Japan: Tax authorities publish updated corporate tax guide for 2025
Japan’s tax authorities released a detailed guide to corporate tax law and filing procedures on 1 October 2025. The guide explains how to calculate taxable income and outlines different types of taxpayers, including ordinary and public interest
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Cyprus: Council of Ministers approves tax reforms, includes high corporate tax
The Cyprus Council of Ministers has approved the tax reform plan after the Cyprus Tax Reform Team presented its tax proposals to key stakeholders at the Presidential Palace on 26 February 2025. The main tax measures are: Corporate tax
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Brazil mandates disclosure of ultimate beneficial owners of investment funds, companies
Brazil’s Federal Revenue Service published an update to the rule on 31 October 2025, which deals with the identification of the ultimate beneficiaries of investment funds, companies, and legal arrangements operating in the country. This measure
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Ireland: Revenue updates guidance on treatment of business entertainment expense
Irish Revenue issued eBrief No. 197/25 updating its tax and duty manuals on entertainment expenses. TDM Part 05-03-02 has been renamed “Business Entertainment Expenses Incurred by Directors and Employees” and now includes content from the
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UK: HMRC updates SME R&D tax relief guidance
UK’s HM Revenue & Customs (HMRC) has updated its guidance on Research and Development (R&D) tax relief for small and medium-sized enterprises (SMEs). Updates on 13 October 2025 clarified how companies can meet the R&D intensity
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South Africa: SARS revises timeline for GloBE registration, notification
The South African Revenue Service (SARS) has rescheduled the launch of the GloBE registration and notification functionality on e-Filing from December 2025 to 16 March 2026. This adjustment ensures system quality and compliance with international
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US: IRS announces tax relief for North Dakota and South Dakota storm, flood victims
The US Internal Revenue Service (IRS) released ND-2025-01 and SD-2025-01 on 29 October 2025, announcing tax relief for individuals and businesses in parts of North Dakota and South Dakota affected by severe storms and flooding that began on 12 June
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US: IRS announces tax relief to Alaska storm and flood victims
The US Internal Revenue Service (IRS) in a notice (AK-2025-0) on 30 October 2025 announced tax relief for individuals and businesses in the Lower Kuskokwim Regional Educational Attendance Area, Lower Yukon Regional Educational Attendance Area, and
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Vietnam: MoF releases pillar 2 tax procedures, forms
Vietnam’s Ministry of Finance has issued Decision 3563/QD-BTC introducing new tax administrative procedures and forms on 21 October 2025, under the management of the Tax Management Department of Large Enterprises, in line with Decree
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US: Texas issues new franchise tax rates, threshold caps for 2026–27
The Texas Comptroller of Public Accounts has released the franchise (margin) tax rates, thresholds, and deduction limits for 2026 and 2027. The tax rates remain unchanged from 2024 to 2025, while both the no-tax-due threshold and the compensation
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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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India: CBDT extends income tax returns, audit report deadlines for AY 2025-26
The Central Board of Direct Taxes (CBDT), operating under the Government of India's Ministry of Finance, Department of Revenue, has announced an extension of deadlines for filing Income Tax Returns (ITRs) and various reports of audit for the
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France: National Assembly passes first-reading amendments to the 2026 finance bill, focuses on major corporations
France’s National Assembly introduced several amendments to the Finance Bill for 2026, some of which have been approved during its first reading on 30 October 2025. The changes primarily target large corporations and business groups, introducing
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New Zealand: Opposition party proposes targeted capital gains tax to fund free doctor visits
RF Report The Labour Party of New Zealand, the leading opposition party in parliament, has announced a proposal which targets capital gains tax on profits from the sale of commercial or residential properties, excluding the family home,
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Taiwan: Tax Bureau clarifies making up past losses in undistributed earnings
RF Report HuWei Office, National Taxation Bureau of the Central Area, Ministry of Finance, Taiwan, stated, pursuant to Article 66-9 of the Income Tax Act, when a profit-seeking enterprise files its undistributed earnings, its surplus earnings can
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Italy: MoF issues Decree on Pillar 2, DAC9 reporting obligations
RF Report Italy’s Ministry of Finance (MoF) issued a decree on 16 October 2025, published in the Official Gazette on 29 October 2025, outlining obligations related to Pillar 2 reporting, including DAC9 requirements. The decree defines key
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Nigeria to levy withholding tax on short-term security interest
RF Report Nigeria's tax authority, the Federal Inland Revenue Service (FIRS), has issued a directive mandating banks, stockbrokers, and other financial institutions to apply a 10% withholding tax on interest earned from investments in short-term
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US: IRS announces reduced services amid federal shutdown
RF Report The US Internal Revenue Service (IRS) announced on 21 October 2025 that, despite its limited operations during the ongoing US government shutdown, taxpayers are still required to meet all regular tax obligations. Tax refunds will
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