Thailand: BOI updates incentives for SMEs, data centres, tourism
Thailand's Board of Investment (BOI) announced the new tax exemptions on 19 May 2025. Thailand's Board of Investment (BOI) announced that it has approved a series of measures to support small and medium-sized enterprises (SMEs), along with
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India: CBDT extends income tax return deadline for AY 2025–26
It has been extended from 31 July to 15 September, 2025. The Indian Central Board of Direct Taxes (CBDT) announced an extended deadline for filing income tax returns for the Assessment Year 2025–26 on 27 May 2025. It has been extended from 31
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UAE: MoF temporarily eases listing requirement for REIT exemption
The Decision outlines conditions for certain Real Estate Investment Trusts (REITs) to qualify for corporate tax exemption. The UAE Ministry of Finance has issued Ministerial Decision No. 96 of 2025 on Conditions to Exempt Certain Real Estate
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US: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
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Ireland: Revenue updates guidelines on interest charges for late tax payments
Irish Revenue has updated its guidelines on interest for late tax payments, now covering Capital Acquisitions Tax. The eBrief clarifies interest rules, removes mentions of Fixed Direct Debit and Balloon payments, and updates due dates for
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Mexico unveils tax incentives for new economic development zones
Mexico has introduced tax incentives for businesses operating in newly designated SEZs, including full deductions for fixed asset investments and additional relief for spending on training and innovation from 2025 to 2030. Mexico has issued a
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Australia: ATO revises functional currency guidelines
The ATO updated its Guide to Functional Currency Rules on 22 May 2025, detailing the rules, eligibility, and tax reporting impacts. The Australian Taxation Office (ATO) updated its Guide to functional currency rules on 22 May 2025, covering the
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Pakistan to offer incentives for US mining investors in tariff negotiations
Pakistan plans mining incentives for US firms, including Balochistan joint ventures, to ease trade talks and avert proposed US tariffs. Pakistan plans to offer investment incentives to US companies in its mining sector as part of ongoing trade
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UAE: Cabinet approves corporate tax exemption for foreign-owned businesses
The Decision expands corporate tax exemption to cover certain foreign entities owned by exempt bodies. The UAE’s Ministry of Finance (MoF) announced the issuance of Cabinet Decision No. (55) of 2025 on Exempting Certain Persons from Corporate
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Netherlands: Tax Administration clarifies domestic withholding exemption may apply to outbound dividends despite treaty ineligibility
The Tax Administration has clarified its position on whether dividends can qualify for a withholding tax exemption under Article 4(2) of the Dividend Withholding Tax Act if they don’t qualify for treaty benefits. The Dutch Tax Administration
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Poland: MoF lowers late payment interest rates
Ministry of Finance updated interest rates for tax arrears and late payments on 16 May 2025. Poland’s Ministry of Finance released the updated interest rates for tax arrears and late payments on 16 May 2025. The standard rate will decrease
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US: 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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New Zealand announces 2025 budget, introduces tax incentive to boost investment
The budget, announced on 22 May 2025, includes a 20% “investment boost” tax deduction for business assets and changes to KiwiSaver. New Zealand’s Minister of Finance, Nicola Willis, announced the 2025 budget on 22 May 2025, introducing
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US: Texas introduces new tax incentives for businesses, seeks to ban transactions and occupation taxes
Texas Governor Greg Abbott signed three bills into law on 14 May 2025, introducing tax incentives for businesses and securities market operators. Texas Governor Greg Abbott signed three bills into law on 14 May 2025, offering tax incentives for
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New Zealand consults thin capitalisation reforms to attract infrastructure investment
New Zealand’s Inland Revenue invites feedback on proposed changes to thin capitalisation rules to encourage foreign investment in private infrastructure projects. Submissions are open until 19 June 2025. New Zealand’s Inland Revenue has
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Kazakhstan introduces new excise tax calculations for fuel
Kazakhstan has introduced a new method for calculating excise taxes on gasoline and diesel, effective from 11 May 2025. It applies when the price of fuel exceeds specified thresholds, aiming to better reflect market conditions. For gasoline
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Netherlands: Government submits Box 3 tax reform bill to House of Representatives
The Netherlands Ministry of Finance has published a letter to the House of Representatives regarding the submission of a draft bill to reform Box 3 income taxation, which includes income from savings and investments, on 16 May 2025. The reform
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Hong Kong: Legislative Council Bills Committee advances global minimum tax bill
The Hong Kong Legislative Council Bills Committee released a report on the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 on 19 May 2025, affirming that it does not object to the amendments put forward by the
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