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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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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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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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
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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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Georgia introduces tax incentives for startups and R&D entities
Innovative startups will enjoy 10 years of tax benefits, including exemption from salaries for the first three years, 5% corporate tax rates for the next three years, and 10% for the final four years. R&D service providers will face 5% corporate
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EU adopts regulation to facilitate automatic exchange of tax information under DAC9
With this implementing regulation, the EU aims to provide technical solutions to facilitate the automatic exchange of information between Member States under DAC9. The European Commission (EC) announced on 7 July 2025 that it has adopted a
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US: Connecticut enacts 2026–27 budget with corporate tax changes, digital media incentive expansion
The H.B. 7287 and H.B. 7166 establish the 2026-2027 state budget and expand the tax credits for digital media and film infrastructure. Connecticut Governor Ned Lamont (D) signed H.B. 7287 and H.B. 7166, which set the 2026-2027 state budget and
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Denmark launches consultation on draft law to implement DAC9 requirements
Denmark has launched a public consultation on draft legislation to implement DAC9 with feedback due by 21 August 2025. The Danish Ministry of Taxation has opened a public consultation on draft legislation to implement Council Directive (EU)
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Pakistan: Federal Board of Revenue publishes Finance Act 2025
Finance Act 2025 introduces new digital taxes, revised income tax rates, and expanded enforcement measures effective from 1 July 2025. Pakistan's Federal Board of Revenue (FBR) has enacted the Finance Act 2025 on 27 June 2025, introducing major
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US: Trump signs ‘One Big Beautiful Bill’ into law
Trump signed the “One Big Beautiful Bill” into law on 4 July 2025, which makes his 2017 tax cuts permanent and introduces new tax breaks promised during his 2024 campaign. US President Donald Trump signed a major tax and spending bill dubbed
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Austria issues second set of FAQs on minimum taxation Act
The FAQs on the Minimum Taxation Act provide detailed guidance on technical topics like prior-period income, joint ventures, mergers, and filing obligations. Austria’s Ministry of Finance published Part 2 of its FAQs on the Minimum Taxation
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Ukraine: Government approves 2026–2028 budget plan
Ukraine’s Cabinet approved the 2026–2028 Budget Declaration, outlining fiscal targets, wage adjustments, and EU-aligned reforms. The Ukrainian Council of Ministers approved the Budget Declaration for 2026–2028 through Decree No. 774 on 27
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The UK and US have agreed on the G7 global minimum tax framework, removing Section 899 to protect UK businesses from extra taxation. The UK Government has published a statement regarding its agreement with the US on the implementation of the
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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
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