Canada: DoF releases 2025 budget, includes corporate tax and transfer pricing measures
Canada’s Department of Finance released the details of the Budget 2025 on 4 November 2025. The main tax measures of the budget are as follows: Business Income Tax Measures Immediate Expensing for Manufacturing and Processing
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Singapore: Government presents second reading opening remarks on the Finance (Income Taxes) Bill
Singapore’s Senior Minister of State for Finance Jeffrey Siow has presented second reading opening remarks on the Finance (Income Taxes) Bill at the parliament on 6 November 2025. The Bill serves two main purposes: First, it updates the
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US: California enacts law for IRC provisions conformity, introduces R&D tax credits
California Governor Gavin Newsom signed Senate Bill 711 (SB 711) into law on 1 October 2025, bringing the state’s tax code into conformity with various Internal Revenue Code (IRC) provisions from 1 January 2015 through 1 January 2025. SB 711,
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Malta announces 2026 budget, includes tax credits for new investments and R&D
Regfollower Desk Malta's Minister for Finance presented the 2026 budget to parliament on 27 October 2025. The 2026 budget includes various tax measures for enhancing investment incentives for businesses. New investor tax credit A 60%
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Italy: Council of Ministers approves 2026 draft state budget, multi-year budget for 2026-28
Italy's 2026 draft budget introduces a new three-year tax credit for businesses in SEZs, extends plastic and sugar tax exemptions until 2026, allocates EUR 100 million for SLZs, and refinances the Nuova Sabatini incentive. Italy’s Council of
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Italy: MoF presents draft budget plan for 2026-28
Italy’s 2026 budget introduces a new three-year tax credit for businesses in SEZs, extends plastic, sugar, and tourist tax exemptions until 2026, allocates EUR 100 million for SLZs, and refinances the Nuova Sabatini incentive. Italy’s
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Netherlands: Lower house approves 2026 Omnibus Tax Bill
This 2026 Omnibus Tax Bill introduces various primarily technical, smaller-scale amendments, proposals, and corrections across multiple tax laws. The Dutch lower house of the parliament approved the 2026 Omnibus Tax Bill, and published it on its
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Sweden: Government proposes simplified business and capital taxation in 2026 budget
The proposed tax measures include business tax credits and simplified forestry and shipping rules, temporary VAT cuts and fraud controls, changes to excise taxes on alcohol and tobacco, permanent tax-free EV workplace charging, and reduced energy
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US: IRS issues USD 162 million in fines for fraudulent tax credit claims promoted on social media
The IRS warns taxpayers about rising social media scams promoting the misuse of tax credits, such as the Fuel Tax Credit and the Sick and Family Leave Credit, which have led many to file invalid returns and face denied refunds and penalties. The
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US: IRS updates reporting rules for research tax credit (Form 6765)
The updated Form 6765 now includes mandatory sections E and F for all taxpayers, while section G is optional for tax years before 2025 and mandatory starting in 2025. The US Internal Revenue Service (IRS) has introduced a revised Form 6765,
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Chile clarifies indirect foreign tax credit treatment for CFCs
Ruling No. 1500-2025 confirms that the indirect foreign tax credit applies only if a treaty or information exchange agreement exists and the CFC owns at least 10% of the subsidiary. Chile’s tax administration (SII) issued Ruling No. 1500-2025
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US: Tax rule revisions ease concerns for clean energy investors, IRS clarifies tax credit phaseout
The Trump administration’s revised subsidy rules, effective 2 September, narrowed the “under construction” definition for solar and wind projects to qualify for a 30% federal tax credit, requiring substantial physical work while maintaining a
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Brazil launches export support programme, extends incentives for small enterprises
Brazil has extended the REINTEGRA tax credit programme to micro and small exporters, allowing them to recover 0.1%–3% of export revenue in indirect taxes, with a 3% credit rate set for 2025–2026 and a review planned for 2027. Brazil’s
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Korea (Rep.) unveils 2025 tax revision bill, enhances R&D credits
The 2025 tax reform bill aims to bolster strategic industries and welfare by introducing targeted tax credits for R&D, AI, and K-content, while streamlining corporate and capital gains taxes. South Korea’s Ministry of Economy and Finance
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US: IRS updates 2025 inflation adjustment and reference price for renewable energy credit
The IRS set the inflation adjustment factor for the Renewable Electricity Production Credit (REPC) at 1.9971 and the reference price for wind-generated electricity at USD 0.031 per kilowatt hour for the 2025 tax year. The US Internal Revenue
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US: Trump ends clean energy tax credits for wind, solar facilities
Federal agencies must report their actions to the White House within 45 days. US President Donald Trump signed an executive order directing the Interior Department to review and adjust policies that currently favour renewable energy over other
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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 to end electric vehicle tax credits on 30 September
The newly passed legislation will terminate the USD 7,500 tax credits for new EVs and USD 4,000 credits for used EVs by 30 September 2025. The US Congress approved the ‘One Big Beautiful Bill’ on 3 July 2024, which ends the USD $7,500 tax
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