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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UK, US agree on global minimum tax deal
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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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
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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
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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 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
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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
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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
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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
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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
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