EU states endorse simplified sustainability reporting and due diligence rules
The mandate proposes to simplify corporate sustainability (CSRD) and due diligence directives (CS3D) by reducing reporting burdens and minimising obligations for smaller companies. The Council of the EU approved a negotiating mandate to simplify
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Chile clarifies conditions for indirect asset disposal tax exemption
The tax authority’s clarification involves addressing the tax implications of an Australian business group's indirect disposal of underlying assets in Chile. Chile’s tax authority (SII) issued Letter Ruling No. 1154 on 19 June 2025,
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Canada withdraws 3% digital services tax to revive US trade talks
Canada canceled its planned 3% digital services tax on US tech firms to revive stalled trade talks between Prime Minister Mark Carney and President Donald Trump. According to Canada's finance ministry, Canada scrapped its 3% digital services tax
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US: Trump’s ‘One Big Beautiful Bill’ advances in the Senate with amendments
The amended text temporarily raises the SALT cap to USD 40,000, accelerates the phase-out of green energy credits, and eliminates proposed Tax Code Section 899 on foreign tax remedies. The Senate Budget Committee Chairman, Lindsey Graham,Â
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Germany: Bundestag approves EUR 46 billion business tax reform package
The tax reform package is aimed at promoting investment and growth through enhanced depreciation, phased corporate tax cuts, EV incentives, and expanded R&D relief. The German lower house of the parliament (Bundestag) approved the “Act for
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Finland: MoF consults on mining tax increase
The ministry seeks to amend the Mining Minerals Tax Act includes raising the tax on metal ores to 2.5% and on other minerals to EUR 0.60 per tonne. Finland’s Ministry of Finance has initiated a public consultation on 23 June 2025 on proposed
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US: ETAAC 2025 Report presents recommendations to Congress and IRS
ETAAC advised the IRS to enhance security and combat fraud by updating tax return forms, reviewing e-File reject codes, promoting information sharing, and advancing digital taxpayer interactions. The US Internal Revenue Service (IRS) issued
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Norway: Ministry of Finance announces corporate tax rates effective from July 2025
Norway's Ministry of Finance announced tax updates effective July 2025, which includes reduced VAT for water services, limited CO2 tax exemptions for shipping, lower waste incineration tax for non-ETS enterprises, a military refuelling reimbursement
See MoreUS to drop ‘Unfair Foreign Taxes’ from budget bill, G7 to exempt US companies from Pillar Two
The US Treasury and G7 nations agreed to exempt US companies from Pillar Two taxes in exchange for removing section 899 from the "One Big Beautiful Bill". US Treasury Secretary Scott Bessent announced, on 27 June 2025, that the US has reached
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Ukraine to repeal commercial code from August 2025
The repeal will abolish several legal entity types and launch a three-year transition period. Ukraine has enacted Law No. 4196-IX, repealing the Commercial Code effective 28 August 2025. The reform shifts business regulation to the Civil Code and
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South Africa: SARS updates urban development zone allowance guide
The UDZ allowance guide offers general guidance on section 13 (quat) of the Income Tax Act and the application of the urban development zone incentive. The South African Revenue Service (SARS) published Issue 10 of its updated Guide to the Urban
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Malaysia unveils venture capital incentives to spur startup investments
Venture capital funds investing 20% in local startups get a 5% tax rate for 10 years, while registered VC and PE management firms enjoy a 10% tax rate. Malaysia's government has introduced venture capital tax incentives to encourage startup
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US: IRS offers tax relief to Missouri flood and storm victims
The tax filing and payment deadline has been extended to 3 November 2025 for Missouri taxpayers. The US Internal Revenue Service (IRS) issued MO-2025-01 on 25 June 2025, announcing tax relief for individuals and businesses in parts of Missouri
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Italy clarifies tax credits for property refurbishments
Tax credits for qualifying expenses are 36% (50% for first dwellings) in 2025, and 30% (36% for first dwellings) in 2026-2027. Italy’s tax authorities have issued Circular No. 8/E on 19 June 2025, clarifying tax credits for property
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Thailand introduces reduced corporate income tax rate to promote SEZ investments
Thailand cuts corporate tax rate to 10% for qualifying businesses in Special Economic Zones for ten years under Royal Decree No. 797 starting 6 June 2025. The Thai Revenue Department has issued Royal Decree No. 797, dated 2 June 2025 and
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Belgium publishes draft XSD schema for Pillar Two top-up tax return
Belgium has issued a draft schema outlining how groups should file their Pillar 2 top-up tax return under the new QDMTT rules. Belgium’s tax authorities, Federal Public Service (FPS) Finance has issued a draft XSD schema for the annual
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Australia: ATO confirms anti-avoidance provisions can apply to early stage investor tax offset scheme
The ruling was published in the final tax determination on the early stage investor tax offset scheme. The Australian Taxation Office (ATO) has confirmed that the anti-avoidance provisions in the Income Tax Assessment Act 1936 can apply to the
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Malta launches 2025 electronic corporate tax return
Malta’s Commissioner for Revenue has made the 2025 electronic corporate income tax return available online, introducing changes related to transfer pricing and new attachments for various tax credits. Malta’s Commissioner for Revenue has
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