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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
Dominican Republic: DGII extends e-invoicing implementation deadline for large local, medium taxpayers
The Dominican Republic’s General Directorate of Internal Taxes (DGII) has announced a six-month extension for large local and medium-sized taxpayers who were originally required to implement electronic invoicing by 15 May 2025. This extension,
See More
Sweden: Ministry of Finance announces tax proposals for Autumn Budget 2026, includes reduced corporate tax
Sweden's Ministry of Finance announced various tax proposals for the 2026 Autumn Budget on 19 May 2025. It includes reduced corporate tax, energy tax on electricity, special income tax for non-residents, amongst others. Reduced corporate
See MoreUS: Alabama opts out of federal R&D tax deduction rules, reduces grocery sales tax
Alabama Governor Kay Ivey signed the bill (HB 163) on 14 May 2025, which decoupled Alabama from the federal Tax Cuts and Jobs Act (TCJA) treatment of research and experimental (R&E) expenditures. On the same day, the governor also signed a bill
See More
Canada: Ontario unveils 2025 budget, proposes increased tax credit for corporations
Minister of Finance Peter Bethlenfalvy, of the Canadian province of Ontario, presented the 2025 Ontario Budget: A Plan to Protect Ontario on 15 May 2025. It confirms no new changes to corporate or personal income tax rates. However, qualifying
See More
Norway consults proposed list of non-cooperative tax jurisdictions
Norway’s Ministry of Finance opened a public consultation on a proposed list of jurisdictions deemed non-cooperative for tax purposes on 14 May 2025. The establishment of this list is part of the Ministry's work to implement EEA Joint Committee
See More
Australia: ATO updates guidance on Pillar Two minimum tax rules
The Australian Taxation Office (ATO) has published new guidance on the Pillar Two minimum tax rules on 16 May 2025. It now includes: Guidance about how the ATO will administer potential amendments to Australian law to address
See More
Hong Kong: Government approves new company re-domiciliation regime
The Hong Kong Government has approved the Companies (Amendment) (No.2) Bill 2024 on 14 May 2025, which introduces a new company re-domiciliation regime. Under the company re-domiciliation regime, non-Hong Kong-incorporated companies which fulfil
See More
Czech Republic: Lower Chamber passes bill introducing complete waiver of tax penalties
The Czech Republic’s lower house of parliament passed a bill on 23 April 2025 amending the Tax Code. The bill introduces a provision under Article 259a that allows for the complete waiver of tax penalties. If passed, most proposed changes
See More
Taiwan: Ministry of Finance makes available interest-free extension, installment plan for business affected by US tariffs
In response to the impact of the US “Reciprocal Tariffs” policy on various industries, the National Taxation Bureau of Kaohsiung states that taxpayers who are unable to pay the full amount of tax in a single payment during the income tax return
See More
US: IRS announces 2025 inflation adjustment for carbon sequestration credit
The US Internal Revenue Service (IRS) has released the inflation adjustment factor for the carbon oxide sequestration credit under IRC section 45Q for 2025 (Notice 2025-25, IRB 2025-20). The inflation adjustment factor for calendar year 2025 is
See More