Kenya: KRA imposes new cap on carryforward of prior losses
The ruling limits loss carryforwards, applying to losses from 1 July 2025 onward and retrospectively disallowing deductions for losses before the 2020 income year. The Kenya Revenue Authority (KRA) issued a private ruling on 1 September 2025
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New Zealand: IR consults PPP loss carry-forward rules
The consultation is set to conclude on 19 September 2025. New Zealand’s Inland Revenue (IR) has initiated a public consultation on the draft Income tax – Public private partnership projects and business continuity test for losses PUB00521 on
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Argentina extends payment scheme for tax debts from miscalculated losses
The updated plan introduces fines in the payment plan, reduces the initial advance payment to 2% of the total tax debt, and extends the application deadline to 31 October 2025. Argentina’s tax authority (ARCA) has renewed the payment plan
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Italy implements emergency tax revisions on CFC, hybrid mismatch penalty rules
Urgent tax measures include revising the domestic CFC rules, tax loss carry-forward provisions, and the penalty protection regime for hybrid mismatch assessments. Italy’s parliament converted Law Decree No. 84 of 17 June 2025 into law with
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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
See MoreKenya 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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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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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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Italy amends CFC rules, tax loss carry-forward provisions
The adopted tax measures include updates to controlled foreign company (CFC) rules and tax loss carry-forward provisions. Italy has published Decree No. 84 of 17 June 2025 in Official Gazette No. 138 on 17 June 2025, introducing changes to the
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Tanzania presents 2025-26 budget, introduces withholding tax and higher AMT
The budget speech highlighted key fiscal changes, which included a new withholding tax, higher alternative minimum tax, and VAT adjustments. Tanzania's Minister of Finance, Mwigulu Nchemba, has presented the 2025-26 Budget Speech to parliament on
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Singapore: IRAS updates e-tax guide on foreign asset disposal gains
IRAS revises tax rules for foreign asset sales—gains may be taxable if transactions lack economic substance in Singapore, effective 1 January 2024. The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide Income Tax:
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Argentina offers payment plan for tax debts from miscalculated losses
Argentina’s tax authority (ARCA) has announced a payment plan under General Resolution 5684/2025 for tax debts from incorrectly calculated losses on 30 April 2025. In Argentina, tax losses can be carried forward for up to five years. ARCA
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Belgium: Government presents tax reform plan to parliament, includes VAT measures
The Belgian Chamber of Representatives has released a policy note on 24 April 2025 detailing its tax reform plans for the upcoming year. The key measures of the tax reform plan include: Dividends received deduction rules Enhancing the
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Greece enacts crypto tax, debt settlement reforms
The Greece's Ministry of Finance enacted Law (A 56/2025) introducing various tax and financial measures on 11 April 2025. These include rules on carried-forward losses in mergers, taxation of crypto assets, out-of-court debt settlement procedures,
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France gazettes Finance Law 2025
France’s Finance Law 2025 has been published in the Official Gazette, introducing key measures, such as temporary taxes on high-income individuals and large corporations, revisions to the Pillar Two global minimum tax rules, and a new tax on share
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Slovak Republic: Parliament considers corporate tax rate cuts, extension of loss carryforward period
The Slovak Parliament is reviewing proposed bills to lower corporate tax rates and extension of the loss carryforward limit in the country. One of the draft bills advocate reducing the corporate tax rate to 16% from the standard rate of 21% and
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Italy revises loss carryforward rules after control change
Italy has published Legislative Decree No. 192/2024 in the Official Gazette on 13 December 2024, introducing a key amendment in which the regulations on loss limitations have been updated following a reorganisation that leads to a change in
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Denmark outlines tax measures for 2025
The Danish Official Gazette published Law No. 1691 on 30 December 2024, introducing several amendments to tax laws, including changes to the Corporation Tax Act, the Share Savings Account Act, the Share Profits Taxation Act, and the Personal Income
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