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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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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US: Illinois to tax 50% of GILTI, tightens interest deductions under 2026 budget
Starting with tax years ending on or after 31 December 2025, taxpayers must include 50% of GILTI, as defined under IRC section 951A, in their base income for Illinois tax purposes. Illinois Governor J.B. Pritzker signed a bill (HB 2755) on 16
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US: IRS enhances pre-filing agreement programme for large and multinational businesses
The IRS has improved its Pre-Filing Agreement programme to offer large businesses and international taxpayers greater tax certainty, emphasising cooperative strategies to prevent disputes early. The US Internal Revenue Service (IRS) issued
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Slovak Republic: MoF consults DAC9, Pillar Two implementation bill
DAC9 introduces new rules for sharing top-up tax information and filing obligations under the Pillar Two GMT Directive (Directive (EU) 2022/2523). The Slovak Republic's Ministry of Finance has opened a public consultation on a draft bill to
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UAE: FTA publishes updated corporate tax self registration manual
The updated corporate tax self-registration manual aims to simplify the registration process on the EmaraTax portal. The UAE Federal Tax Authority (FTA) released Version 3.0.0.0 of the Corporate Tax Self-Registration – Taxpayer User Manual on
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Vietnam: National Assembly approves revised corporate tax law, introduces improved incentives
The amended CIT Law introduces new rules on capital transfers, revised SME rates, and targeted tax incentives. Vietnam’s National Assembly passed Law No. 67/2025/QH15 on 14 June 2025 , a major amendment to the Corporate Income Tax (CIT) Law,
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US: Senate bill proposes higher tax credit for CO2 use in oil production
The panel proposed equalizing the tax credit for using captured carbon in oil recovery with the USD 85/metric ton credit for permanently storing carbon. A US Senate panel released a bill proposing to match the tax credit for capturing carbon
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Malta: Revenue publishes overview of key 2025 income tax Act amendments
Malta’s Revenue outlines key 2025 income tax act amendments, covering deductions, tax bands and reliefs. Malta's Commissioner for Revenue published a memo on 13 June 2025 outlining amendments to the Income Tax Act (ITA) introduced by the Budget
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Norway consults on Pillar Two minimum tax amendments
The consultation addresses deferred and cross-border taxes, pass-through entities, hybrid arrangements, securitisation entities and technical corrections. The Norwegian government has announced a public consultation on 16 June 2025 regarding the
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Uganda presents 2025–26 budget, proposes income tax exemption for start-ups
Uganda's Ministry of Finance unveiled a UGX 72.136 trillion national budget for 2025-26. Uganda’s Ministry of Finance Planning and Economic Development has unveiled a UGX 72.136 trillion national budget for the 2025-26 financial year on 12
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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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US: Senate proposes phasing out solar, wind tax credits
The proposal accelerates the expiration of renewable energy subsidies under the 2022 Inflation Reduction Act. A US Senate committee proposed phasing out tax credits for solar and wind energy by 2028 while extending incentives for nuclear,
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Vietnam: Parliament approves gradual tax rise on beer and strong alcohol by 2031
Vietnam plans to raise taxes on beer and strong alcohol to 90% by 2031. Vietnam’s parliament has approved a plan to increase taxes on beer and strong alcoholic beverages to 90% by 2031, up from the current 65%. The tax hike will be phased in
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Switzerland: Basel-City approves tax incentives and R&D fund in referendum
Switzerland’s Basel-City canton approved a referendum on 18 May 2025, introducing tax incentives, R&D grants, an innovation fund, and a new corporate tax structure starting in 2026. Voters in Switzerland’s Basel-City canton approved a
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Venezuela: SENIAT announces adjustment to tax unit value
Venezuela’s SENIAT has raised the tax unit value from 9 to 43 bolivars, a 377.78% increase, effective immediately for national tax calculations. Venezuela’s National Integrated Customs and Tax Administration Service (SENIAT) issued
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Bolivia announces extension of filing deadlines for May 2025
The last digits of one’s tax ID corresponds to a specific new deadline for submission. Bolivia’s tax authority (SIN) has extended the deadline for filing tax returns for the May 2025 fiscal period through Resolution No. 102500000026 on 3
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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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