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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US: Michigan provides tax filing and payment relief for storm-affected residents
Individuals and businesses in Houghton and Ontonagon counties can request additional time to file state tax returns and pay state tax bills, with penalties and interest waived. Michigan State Treasurer Rachael Eubanks announced on 2 September
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Australia: ATO consults targeted taxpayer relief measures
The consultation is open from 4 September to 2 October 2025. The Australian Taxation Office (ATO) has initiated a public consultation on certain taxpayer relief measures, such as its approach to remission of interest and failure to lodge
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Ecuador updates dividend tax rules and NPO reporting requirements
Ecuador revises dividend taxes and non-profit reporting rules, effective 22 August 2025. Ecuador has introduced new rules on dividend taxation and non-profit organizations, effective 22 August 2025. The law applies to income accrued from 1
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Zambia introduces 1% minimum tax, raises withholding tax on government bonds
Zambia’s 2025 tax update introduces a 1% turnover tax and raises government bond withholding tax to 20%. Zambia passed the Income Tax (Amendment) Act 2025 on 8 August 2025, with its publication in the Official Gazette following on 19 August
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UAE: FTA emphasises the need to retain records and documentation to ensure accuracy of tax return information for taxable persons subject to corporate tax
FTA urges all taxable and exempt persons to retain records for seven years and submit corporate tax returns and payments within nine months via the EmaraTax platform. The UAE Federal Tax Authority (FTA) emphasises that all Taxable Persons subject
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Uruguay: 2025–29 budget bill proposes new domestic minimum tax
Uruguay’s 2025–29 Budget Bill proposes a new domestic minimum tax for large multinational groups, effective 2027. Uruguay’s 2025–2029 Budget Bill, submitted on 31 August 2025, introduces a Pillar 2 Qualified Domestic Minimum Top-Up Tax
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Czech Republic gazettes amendment to minimum tax law
The bill extends Czech filing deadlines: tax returns are now due 22 months after the tax period (up from 10 months), and information returns 15 months (18 months for first filings), up from 10 months. The Czech Republic's
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Finland: Government announces 2026 budget measures
The 2026 budget proposal includes reduced corporate tax rates, tightened crypto reporting requirements, adjusted VAT rates, and cuts to CO2 fuel taxes, as well as increased taxes on vehicles, tobacco, alcohol, and soft drinks. Finland’s
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Portugal approves registration form for Pillar 2 regime
Portugal issued Form 62 for the GMT regime, requiring filings from covered multinational and large domestic group entities with defined rules and deadlines. Portugal published Ordinance No. 290/2025/1 in the Official Gazette on 2 September 2025,
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Poland: Government adopts 2026 budget law, increases corporate tax for banks
The draft 2026 budget law increases the corporate tax rate for the banking sector, a rise in the VAT exemption threshold from PLN 200,000 to PLN 240,000, and a 15% hike in excise rates on alcoholic beverages. Poland's government has adopted the
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Australia: ATO finalises circumstances under which certain Division 7A notional loan repayments are disregarded
The guidance clarifies when certain Division 7A loan repayments for notional loans are disregarded for private companies. The Australian Taxation Office (ATO) has finalised its position on the circumstances under which certain Division 7A
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UAE: FTA issues guidance on tax group financial reporting, audit rules
Tax Groups are required to prepare Aggregated Financial Statements under Article 3 of Ministerial Decision No. 114 of 2023. This requirement applies to all Tax Periods commencing on or after 1 June 2023. The UAE Federal Tax Authority (FTA)
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UK: HMRC updates guidance on Pillar 2 top-up taxes reporting, registration
HMRC has refreshed its guidance on registering and reporting Pillar 2 Top-up Taxes, clarifying who can file, what information is needed, and when returns are due. UK HMRC updated their guidelines on “How to report Pillar 2 Top-up Taxes” and
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Qatar: General Tax Authority extends submission period for 100% Financial Penalty Exemption Initiative until end of 2025
The extension is in response to the growing interest in benefiting from the initiative, and in line with the Authority’s commitment to supporting taxpayers and enabling them to regularise their status. The General Tax Authority announced the
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France updates shareholder interest deductibility rates
The New maximum deductible interest rates are published for fiscal years ending between 30 June and 29 September 2025. The French tax authority has published new interest rates for determining the deductibility of interest payments to
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Belgium extends deadline for thematic investment deduction certificate filing
The extension is limited to 30 June 2026, except for deadlines within three months of that date, with up to 40% deduction rates for sustainable transition investments. Belgium’s Federal Public Service for Finance has published the royal
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Cyprus: DRCIP mandates submission of beneficial owner details in the registry by 31 December
Failure to comply with the deadline may result in financial penalties of up to EUR 5,000. The Cyprus Department of Registrar of Companies and Intellectual Property (DRCIP) mandated on 25 August 2025 that all companies established or registered
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