling winnings to 10%, and exempted bread from the 16.5% VAT. Malawi has implemented new tax laws through the Taxation
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Netherlands enacts Box 3 income rebuttal scheme
The Box 3 Rebuttal Rule Act allows taxpayers to use their actual return instead of the deemed rate, potentially reducing taxable income when the actual return is lower. The Netherlands enacted the Box 3 Rebuttal Rule Act on 18 July 2025,
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Italy gazettes Decree regulating exemption from loss carry-forward restrictions for intra-group restructurings
Italy has implemented an exemption from tax loss carry-forward restrictions for intra-group restructurings under Article 177-ter of the Income Tax Code, effective from 31 December 2024. Italy’s Ministry of Economy and Finance has published the
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Malaysia issues updated guidance on taxation of Malaysian ships
The Public Ruling updates the tax treatment and shipping income exemptions for qualifying Malaysian residents, replacing the 2012 edition. RegFollower Desk The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling No. 1/2025 on 15
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India: CBDT launches nationwide drive to crack down on false income tax deduction and exemption claims
The income tax department has begun a large-scale verification to detect and act against fraudulent claims of deductions and exemptions in income tax returns. India’s Central Board of Direct Taxes (CBDT) initiated a nationwide verification
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Costa Rica sets new rules for tobacco tax calculation
The regulations mandate procedures for calculating taxes on tobacco products to fund social welfare and ensure prior reporting of price and import data. Costa Rica’s tax administration (DGT) has published Resolution No. MH-DGT-RES-0008-2025 in
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Turkey issues updated 2025 tax guide on passenger vehicles
The guidance updates the tax rules for business-use passenger vehicles and sets limits on deductible expenses and depreciation for the 2025 fiscal year. Turkey’s Revenue Administration has published an updated guide on the tax treatment of
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Kenya repeals digital assets tax, expands economic presence tax under Finance Act 2025
The Finance Act 2025 introduces a 10% excise duty on virtual asset transaction fees, expanded SEP tax, a 5-year loss carry forward limit, AMT, and new APA guidelines. Kenya’s President William Ruto signed the Finance Act 2025 into law on 26
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Belgium: Government submits tax reform proposals to parliament, includes investment gains tax, participation exemption
Key proposals include a 5% capital gains tax, a participation exemption for group contributions, revised deductions, and revised statute of limitations rules. Belgium’s Chamber of Deputies is reviewing a draft law submitted on 3 July 2025 to
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Tanzania enacts 2025-26 budget measures, includes new transfer pricing penalty
The measures will apply from 1 July 2025, unless otherwise specified. Tanzania's Finance Act 2025 was enacted on 30 June 2025, implementing tax measures from the 2025-26 Budget Speech with some adjustments to the initially announced
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Malaysia allows tax deduction for ESG expenditure
The ESG deduction is capped at MYR 50,000 annually and applies from the year of assessment 2024 through to 2027. Malaysia introduced the Income Tax (Deduction for Expenditure in Relation to Environmental Preservation, Social and Governance) Rules
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Japan issues guidance o interest-equivalent payments under J-ESR
Japan’s FSA issued guidance clarifying tax rules for interest-equivalent payments under the Earnings Stripping Regime, aligning with OECD BEPS Action 4. Japan’s Financial Services Agency (FSA) released guidance on 24 June 2025 clarifying the
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US: Connecticut enacts 2026–27 budget with corporate tax changes, digital media incentive expansion
The H.B. 7287 and H.B. 7166 establish the 2026-2027 state budget and expand the tax credits for digital media and film infrastructure. Connecticut Governor Ned Lamont (D) signed H.B. 7287 and H.B. 7166, which set the 2026-2027 state budget and
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US: Trump signs ‘One Big Beautiful Bill’ into law
Trump signed the “One Big Beautiful Bill” into law on 4 July 2025, which makes his 2017 tax cuts permanent and introduces new tax breaks promised during his 2024 campaign. US President Donald Trump signed a major tax and spending bill dubbed
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Finland: MoF consults on OECD-based PE profit attribution
The deadline to submit comments is 30 June 2025. Finland’s Ministry of Finance has opened a public consultation to amend three key tax laws: the Income Tax Act, the Act on Taxation of Business Income, and the Act on the Elimination of
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Lithuania: Parliament approves loss carryforward clarification as part of tax reform package
Lithuania’s parliament has approved changes to loss carryforward rules, capping annual use at 70% of taxable income from 2026, with exceptions for certain low-rate taxpayers, as part of a broader tax reform to support the Defence Fund. The
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US: California enacts single-factor apportionment for financial institutions
SB 132 mandates that financial institutions use a single sales factor formula for apportioning business income for California franchise/income tax purposes starting 1 January 2025. California Governor Gavin Newsom signed SB 132 on 27 June 2025, a
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Finland: President approves extension of residency exemption for UCITS and AIF funds
The law extends the corporate residency exception for certain investment funds until 31 December 2026. Finland’s President ratified a law on 27 June 2025 extending the exception to corporate residency rules for certain investment funds until 31
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