Japan issues guidance o interest-equivalent payments under J-ESR
Japan’s FSA issued guidance clarifying tax rules for interest-equivalent payments under the Earnings Stripping Regime, aligning with OECD BEPS Action 4. Japan’s Financial Services Agency (FSA) released guidance on 24 June 2025 clarifying the
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UK Treasury amends Pillar Two rules to allow retrospective HMRC notices
The UK Treasury has amended Multinational Top-up Tax regulations to enable HMRC to issue retrospective notices under the OECD’s Pillar Two rules, effective 24 July 2025. The UK Treasury introduced SI 2025/783 on 30 June 2025, amending the
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Sweden proposes law to implement DAC9
Legislation to take effect from 1 April 2026, with transitional rules and temporary penalty relief The Swedish Ministry of Finance published a memorandum on 4 July 2025 proposing legislation to implement the Amending Directive to the 2011
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Costa Rica updates interest rates on tax arrears and refunds for July 2025
The revised interest rate for late tax payments, refunds, customs issues, and fines has been set at 8.35%, replacing the previous rate of 8.43% Costa Rica's Ministry of Finance has issued Resolution MH-DGH-RES-0042-2025/MH-DGA-RES-0862-2025,
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Georgia introduces tax incentives for startups and R&D entities
Innovative startups will enjoy 10 years of tax benefits, including exemption from salaries for the first three years, 5% corporate tax rates for the next three years, and 10% for the final four years. R&D service providers will face 5% corporate
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EU adopts regulation to facilitate automatic exchange of tax information under DAC9
With this implementing regulation, the EU aims to provide technical solutions to facilitate the automatic exchange of information between Member States under DAC9. The European Commission (EC) announced on 7 July 2025 that it has adopted a
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US: Connecticut enacts 2026–27 budget with corporate tax changes, digital media incentive expansion
The H.B. 7287 and H.B. 7166 establish the 2026-2027 state budget and expand the tax credits for digital media and film infrastructure. Connecticut Governor Ned Lamont (D) signed H.B. 7287 and H.B. 7166, which set the 2026-2027 state budget and
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Denmark launches consultation on draft law to implement DAC9 requirements
Denmark has launched a public consultation on draft legislation to implement DAC9 with feedback due by 21 August 2025. The Danish Ministry of Taxation has opened a public consultation on draft legislation to implement Council Directive (EU)
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Pakistan: Federal Board of Revenue publishes Finance Act 2025
Finance Act 2025 introduces new digital taxes, revised income tax rates, and expanded enforcement measures effective from 1 July 2025. Pakistan's Federal Board of Revenue (FBR) has enacted the Finance Act 2025 on 27 June 2025, introducing major
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US: Trump signs ‘One Big Beautiful Bill’ into law
Trump signed the “One Big Beautiful Bill” into law on 4 July 2025, which makes his 2017 tax cuts permanent and introduces new tax breaks promised during his 2024 campaign. US President Donald Trump signed a major tax and spending bill dubbed
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Austria issues second set of FAQs on minimum taxation Act
The FAQs on the Minimum Taxation Act provide detailed guidance on technical topics like prior-period income, joint ventures, mergers, and filing obligations. Austria’s Ministry of Finance published Part 2 of its FAQs on the Minimum Taxation
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Bolivia further extends deadline for 2024 corporate tax statements and beneficial ownership reports
The corporate income tax (IUE) filing deadline for certain statements and reports has been extended to 21 July 2025. Bolivia’s National Tax Service (SIN) issued Resolution No. 102500000031 on 30 June 2025, further extending the deadline for
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Czech Republic gazettes new tax and penalty waiver rules
New rules allow tax authorities to waive penalties and obligations in cases of requests, legal irregularities, or emergencies like natural disasters. The Czech Republic has published Act No. 218/2025 in the Official Gazette on 30 June 2025,
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Finland: MoF consults on OECD-based PE profit attribution
The deadline to submit comments is 30 June 2025. Finland’s Ministry of Finance has opened a public consultation to amend three key tax laws: the Income Tax Act, the Act on Taxation of Business Income, and the Act on the Elimination of
See MoreUS to end electric vehicle tax credits on 30 September
The newly passed legislation will terminate the USD 7,500 tax credits for new EVs and USD 4,000 credits for used EVs by 30 September 2025. The US Congress approved the ‘One Big Beautiful Bill’ on 3 July 2024, which ends the USD $7,500 tax
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Norway issues list of non-cooperative tax jurisdictions
Norway's Ministry of Finance adopted a regulation listing non-cooperative tax jurisdictions to align with EU and EEA obligations. Norway’s Ministry of Finance adopted the Regulation on Non-Cooperative Jurisdictions for Tax Purposes, which
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China grants tax credit for reinvested dividends by foreign investors
A new corporate income tax credit for foreign investors reinvesting dividends from Chinese companies, retroactive from 1 January 2025 to 31 December 2028, offers a 10% credit to offset current-year tax payable. China's State Administration of
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Ukraine: Government approves 2026–2028 budget plan
Ukraine’s Cabinet approved the 2026–2028 Budget Declaration, outlining fiscal targets, wage adjustments, and EU-aligned reforms. The Ukrainian Council of Ministers approved the Budget Declaration for 2026–2028 through Decree No. 774 on 27
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