Pakistan: National Assembly approves 2025–26 budget
Pakistan’s National Assembly has passed the 2025–26 federal budget, introducing key tax reforms, increased allocations for defence and development, and relief measures aimed at boosting economic growth and controlling inflation. Pakistan’s
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US: Treasury releases G7 statement on global minimum tax exemption for US-headquartered companies
The US Treasury announced the G7's agreement to exempt US companies from Pillar Two taxes, with plans to expand this exemption globally through the OECD-G20 Inclusive Framework. The US Treasury published the G7 Statement on Global Minimum Tax on
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Romania issues draft form for pillar two top-up tax notification
The tax authority released a draft form for notifying and designating entities to handle domestic top-up tax under Pillar Two rules. Romania’s National Agency for Fiscal Administration (ANAF) released a draft order on 20 June 2025 outlining the
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Romania announces 2025–28 tax reforms, raises dividend tax
The proposed tax reforms target increased taxes on dividends, reduced incentives, stricter expense deductions, and simplified VAT rates. Romania published its decision approving the 2025-2028 Government Programme in the Official Gazette on 23
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OECD responds to G7 statement on US exemption from global minimum tax
The G7's side-by-side arrangement aims to limit corporate tax competition, protect government tax bases, and provide businesses with stable, predictable international tax frameworks. The OECD Secretary-General issued a statement on 28 June 2025
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Hong Kong releases illustrative examples for patent box regime
The patent box regime introduces a 5% concessionary tax rate, significantly lower than Hong Kong's standard 16.5% profits tax rate. The Hong Kong Inland Revenue Department (IRD) has released illustrative examples for the patent box regime. The
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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,
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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
See MoreUS: 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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