Canada withdraws 3% digital services tax to revive US trade talks
Canada canceled its planned 3% digital services tax on US tech firms to revive stalled trade talks between Prime Minister Mark Carney and President Donald Trump. According to Canada's finance ministry, Canada scrapped its 3% digital services tax
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Norway: Ministry of Finance announces corporate tax rates effective from July 2025
Norway's Ministry of Finance announced tax updates effective July 2025, which includes reduced VAT for water services, limited CO2 tax exemptions for shipping, lower waste incineration tax for non-ETS enterprises, a military refuelling reimbursement
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Belgium publishes draft XSD schema for Pillar Two top-up tax return
Belgium has issued a draft schema outlining how groups should file their Pillar 2 top-up tax return under the new QDMTT rules. Belgium’s tax authorities, Federal Public Service (FPS) Finance has issued a draft XSD schema for the annual
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Italy amends CFC rules, tax loss carry-forward provisions
The adopted tax measures include updates to controlled foreign company (CFC) rules and tax loss carry-forward provisions. Italy has published Decree No. 84 of 17 June 2025 in Official Gazette No. 138 on 17 June 2025, introducing changes to the
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US: Senate Republicans unveil new tax and spending bill, aligns with House legislation
US Senate Republicans proposed changes to Trump's tax and spending bill, making some business tax breaks permanent while limiting state and local tax deductions. US Senate Republicans have introduced their version of President Donald Trump's
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Uganda presents 2025–26 budget, proposes income tax exemption for start-ups
Uganda's Ministry of Finance unveiled a UGX 72.136 trillion national budget for 2025-26. Uganda’s Ministry of Finance Planning and Economic Development has unveiled a UGX 72.136 trillion national budget for the 2025-26 financial year on 12
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Tanzania presents 2025-26 budget, introduces withholding tax and higher AMT
The budget speech highlighted key fiscal changes, which included a new withholding tax, higher alternative minimum tax, and VAT adjustments. Tanzania's Minister of Finance, Mwigulu Nchemba, has presented the 2025-26 Budget Speech to parliament on
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Vietnam: Parliament approves gradual tax rise on beer and strong alcohol by 2031
Vietnam plans to raise taxes on beer and strong alcohol to 90% by 2031. Vietnam’s parliament has approved a plan to increase taxes on beer and strong alcoholic beverages to 90% by 2031, up from the current 65%. The tax hike will be phased in
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Kenya: National Treasury publishes budget statement 2025-26, reduces corporate and digital tax rates
Kenya's National Treasury has released the 2025-26 Budget Statement on 12 June 2025. Kenya's National Treasury published the 2025-26 Budget Statement on 12 June 2025, outlining key tax measures aligning with proposals highlighted in the 2025
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Brazil: Government to raise tax on interest on equity in fiscal package
Brazil's Finance Ministry plans to increase the income tax on interest on equity (JCP) payments from 15% to 20% as part of a new fiscal package. Brazil's Finance Minister, Fernando Haddad, announced on 10 June 2025 that the government is
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Spain consults on Pillar 2 tax reporting forms
Spain is seeking feedback on a draft order introducing key reporting forms for the complementary tax, which runs until 24 June 2025. Spain’s Ministry of Finance opened a public consultation on 3 June 2025 concerning a draft order that sets out
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UK: HMRC issues updated guidance on multinational and domestic top-up taxes
The UK HMRC updated its guidance on preparing for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June 2025. UK HMRC updated its guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June
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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 MoreUS: 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
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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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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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