Singapore: IRAS issues advance ruling on tax treatment of agreement novation
IRAS rules that novation of agreements in group restructuring is a capital, non-taxable transaction. The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling No. 6/2025 on 2 May 2025, explaining the tax treatment of transferring
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Argentina: ARCA raises reporting threshold for financial institutions
ARCA has raised reporting thresholds for financial institutions and e-wallet providers under Decree 353. The changes were outlined in General Resolution 5699, which was published on 23 May 2025. Argentina’s federal tax authority (ARCA) has
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Australia: ATO consults thin capitalization compliance guide
The ATO is seeking public feedback on a draft guidance to limit interest payment deductions on multinational debt. Comments are due by 30 June 2025. The Australian Taxation Office (ATO) has opened a public consultation regarding a draft guidance
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Vietnam introduces tax, financial incentives to promote private growth
The National Assembly passed Resolution 198/2025/QH15 on 17 May 2025 introducing the incentives. Vietnam’s National Assembly passed Resolution 198/2025/QH15 on 17 May 2025, introducing various tax and financial incentives to support private
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Ireland updates general corporate tax guidance
New guidance modifies startup relief (Section 486C TCA) and introduces foreign dividend exemptions (Section 831B TCA), with PRSI-linked caps and EUR 40K-60K thresholds. The Irish Revenue has released eBrief No. 102/25 on 16 May 2025, announcing
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EU Council stresses international tax cooperation and anti-evasion efforts in development financing
The EU Council released its conclusions and a press release on 26 May 2025, ahead of the 4th International Conference on Financing for Development. The Council of the European Union has released its conclusions and a press release on 26 May
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Poland: Council of Ministers approve deregulatory corporate tax amendments
The bill takes effect on 1 January 2026. Poland’s Council of Ministers have passed a bill which amends the CIT Act to ease reporting on general partnership partners, introduces tax group benefits, and simplifies tax refund rules when support
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Hong Kong: Government approves global minimum tax bill
The bill introduces a 15% global minimum tax for multinational enterprise groups, starting 1 January 2025. The Hong Kong Inland Revenue Department (HKIRD) has announced that the Legislative Council approved the Inland Revenue (Amendment) (Minimum
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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
See MoreIreland: 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
See MoreAustralia: 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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