Poland: Parliament approves amendments to the CIT Act, VAT exemption threshold increase
Poland's Sejm approved amendments to the Corporate Income Tax Act and raised the VAT exemption threshold during sessions from 24-26 June 2025. Poland’s lower chamber of the parliament (Sejm) approved amendments to the Corporate Income Tax (CIT)
See More
Czech Republic: MoF issues draft forms for pillar two tax and reporting
The tax return form includes sections for Czech top-up tax, allocated top-up tax, and additional top-up taxes, completed using annexes. The Czech Republic’s Ministry of Finance has released draft forms for tax and information returns related to
See More
Kenya enacts Finance Act 2025, reduces corporate tax rates
The Finance Act 2025 allows NIFCA-certified companies to benefit from reduced corporate tax rates, tax exemptions on dividends with reinvestment conditions. Kenya’s President William Ruto signed the Finance Act 2025 into law on 26 June
See More
Kuwait: Ministry of Finance details implementation of domestic minimum top-up tax
Kuwait’s Ministry of Finance issued Executive Regulations under Ministerial Resolution No. (55) of 2025 on 29 June 2025, detailing the implementation of the Domestic Minimum Top-Up Tax (DMTT) introduced by Decree-Law No. (157) of 2024. This
See More
US: Senate bill accelerates phaseout of renewable tax credits, introduces new levy
The US Senate's upcoming budget bill aims to eliminate wind and solar tax credits from 2005 and introduce a new tax on projects with Chinese components starting after 31 December 2027. The US Senate's latest budget bill, set for a potential vote
See More
Finland: President approves extension of residency exemption for UCITS and AIF funds
The law extends the corporate residency exception for certain investment funds until 31 December 2026. Finland’s President ratified a law on 27 June 2025 extending the exception to corporate residency rules for certain investment funds until 31
See More
Nigeria: President approves four new tax reform bills
The new legislation comprises the Nigeria Tax Act, the Nigeria Tax Administration Act, the National Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act. Nigeria’s President Bola Tinubu has signed four major tax
See More
US: New Mexico extends tax deadlines for fire-affected taxpayers
Taxpayers affected by the fires can file returns due on 25 June or 25 July 2025, by 25 September 2025. Estimated tax payments due on 16 June 2025 are extended to 16 September 2025. The New Mexico Taxation and Revenue Department announced on 24
See More
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
See MoreUS: 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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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,
See More
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
See MoreUS: 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,Â
See More