Canada: Newfoundland and Labrador announces 2025 budget, introduces no changes to tax rates
Canada province Newfoundland and Labrador finance minister Siobhan Coady has presented the province’s 2025 budget on 9 April 2025. The minister mentioned the province’s deficit has decreased from CAD 1.5 billion in 2020-21 to CAD 372 million
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Germany: Coalition government to lower corporate tax rate amongst other policy changes
Germany’s new coalition government, formed by the conservative alliance led by Friedrich Merz and the centre-left Social Democrats (SPD), announced a set of tax measures on 9 April 2025 as part of their policy agreement. The measures include a
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Belgium revises 2025 advance income tax payment rules
Belgium's SPF Finance has updated its guidance on Advance Income Tax Payments for Companies. The quarterly advance payment deadlines for the 2025 tax year (2026 assessment year) are: For the first quarter: no later than 10 April 2025; For
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Romania brings amendments to construction tax
Romania introduced and enacted Government Emergency Ordinance no. 21/2025 (GEO 21/2025) on 4 April 2025, which amends the construction tax (pillar tax). The provisions of the ordinance take effect upon publication and will be applicable beginning
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Poland updates law to include new Pillar Two administrative guidelines
Poland's Ministry of Finance is working to finalise a draft legislation to amend the Equalization Tax Act for International and Domestic Groups, implementing the Pillar Two global minimum tax under EU Directive 2022/2523 of 14 December 2022. This
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Algeria clarifies flat-rate tax regime measures under 2025 Finance Law
Algeria’s National Tax Administration (NTA) announced new measures on 31 March 2025 affecting the Unique Flat-Rate Tax (IFU) regime under the 2025 Finance Law. These amendments will enhance tax compliance while streamlining the IFU regime. The
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US: IRS updates guidance on branch-level interest tax
The US Internal Revenue Service (IRS) has released an updated practice unit on Branch-Level Interest Tax Concepts. Below is a general overview of the key points covered in this publication: Note: This Practice Unit was updated to remove
See MoreGermany: Ministry of Finance clarifies application of CbC reporting for transparent partnerships
Germany’s Federal Ministry of Finance published a letter on 3 April 2025 addressing how Country-by-Country (CbC) reporting applies to tax-transparent partnerships, including their treatment under the Transitional CbCR Safe Harbour for Pillar
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Hong Kong issues profits tax, property tax, and employer’s returns for 2024-25
The Hong Kong Inland Revenue Department (IRD) has issued profits tax, property tax and employer's returns for 2024-25 on 1 April 2025. The IRD issued about 230,000 profits tax returns, 120,000 property tax returns and 330,000 employer's returns
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Brazil updates rules on social contribution top-up tax for Pillar 2
Brazil has issued Normative Instruction RFB No. 2.259 of 24 March 2025, which amends the regulations for the Additional Social Contribution on Net Profit (CSLL) contained in Normative Instruction RFB No. 2,228 of 3 October 2024. The Additional
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Brazil ends COVID-19 era support for events sector
Brazil has announced the conclusion of the Emergency Program for the Resumption of the Events Sector (PERSE) through RFB Executive Declaratory Act No. 2 of 21 March 2025, which was published in the Official Gazette. The PERSE program, established
See MoreCanada: Quebec announces tax measures in 2025-26 budget
The Canadian province Quebec's finance minister, Eric Girard, delivered the province’s 2025-26 budget on 25 March 2025. The minister unveiled a budget projecting a CAD 13.6 billion deficit, with CAD 2.2 billion allocated for debt repayment and
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New Zealand: Parliament grants Royal Assent for Omnibus Tax Bill
New Zealand’s Parliament announced on 29 March 2025 that royal assent had been granted to Public Act No. 9/2025, a comprehensive omnibus tax law. The Bill introduces several key provisions, including confirming annual income tax rates for the
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OECD adds Guernsey to list of qualified Pillar Two jurisdictions
The OECD issued an update on 31 March 2025, in which Guernsey has been added as a jurisdiction with a qualified income inclusion rule (IIR), domestic minimum top-up tax rule (QDMTT), and meeting QDMTT safe harbor standards. This should prevent
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US: Utah reduces corporate franchise tax rates
The Governor of Utah, Spencer Cox, signed House Bill (HB) 106 on 26 March 2025, cutting corporate franchise tax rates to 4.50% from 4.55% for taxable years starting on or after 1 January 2025. The USD 100 minimum tax remains
See MoreBrazil: Chamber of Deputies consider detox tax on digital platforms
Brazil's Chamber of Deputies is reviewing a draft bill on 18 March 2025 to introduce a digital detox contribution (CIDE-Detox Digital). As per the legislation, a 1% contribution tax would apply to companies with digital platforms earning over BRL
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Spain gazettes Pillar Two global minimum tax rules
Spain has issued Royal Decree 252/2025 of 1 April 2025 in the Official Gazette, introducing Complementary Tax Regulations to ensure a global minimum tax for large multinationals and national groups. The regulations clarify Law No. 7/2024 of 20
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UK lists territories with qualifying IIR and DMTT under Pillar Two rules
The UK’s Pillar Two Multinational Top-up Tax (MTT) rules recognise certain foreign income inclusion rules (IIR) and domestic top-up taxes as "qualifying" if they align with OECD standards. To provide clarity, the government introduced regulations
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