Germany: Federal Council approves EUR 46 billion corporate tax relief plan
The law will be published in the Official Gazette and take effect the following day, except for R&D allowance amendments, which will come into effect on 1 January 2026. Germany’s Federal Council (Upper House of Parliament/Bundesrat) has
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Australia: ATO lowers benchmark rate for private company shareholder loans
The interest rate for the income year ending 30 June 2026 is set at 8.37%, down from 8.77% for the previous year. The Australian Taxation Office (ATO) has updated the Division 7A benchmark interest rate on 7 July 2025 for private company loans
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Kenya repeals digital assets tax, expands economic presence tax under Finance Act 2025
The Finance Act 2025 introduces a 10% excise duty on virtual asset transaction fees, expanded SEP tax, a 5-year loss carry forward limit, AMT, and new APA guidelines. Kenya’s President William Ruto signed the Finance Act 2025 into law on 26
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Hungary updates tax rates on retail, financial entities, and insurance sectors
Act LIV of 2025 introduces updated tax rates, increased VAT thresholds, and new regulations across retail, financial, insurance, and energy sectors, along with enhanced R&D deductions. Hungary has published Act LIV of 2025 in the Official
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Romania gazettes form for top-up tax declaration, payment
This order was published in the Official Gazette No. 646 on 9 July 2025. Romania’s tax authority has issued Order No. 1729/2025, which establishes the notification form for declaring and paying the top-up tax. This order was published in the
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US: IRS offers tax relief to Texas flood and storm victims
The tax filing and payment deadline has been extended to 2 February 2026 for Texas taxpayers. The US Internal Revenue Service (IRS) released TX-2025-04 on 9 July 2025, in which they announced tax relief for individuals and businesses in parts
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Turkey raises withholding tax rates on lira accounts and investment funds
The Presidential Decision raises withholding tax rates on income from TRY-denominated deposit and participation accounts and mutual funds. Turkey’s Revenue Administration has announced Presidential Decision No. 10041 on 8 July 2025, which
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Turkey consults on draft rules for payment systems
The draft communiqué is aimed at regulating physical and virtual payment systems to strengthen tax compliance. The Turkish Revenue Administration has issued a draft General Communiqué on the Tax Procedure Law (TPL) to regulate the use of
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Belgium: Government submits tax reform proposals to parliament, includes investment gains tax, participation exemption
Key proposals include a 5% capital gains tax, a participation exemption for group contributions, revised deductions, and revised statute of limitations rules. Belgium’s Chamber of Deputies is reviewing a draft law submitted on 3 July 2025 to
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Tanzania enacts 2025-26 budget measures, includes new transfer pricing penalty
The measures will apply from 1 July 2025, unless otherwise specified. Tanzania's Finance Act 2025 was enacted on 30 June 2025, implementing tax measures from the 2025-26 Budget Speech with some adjustments to the initially announced
See MoreUS: IRS updates 2025 inflation adjustment and reference price for renewable energy credit
The IRS set the inflation adjustment factor for the Renewable Electricity Production Credit (REPC) at 1.9971 and the reference price for wind-generated electricity at USD 0.031 per kilowatt hour for the 2025 tax year. The US Internal Revenue
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Lithuania extends corporate income tax exemption for large-scale investment projects
Under the amended Corporate Income Tax (CIT) Law, companies undertaking qualifying projects may receive tax relief for up to 20 tax years. Lithuania has extended its corporate income tax exemption for large-scale investment projects under a new
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US: Trump ends clean energy tax credits for wind, solar facilities
Federal agencies must report their actions to the White House within 45 days. US President Donald Trump signed an executive order directing the Interior Department to review and adjust policies that currently favour renewable energy over other
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Malaysia allows tax deduction for ESG expenditure
The ESG deduction is capped at MYR 50,000 annually and applies from the year of assessment 2024 through to 2027. Malaysia introduced the Income Tax (Deduction for Expenditure in Relation to Environmental Preservation, Social and Governance) Rules
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Japan issues guidance o interest-equivalent payments under J-ESR
Japan’s FSA issued guidance clarifying tax rules for interest-equivalent payments under the Earnings Stripping Regime, aligning with OECD BEPS Action 4. Japan’s Financial Services Agency (FSA) released guidance on 24 June 2025 clarifying the
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UK Treasury amends Pillar Two rules to allow retrospective HMRC notices
The UK Treasury has amended Multinational Top-up Tax regulations to enable HMRC to issue retrospective notices under the OECD’s Pillar Two rules, effective 24 July 2025. The UK Treasury introduced SI 2025/783 on 30 June 2025, amending the
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Sweden proposes law to implement DAC9
Legislation to take effect from 1 April 2026, with transitional rules and temporary penalty relief The Swedish Ministry of Finance published a memorandum on 4 July 2025 proposing legislation to implement the Amending Directive to the 2011
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Costa Rica updates interest rates on tax arrears and refunds for July 2025
The revised interest rate for late tax payments, refunds, customs issues, and fines has been set at 8.35%, replacing the previous rate of 8.43% Costa Rica's Ministry of Finance has issued Resolution MH-DGH-RES-0042-2025/MH-DGA-RES-0862-2025,
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