Australia: ATO drafting guidance on Pillar Two lodgment obligations and transition
The Australian Taxation Office (ATO) has updated its advice and guidance plans on international issues, including the Pillar Two global minimum tax. This covers Pillar Two lodgment obligations, the ATO's transitional approach, and updated advice on
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UAE: FTA releases FAQs to clarify domestic minimum top-up tax
The UAE Federal Tax Authority has released a list of Frequently Asked Questions (FAQs) on its Domestic Minimum Top-up Tax (DMTT) webpage to clarify the new legislation. Here are the key questions addressed: Has the OECD reviewed the legislation
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Canada: Nunavut presents 2025-26 budget, no income or corporate tax hikeÂ
Canadian province, Nunavut’s Finance Minister Lorne Kusugak delivered the province’s 2025-26 budget on 24 February 2025. The key aspect of the 2025-26 budget is it includes no increases to corporate or income taxes. However, the federal
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Lithuania plans further CIT rate hike
Lithuania is planning to further increase the corporate income tax rate (CIT), which could rise to 17%–18% from 16%. "The corporate tax could certainly be increased by one or even two percentage points. This would not reduce our business
See MoreCanada: Alberta presents tax measures for 2025 budget
Alberta’s Finance Minister Nate Horner has presented the province’s budget for 2025 on 27 February 2025. Alberta is facing its first deficit since 2020-21, with no clear plan yet to return to a surplus. The province anticipates a CAD 5.2
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Taiwan: MOF issues withholding tax guidance for foreign firms
Taiwan's Ministry of Finance (MOF) has issued guidance allowing foreign companies to apply in advance for approval of the net profit ratio and domestic profit contribution ratio on 26 February 2025. This enables withholding tax to be calculated
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Hong Kong announces 2025-26 budget, proposes reducing profits tax amongst other measures
Hong Kong Financial Secretary Paul Chan delivered the 2025-26 budget on 26 February 2025, which included various tax measures such as reducing profits tax, salaries tax and tax under personal assessment; raising the maximum value of properties
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Israel proposes withholding tax on digital asset transactions
Israel’s government proposed draft regulations on 21 November 2024 to impose withholding tax on digital asset transactions, including cryptocurrencies, tokens, and non-fungible tokens (NFTs). A recent ministerial memorandum clarified that
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Spain: Constitutional Court to review early corporate tax payment rules for large entities
Spain has published Notice 1 and Notice 2 in the Official Gazette, announcing that the Constitutional Court will review the constitutionality of Spain's advance corporate income tax payment requirements. The questions focus on the
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Hungary: Economy minister seeks review of global minimum tax
Hungary's National Economy Minister, Márton Nagy, has called for a reassessment of the global minimum tax following the Trump administration's decision to withdraw the US from its commitment to the OECD Global Tax Deal, also known as the two-pillar
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Poland publishes list of qualified jurisdictions for Pillar Two rules
Poland’s Minister of Finance has issued a notice on 7 February 2025 listing jurisdictions that have adopted the qualified income inclusion rule (IIR), qualified for the domestic minimum top-up tax (QDMTT), or meet the criteria to be treated as
See MoreAustralia suspends commercial broadcasting tax for a year
Australia’s federal government has enacted the Commercial Broadcasting (Tax) Amendment (Transmitter Licence Tax Rebate) Rules 2025 on 13 February 2025, which suspends the Commercial Broadcasting Tax (CBT) for one year from 9 June 2025 to 8 June
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Ireland updates global minimum tax guidance
The Irish Revenue has released eBrief No. 045/25 on 17 February 2025, introducing updates to Tax and Duty Manual Part 04A-01-02. These revisions focus on the Global Minimum Level of Taxation applicable to Multinational Enterprise Groups and domestic
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Cyprus issues 10-year bond yields for notional interest deduction
The Cyprus Tax Department announced, on 14 February 2025, the issuance of the 10-year government bond yield rates as of 31 December 2024 for various countries related to the Notional Interest Deduction (NID) on equity. These rates will determine
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Singapore: PM presents 2025 budget, CIT rebate and investment incentives amongst new tax measuresÂ
Singapore’s Prime Minister and Finance Minister, Lawrence Wong, presented the 2025 budget on 18 February 2025 outlining various tax changes which include corporate income tax (CIT) rebate and incentives to drive investments. The key tax
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Netherlands: Inframarginal electricity levy tax due by April 2025
The Dutch Tax and Customs Administration has announced it set the deadline for sending the tax return and payment of the inframarginal electricity levy (IME). The deadline is 1 April 2025. The inframarginal electricity levy (IME) is temporary
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France gazettes Finance Law 2025
France’s Finance Law 2025 has been published in the Official Gazette, introducing key measures, such as temporary taxes on high-income individuals and large corporations, revisions to the Pillar Two global minimum tax rules, and a new tax on share
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Poland to consult R&D tax relief under Pillar Two GloBE Rules
The Ministry of Finance announced that it will hold consultations on the direction of modifications to the research and development (R&D) tax relief in the context of the Pillar Two GloBE Rules on 21 February 2025. Registrations for
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