US to drop ‘Unfair Foreign Taxes’ from budget bill, G7 to exempt US companies from Pillar Two
The US Treasury and G7 nations agreed to exempt US companies from Pillar Two taxes in exchange for removing section 899 from the "One Big Beautiful Bill". US Treasury Secretary Scott Bessent announced, on 27 June 2025, that the US has reached
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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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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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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, Martín Vallcorba, announced plans to include
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Italy 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
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Slovak Republic: MoF consults DAC9, Pillar Two implementation bill
DAC9 introduces new rules for sharing top-up tax information and filing obligations under the Pillar Two GMT Directive (Directive (EU) 2022/2523). The Slovak Republic's Ministry of Finance has opened a public consultation on a draft bill to
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Vietnam: National Assembly approves revised corporate tax law, introduces improved incentives
The amended CIT Law introduces new rules on capital transfers, revised SME rates, and targeted tax incentives. Vietnam’s National Assembly passed Law No. 67/2025/QH15 on 14 June 2025 , a major amendment to the Corporate Income Tax (CIT) Law,
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Norway consults on Pillar Two minimum tax amendments
The consultation addresses deferred and cross-border taxes, pass-through entities, hybrid arrangements, securitisation entities and technical corrections. The Norwegian government has announced a public consultation on 16 June 2025 regarding the
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Uganda presents 2025–26 budget, proposes income tax exemption for start-ups
Uganda's Ministry of Finance unveiled a UGX 72.136 trillion national budget for 2025-26. Uganda’s Ministry of Finance Planning and Economic Development has unveiled a UGX 72.136 trillion national budget for the 2025-26 financial year on 12
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Tanzania presents 2025-26 budget, introduces withholding tax and higher AMT
The budget speech highlighted key fiscal changes, which included a new withholding tax, higher alternative minimum tax, and VAT adjustments. Tanzania's Minister of Finance, Mwigulu Nchemba, has presented the 2025-26 Budget Speech to parliament on
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Vietnam: Parliament approves gradual tax rise on beer and strong alcohol by 2031
Vietnam plans to raise taxes on beer and strong alcohol to 90% by 2031. Vietnam’s parliament has approved a plan to increase taxes on beer and strong alcoholic beverages to 90% by 2031, up from the current 65%. The tax hike will be phased in
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Kenya: National Treasury publishes budget statement 2025-26, reduces corporate and digital tax rates
Kenya's National Treasury has released the 2025-26 Budget Statement on 12 June 2025. Kenya's National Treasury published the 2025-26 Budget Statement on 12 June 2025, outlining key tax measures aligning with proposals highlighted in the 2025
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Brazil: Government to raise tax on interest on equity in fiscal package
Brazil's Finance Ministry plans to increase the income tax on interest on equity (JCP) payments from 15% to 20% as part of a new fiscal package. Brazil's Finance Minister, Fernando Haddad, announced on 10 June 2025 that the government is
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US: CRS publishes report on enforcing remedies for unfair foreign tax practices
The US House of Representatives passed the One Big Beautiful Bill Act on 22 May 2025, now with the Senate. A key tax measure includes adding section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," to the Code. The US Congressional
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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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