Turkey caps tax incentives, R&D exemptions under new law
Turkey’s Law No. 7555 limits corporate income tax incentives to 10 years and caps R&D income tax exemptions starting July 2025. Turkey enacted Law No. 7555 introducing new limits on corporate tax incentives and income tax exemptions. The
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UK HMRC updates top-up tax rules to align with 2025 OECD guidance
UK updates top-up tax rules to align with OECD Pillar Two guidance, effective mostly from 31 December 2025. UK HMRC has released a policy paper on 21 July 2025 outlining additional changes to the Multinational Top-up Tax and the Domestic Top-up
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Germany gazettes law to boost business competitiveness, R&D changes to enter into force next year
Germany has enacted a new investment programme law to enhance its appeal as a competitive business location, with most provisions effective from 19 July 2025 and R&D measures applying from 2026. Germany has published the Act (BGBl. I) in the
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Angola: Financial sector to face higher corporate tax from 2026
Angola's new Corporate Income Tax Code, effective 1 January 2026, includes 35% for financial institutions, insurance, and telecoms, 25% for most sectors, and 10% for agriculture. Angola will introduce a new Corporate Income Tax (IRPC) Code,
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Kazakhstan adopts new tax code, introduces additional R&D tax deduction to 200%
The Tax Code, effective 1 January 2026, introduces a standard CIT rate of 20%, adjusted CIT rates for various sectors, a VAT increase from 12% to 16%, with various exemptions. Kazakhstan has introduced a new Tax Code, as per Law No. 214-VIII,
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Lithuania: Parliament reviews investment incentive for select municipalities
Lithuania plans to reduce taxable profit for companies investing in designated municipalities, allowing up to a 100% deduction on eligible fixed asset costs from 2026. The Lithuanian parliament (Seimas) is reviewing a draft bill proposing a
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Hong Kong: IRD launches three new eTAX portals
The three new tax portals are expected to enhance the efficiency and user experience of electronic tax services in Hong Kong. The Hong Kong Inland Revenue Department announced on 22 July 2025 that it had launched three new tax portals under
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Malawi lowers tax for select non-resident companies
The Malawi government has abolished the 5% repatriation tax for non-resident companies, increased withholding tax on gambling winnings to 10%, and exempted bread from the 16.5% VAT. Malawi has implemented new tax laws through the Taxation
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Zambia advances 2025 tax reform, proposes 1% minimum alternative tax for businesses
Key proposals include a 1% MAT on turnover, 15% to 20% withholding tax on government securities, and excise duty hikes on cigarettes, alcohol, sugary drinks, and betting services. Zambia's National Assembly has advanced the Income Tax
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US reduces reporting requirements for small businesses, freelancers, payment platforms
Recent tax law changes under President Trump's tax package reduce IRS reporting requirements for small businesses and freelancers, easing administrative burdens but potentially increasing income underreporting and widening the tax gap. Recent
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US: Trump administration considers eliminating capital gains tax on home sales
Under current law, US residents can exclude up to USD 250,000 in capital gains from taxable income when selling their primary residence. US President Donald Trump announced on 22 July 2025 that his administration is considering eliminating
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Netherlands enacts Box 3 income rebuttal scheme
The Box 3 Rebuttal Rule Act allows taxpayers to use their actual return instead of the deemed rate, potentially reducing taxable income when the actual return is lower. The Netherlands enacted the Box 3 Rebuttal Rule Act on 18 July 2025,
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Australia: ATO issues guidance on foreign capital gains withholding credits from property sales
Clients subject to the foreign resident capital gains withholding (FRCGW) are required to file a tax return to claim withheld credits, regardless of income level. The Australian Taxation Office (ATO) has issued a guidance on 18 July 2025, on
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Belgium: Chamber of Deputies approve participation exemption changes, exit tax rules, other tax reforms
From 2026, Belgium's tax changes include stricter participation exemption rules, exit tax on cross-border reorganisations, a permanent 6% VAT for residential demolition/reconstruction, and higher VAT on coal and fossil fuel boilers. The Belgian
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Pakistan exempts Google from new digital tax, confirms resident status
The FBR has clarified that the Digital Presence Proceeds Tax does not apply to Google because it has maintained a branch office in Pakistan and is considered a tax resident under domestic tax laws. The Federal Board of Revenue (FBR) of Pakistan
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Kyrgyzstan establishes 49-year tax-exempt special financial and investment zone
The territory aims to attract investment by offering income tax exemption to residents and permitting activities such as asset management, fintech, banking, Islamic finance, insurance, tourism, and other commercial ventures. Kyrgyzstan's
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Philippines: DoF clarifies 20% final tax on interest income is not a new levy under Capital Markets Act
The DoF clarified that the 20% final tax on interest income standardises rates to address inequities favouring the wealthy, rather than introducing a new tax. The Philippines Department of Finance (DoF) released a statement on 17 July 2025 to
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G20 finance ministers, central bank governors commit to ongoing discussions on Pillar Two global minimum tax concerns
They expressed their commitment to continuing constructive engagement to address concerns surrounding the Pillar Two global minimum taxes. The G20 Finance Ministers and Central Bank Governors issued a Communique following their meeting held on
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