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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US: Senate Republicans unveil new tax and spending bill, aligns with House legislation
US Senate Republicans proposed changes to Trump's tax and spending bill, making some business tax breaks permanent while limiting state and local tax deductions. US Senate Republicans have introduced their version of President Donald Trump's
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Czech Republic considers amendments to Income Tax Act, plans R&D tax incentive boost
The amendments propose abolishing withholding tax, removing the CZK 40 million capital gains cap, and increasing R&D allowances. The Czech Republic’s Chamber of Deputies is reviewing a draft legislation on the"Act on Single Monthly Employer
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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
See MoreUS: House of Representatives approve ‘One, Big, Beautiful Bill’
The bill makes the 2017 Trump tax cuts permanent, provide tax relief for families and small businesses, and encourage investment and manufacturing in the US. The US House Ways and Means Committee passed the One, Big, Beautiful Bill (Act) by the
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Sweden: Ministry of Finance announces tax proposals for Autumn Budget 2026, includes reduced corporate tax
Sweden's Ministry of Finance announced various tax proposals for the 2026 Autumn Budget on 19 May 2025. It includes reduced corporate tax, energy tax on electricity, special income tax for non-residents, amongst others. Reduced corporate
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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
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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Australia: ATO highlights unusual deductions and 2025 compliance priorities
The Australian Taxation Office (ATO) has unveiled “wild” tax deduction attempts and its 2025 priorities on 7 May 2025. The key focus areas include common errors in work-related expenses, working from home deductions, and multiple income
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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Netherlands advances to close tax-free annuity loophole in new omnibus tax bill
The Netherlands State Secretary for Finance has submitted the 2026 Omnibus Tax Bill to Parliament for approval. The Ministry of Finance has published both the bill and its accompanying explanatory memorandum on 25 April 2025. This legislation
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Belgium unveils tax reforms, includes tighter exemptions, broader exit tax
The Belgian government has presented an overview of its tax reforms to the parliament on 24 April 2025. This follows after Belgium’s five political parties agreed on a coalition government program on 31 January 2025, outlining various tax
See MoreBelgium: 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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US: IRS revises practice unit on home office, stewardship deductions for US branches of foreign firms
The US Internal Revenue Service (IRS) has updated its international practice unit, Section 861 - Home Office and Stewardship Expenses, on 28 March 2025, focusing on the deductibility of home office and stewardship expenses by a US branch of a
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Armenia limits activities for turnover tax and micro enterprise regimes
The Armenian National Assembly announced that President Vahagn Khachaturyan has signed the Tax Code amendments on 4 April 2025. The changes impact the VAT treatment of advocacy-related services and revise the rules for deductible expenses linked
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Norway consulting debt and interest deduction limits for financial firms abroad
Norway’s Ministry of Finance has initiated a public consultation on proposed changes to the Norwegian Tax Act. These amendments limit the deductibility of debt and interest expenses for financial institutions operating abroad. The proposed
See MoreUS: IRS offers tax relief for storm affected taxpayers in Arkansas and Tennessee
The US Internal Revenue Service (IRS) has issued IR-2025-49 (Arkansas) and IR-2025-47 (Tennessee) on 14 April 2025, announcing tax relief for individuals and businesses in Arkansas and Tennessee impacted by the severe storms, tornadoes, and flooding
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Mongolia: MLI instrument goes into effect on January 2025, announces direct and indirect tax measures
Mongolia has ratified the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (MLI) on 30 September 2024, which takes effect on 1 January 2025. As of February 2025, the Organisation for Economic
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