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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Lithuania: Seimas advances tax reform package to boost defence funding from 2026
Tax reforms to fund defence are targeting over EUR 500 million in annual revenue from 2027. The Lithuanian Parliament (Seimas) has approved for further consideration of a package of tax law amendments designed to increase state revenues,
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Bolivia extends deadlines for 2024 financial statement, beneficiary reporting
The 2024 tax report deadline has been extended to 30 June 2025. Bolivia's National Tax Service (SIN) issued Resolution No. 102500000028 on 12 June 2025, extending the deadline for submitting 2024 fiscal year reports to 30 June 2025. The
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Cyprus extends 2023 corporate tax filing deadline
The new deadline is set for 30 November 2025. The Cyprus Tax Department has extended the deadline for submitting the 2023 corporate income tax return (Form TF4) to 30 November 2025. This applies to taxpayers not required to submit the
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Australia: ATO extends amendment period for SME tax returns
From 1 July 2024, small and medium businesses will have up to four years to amend their tax returns, doubling the current two-year limit. The Australian Taxation Office (ATO) has published updated guidance on amending business and super tax
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Chile: SII consults on appointment of business group representatives for Chilean entities
The SII is considering whether business groups with a single Chilean subsidiary or multiple Chilean entities under a foreign parent must appoint a common representative. Chile’s tax authority (SII) launched a consultation on whether business
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Argentina: ARCA introduces new facility for tax, customs, social security payments
Individuals and businesses can access the new payment facility with a 50% interest rate reduction. Argentina’s tax authority (ARCA) has announced a new payment facility on 12 June 2025 for outstanding tax and customs due up to 30 April 2025,
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Latvia postpones mandatory B2B e-invoicing to 2028
B2B e-invoicing will become mandatory for businesses starting 1 January 2028. Latvia published Amendments to the Accounting Law in the Official Gazette on 11 June 2025, delaying mandatory B2B e-invoicing. B2B e-invoicing will become mandatory
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Uruguay to implement Pillar Two global minimum tax
Uruguay plans to include the Pillar Two global minimum tax in its upcoming budget, which aims to generate USD 350 million in revenue. Uruguay's Undersecretary of the Ministry of Economy and Finance, MartÃn Vallcorba, announced plans to include
See MoreItaly amends CFC rules, tax loss carry-forward provisions
The adopted tax measures include updates to controlled foreign company (CFC) rules and tax loss carry-forward provisions. Italy has published Decree No. 84 of 17 June 2025 in Official Gazette No. 138 on 17 June 2025, introducing changes to the
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US: Senate Republicans unveil new tax and spending bill, aligns with House legislation
US Senate Republicans proposed changes to Trump's tax and spending bill, making some business tax breaks permanent while limiting state and local tax deductions. US Senate Republicans have introduced their version of President Donald Trump's
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US: Illinois to tax 50% of GILTI, tightens interest deductions under 2026 budget
Starting with tax years ending on or after 31 December 2025, taxpayers must include 50% of GILTI, as defined under IRC section 951A, in their base income for Illinois tax purposes. Illinois Governor J.B. Pritzker signed a bill (HB 2755) on 16
See MoreUS: IRS enhances pre-filing agreement programme for large and multinational businesses
The IRS has improved its Pre-Filing Agreement programme to offer large businesses and international taxpayers greater tax certainty, emphasising cooperative strategies to prevent disputes early. The US Internal Revenue Service (IRS) issued
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