US: IRS extends 2024 tax deadline for disaster victims in 12 states
The US Internal Revenue Service (IRS) issued IR-2025-41 on 4 April 2025, in which it reminded individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are
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Brazil ends COVID-19 era support for events sector
Brazil has announced the conclusion of the Emergency Program for the Resumption of the Events Sector (PERSE) through RFB Executive Declaratory Act No. 2 of 21 March 2025, which was published in the Official Gazette. The PERSE program, established
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Canada: Quebec announces tax measures in 2025-26 budget
The Canadian province Quebec's finance minister, Eric Girard, delivered the province’s 2025-26 budget on 25 March 2025. The minister unveiled a budget projecting a CAD 13.6 billion deficit, with CAD 2.2 billion allocated for debt repayment and
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New Zealand: Parliament grants Royal Assent for Omnibus Tax Bill
New Zealand’s Parliament announced on 29 March 2025 that royal assent had been granted to Public Act No. 9/2025, a comprehensive omnibus tax law. The Bill introduces several key provisions, including confirming annual income tax rates for the
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Vietnam extends 2025 tax payment deadlines
The Vietnamese government issued Decree No. 82/2025/ND-CP on 2 April 2025, outlining extensions to tax payment deadlines for various taxes including individual income tax, VAT, corporate income tax, and land rental taxes in 2025. These measures
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Turkey opens corporate tax filing period for 2024
Turkey’s Revenue Administration has opened the corporate income tax filing period for the 2024 fiscal year. Corporate taxpayers must file their returns electronically via the Digital Tax Office between 1 and 30 April 2025. This announcement
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OECD adds Guernsey to list of qualified Pillar Two jurisdictions
The OECD issued an update on 31 March 2025, in which Guernsey has been added as a jurisdiction with a qualified income inclusion rule (IIR), domestic minimum top-up tax rule (QDMTT), and meeting QDMTT safe harbor standards. This should prevent
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Bosnia and Herzegovina: Republika Srpska Assembly extends deadline to write off interest on unpaid public revenuesÂ
The National Assembly of the Republic of Srpska, Bosnia and Herzegovina, extended the deadline for writing off default interest on unpaid public revenues on 26 March 2025. The new deadline to pay outstanding liabilities and claim the write-off is
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US: Utah reduces corporate franchise tax rates
The Governor of Utah, Spencer Cox, signed House Bill (HB) 106 on 26 March 2025, cutting corporate franchise tax rates to 4.50% from 4.55% for taxable years starting on or after 1 January 2025. The USD 100 minimum tax remains
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Brazil: Chamber of Deputies consider detox tax on digital platforms
Brazil's Chamber of Deputies is reviewing a draft bill on 18 March 2025 to introduce a digital detox contribution (CIDE-Detox Digital). As per the legislation, a 1% contribution tax would apply to companies with digital platforms earning over BRL
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Australia: ATO issues guidance on debt deduction rules
The Australian Taxation Office (ATO) has published guidance on Understanding the debt deduction creation rules (DDCR) to help determine if the DDCR applies to an entity and its related party financing arrangements. The guidance includes the
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Hong Kong publishes 2024-25 profits tax filing guide
Hong Kong has published a guide for 2023-25 profits tax filings. The 2024-2025 profits tax filing season began on 1 April 2024 with the mass distribution of profits tax returns. Who should file Newly registered business Generally, a
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Spain gazettes Pillar Two global minimum tax rules
Spain has issued Royal Decree 252/2025 of 1 April 2025 in the Official Gazette, introducing Complementary Tax Regulations to ensure a global minimum tax for large multinationals and national groups. The regulations clarify Law No. 7/2024 of 20
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UK lists territories with qualifying IIR and DMTT under Pillar Two rules
The UK’s Pillar Two Multinational Top-up Tax (MTT) rules recognise certain foreign income inclusion rules (IIR) and domestic top-up taxes as "qualifying" if they align with OECD standards. To provide clarity, the government introduced regulations
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UK consults advance tax clearance service for large innovative investment projects, transfer pricing treatment of CCAs
The Chancellor of the Exchequer announced that the government launched a consultation on a proposed new service aimed at providing advance statutory certainty on the application of UK corporation tax rules for businesses undertaking the "very
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Ireland: Department of Finance consults R&D tax credit, potential measures to foster innovation
Ireland's Department of Finance has initiated a public consultation regarding the R&D tax credit and potential measures to foster innovation. A tax credit regime for Research and Development (R&D) was introduced in Ireland in Finance Act
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India enacts Finance Act 2025, offers support for targeted sectors of the economy
India's Central Board of Direct Taxes (CBDT) has released the Finance Act 2025 on 29 March 2025. The Act was officially enacted on 29 March 2025, following the President's assent, implementing the provisions outlined in the 2025–2026
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Ghana: Parliament passes 2025 budget measures
Ghana's Ministry of Finance announced that the Parliament approved several 2025 Budget measures on 26 March 2025. The passage of these bills marks a major leap for economic reform and a significant step in fulfilling the government’s commitment
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