US: 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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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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Hong Kong issues ruling on corporate treasury centres eligibility for profit tax concessions
The Hong Kong Inland Revenue Department (IRD) issued an advance ruling about an applicant's eligibility for the 8.25% concessionary tax rate for qualifying corporate treasury centres, which has been available since 1 April 2016. The Hong Kong
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Bangladesh: Interim Government announces 2025-26 national budget
The government’s growth forecast of 5.5% falls below the IMF’s estimate, signalling a shift away from chasing ambitious GDP targets and mega projects. The budget is set at BDT 7,90,000 crore, with a revenue budget of BDT 5,74,000
See MoreHong Kong: Government approves global minimum tax bill
The bill introduces a 15% global minimum tax for multinational enterprise groups, starting 1 January 2025. The Hong Kong Inland Revenue Department (HKIRD) has announced that the Legislative Council approved the Inland Revenue (Amendment) (Minimum
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US: Washington adopts major business and occupation tax reforms
The law introduces significant changes to the B&O tax and extends the retail sales tax to computer-related services. Washington Governor Bob Ferguson signed two bills, Bill HB 2021 and Bill SB 5814, into law on 20 May 2025, introducing major
See MoreUS: House of Representatives approve ‘One, Big, Beautiful Bill’
The bill makes the 2017 Trump tax cuts permanent, provide tax relief for families and small businesses, and encourage investment and manufacturing in the US. The US House Ways and Means Committee passed the One, Big, Beautiful Bill (Act) by the
See MoreHong Kong: Legislative Council Bills Committee advances global minimum tax bill
The Hong Kong Legislative Council Bills Committee released a report on the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 on 19 May 2025, affirming that it does not object to the amendments put forward by the
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Sweden: Ministry of Finance announces tax proposals for Autumn Budget 2026, includes reduced corporate taxÂ
Sweden's Ministry of Finance announced various tax proposals for the 2026 Autumn Budget on 19 May 2025. It includes reduced corporate tax, energy tax on electricity, special income tax for non-residents, amongst others. Reduced corporate
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Australia: ATO updates guidance on Pillar Two minimum tax rules
The Australian Taxation Office (ATO) has published new guidance on the Pillar Two minimum tax rules on 16 May 2025. It now includes: Guidance about how the ATO will administer potential amendments to Australian law to address
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OECD updates 2025 globe rules commentary with new Annex B for global minimum tax
The OECD/G20 Inclusive Framework on BEPS issued an updated consolidated commentary to the global Anti-Base Erosion Model Rules, part of Pillar Two of the Inclusive Framework’s Two-Pillar Solution, on 9 May 2025. The 2025 edition expands
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Estonia considers raising personal and corporate income tax rates, scrapping temporary security tax
The Estonian government presented a draft bill ( 25-0475 ) to the parliament proposing permanent tax increases to replace the temporary 2% security tax on 9 May 2025. The draft bill, which amends relevant Acts, removes the planned 2% security tax
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Ireland: Revenue updates Pillar Two tax guidelines
Irish Revenue issued eBrief 098/2025 on 8 May 2025, updating its Tax and Duty Manual on global minimum taxation rules. The following two Tax and Duty Manuals (TDMs) relating to Pillar Two have been updated: TDM Part 04A-01-01 - Global
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Argentina revises income tax advance payment regime for businesses
Argentina’s tax authority (ARCA) has announced changes to the income tax advance payment regime on 30 April 2025 through General Resolution 5685/2025, which was published in the Official Gazette the same day. As per the amendment, companies
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Spain updates Basque Economic Agreement to implement OECD’s Pillar Two global minimum tax
Spain published Law No. 3/2025 in its Official Gazette on 29 April 2025, updating the Economic Agreement with the Basque Country. This agreement, originally from 2002, has been revised to include the new global minimum tax rules under the
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EU publishes DAC9 directive for top-up tax information return
The EU has published the Council Directive (EU) 2025/872 of 14 April 2025 amending Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC9) in the Official Journal of the European Union on 6 May 2025. The directive
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Austria: Budget Accompanying Act 2025 awaits parliamentary approval, proposes amendments to VAT, income taxes amongst othersÂ
Austria’s Ministry of Finance (BMF) has released the draft Budget Accompanying Act 2025 (BBG 2025) on 2 May 2025. The Budget Accompanying Act 2025 is presently awaiting parliamentary approval. The proposed key tax measures include amendments to
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Turkey: Tax Authority extends 0% withholding tax on bonds, bills and sukuk to July 2025
Turkey's tax authority issued Presidential Decree No. 9769 on 30 April 2025, which was published in the Official Gazette on 1 May 2025 (No. 32887). The decree extends the 0% withholding tax rate on income derived from certain government-backed
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