US: IRS offers tax relief to Missouri wildfire and storm victims
The IRS announced tax relief for Missouri residents and businesses affected by severe storms, tornadoes, and wildfires starting on 14 March 2025. Impacted taxpayers have until November 3, 2025, to file federal tax returns and make payments. The
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The IRS has announced tax relief for individuals and businesses in parts of Texas impacted by severe storms and flooding starting on 26 March 2025. Affected taxpayers have until 3 November 2025 to file tax returns and make payments. The US
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Hong Kong updates list of profit tax-exempt debt instruments
The Hong Kong Inland Revenue Department (IRD) has released updated Qualifying Debt Instruments (QDIs) lists as of 31 March 2025. The Hong Kong Inland Revenue Department (IRD) updated its list of Qualifying Debt Instruments (QDIs) on 10 June 2025,
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Spain consults on Pillar 2 tax reporting forms
Spain is seeking feedback on a draft order introducing key reporting forms for the complementary tax, which runs until 24 June 2025. Spain’s Ministry of Finance opened a public consultation on 3 June 2025 concerning a draft order that sets out
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UK: HMRC issues updated guidance on multinational and domestic top-up taxes
The UK HMRC updated its guidance on preparing for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June 2025. UK HMRC updated its guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June
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Singapore: IRAS updates e-tax guide on foreign asset disposal gains
IRAS revises tax rules for foreign asset sales—gains may be taxable if transactions lack economic substance in Singapore, effective 1 January 2024. The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide Income Tax:
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Colombia updates self-withholding tax rates starting June 2025
Colombia revises self-withholding tax rates from 1 June 2025, with new sector-based rates and payment thresholds. Colombia’s Ministry of Finance has issued Decree No. 0572 on 28 May 2025, updating the self-withholding tax rates for a broad
See MoreUS: IRS reminds taxpayers due date of second quarter estimated tax payment of 16 June
The IRS issued a reminder that the second quarter 2025 estimated tax payment is due on 16 June 2025. The US Internal Revenue Service (IRS) issued IR-2025-65 on 6 June 2025, reminding taxpayers that the second quarter 2025 estimated tax payment is
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Iceland consults on global minimum tax implementation
Iceland is holding a public consultation from 4 June to 5 August 2025 on a proposed bill to implement the Pillar 2 global minimum tax under the GloBE Model Rules. Iceland's Ministry of Finance and Economic Affairs has opened a public consultation
See MoreHong Kong enacts BEPS 2.0 Pillar Two minimum tax law
Under Pillar Two of BEPS 2.0, a global minimum tax of 15% is imposed on multinational enterprise (MNE) groups with annual consolidated revenue of EUR 750 million or above in at least two of the four fiscal years immediately preceding the current
See MoreColombia updates withholding and self-withholding tax rates
Colombia updates income tax withholding rates and thresholds, effective 1 June 2025. Colombia’s National Government released Decree 0572 of 2025 on 28 May 2025, which updated the income tax self-withholding rates and revised minimum withholding
See MoreUS: IRS issues interim guidance on simplified option for CAMT calculation
The guidance offers a simplified method to determine "applicable corporation" status under IRC Sec. 59(k), increasing minimum thresholds and waiving some estimated tax penalties. The US Internal Revenue Service (IRS) issued Notice 2025-27,
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Egypt to replace capital gains tax with stamp tax on stock transactions
Egypt's Cabinet replaces the capital gains tax on securities with a stamp tax. Egypt’s Cabinet has decided to cancel the capital gains tax on securities listed on the country’s stock exchanges on 4 June 2025. Ministers have decided to
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Denmark: Parliament approves changes to Pillar Two minimum tax, Pillar One Amount B, related measures
The Parliament approved Bill L 194A on 3 June 2025. Denmark’s parliament has approved Bill L 194A, amending the Minimum Taxation Act, Corporate Tax Act, and other laws on 3 June 2025. Minimum Taxation Act and Corporate Tax Act The
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Philippines enacts Capital Markets Efficiency Promotion Act (CMEPA)Â
Philippine President Ferdinand R. Marcos, Jr. has signed the Capital Markets Efficiency Promotion Act (CMEPA) into law on 30 May 2025, which goes into force on 1 July 2025. Philippine President Ferdinand R. Marcos, Jr., has signed the Capital
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New Zealand lowers interest rates on tax underpayments and overpayments
New Zealand Inland Revenue updated the UOMI Rates on 28 May 2025. Underpayment rates drop to 9.89% (from 10.88%), and overpayment rates decrease to 3.27% (from 4.30%). The New Zealand Inland Revenue has published the revised Taxation (Use of
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Chile confirms end date for Costa Rica’s preferential tax regime status
Chile’s tax Administration (SII) confirmed that Costa Rica is not considered a preferential tax regime under the Income Tax Law. Chile’s tax authority (SII) issued Letter Ruling No. 1007 on 22 May 2025 regarding when Costa Rica ceased to be
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Nigeria implements incentives to enhance cost efficiency in upstream petroleum operations
The President signed an incentives program to encourage cost efficiency in upstream petroleum operations, which includes a tax credit of up to 20% of an operator’s annual tax liability. Nigeria's Ministry of Information and National Orientation
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