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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Chile clarifies conditions for indirect asset disposal tax exemption
The tax authority’s clarification involves addressing the tax implications of an Australian business group's indirect disposal of underlying assets in Chile. Chile’s tax authority (SII) issued Letter Ruling No. 1154 on 19 June 2025,
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Australia: Queensland 2025 budget eliminates transfer duty for first-home buyers
The budget focuses on preserving the current tax structure while introducing a key initiative to remove transfer duty for eligible first-home buyers. Queensland’s State Treasurer, David Janetzki, presented the 2025-26 state budget for
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EU Commission approves new state aid rules to support clean industry
The European Commission's new State aid framework enables Member States to boost clean energy, industrial decarbonization, and clean technology by offering tax incentives, such as faster deductions for clean technology investments. The European
See MoreAustralia: Capital Territory announces 2025-26 budget, includes conveyance duty concessions
The ACT's 2025-26 Budget focuses on tax reform, including reduced conveyance duties, increased land tax exemptions, new thresholds for general rates, a short-term rental levy, and adjusted motor vehicle duty for zero-emission vehicles. The
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Uzbekistan reduces customs-duty-free import thresholds for selected goods
The Ministry of Economy and Finance has reduced customs duty exemption thresholds for personal imports to USD 1,000 by air and USD 500 by rail or river, while allowing up to 65 grams of jewellery worth up to USD 2,000 to be imported without
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US: Maine to broaden sales tax to include digital content
Maine's new budget law will impose a 5.5% sales tax on streaming platforms and digital services starting 1 January 2026. Maine Governor Janet Mills signed a new budget law (LD 210) on 23 June 2025, which expands the state’s sales tax to include
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Slovak Republic consults financial transactions tax exemption for foreign entities, entrepreneurs
The draft bill exempts foreign subsidiaries/branches with prior taxable income under EUR 100,000 and individual entrepreneurs from the financial transactions tax. The Slovak Republic’s Ministry of Finance is consulting on a draft bill to narrow
See MoreAustralia: NSW announces 2025-26 budget, makes BTR land tax concession permanent
From 2026, New South Wales will make the BTR land tax concession permanent and launch a critical minerals royalty deferral scheme to attract investment. Michael Coutts-Trotter, the Secretary of the New South Wales (NSW) Treasury, presented the
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South Africa: SARS updates tax guide on net billing for renewable energy
SARS clarifies tax rules for surplus renewable energy under net-billing system. The South Africa Revenue Service (SARS) released an updated Guide on 13 June 2025, outlining the tax implications for the net-billing tariff system applied to surplus
See MoreAustralia: Western Australia improves housing affordability as part of 2025–26 budget
Western Australia passed the Duties Amendment Bill 2025, expanding concessions for first-home buyers and off-the-plan purchases to improve housing affordability as part of the 2025-2026 budget, with no new taxes. The Western Australian Parliament
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Australia: ATO consults draft GST, foreign ownership register rules
The ATO is consulting on three draft instruments regarding GST and the Register of Foreign Ownership of Australian Assets. Feedback is open until 16 July 2025. The Australian Taxation Office (ATO) opened a consultation on three draft instruments
See MoreEU urges Hungary to scrap retail tax regime
The move aims to ensure compliance with the principle of freedom of establishment. In its June 2025 infringements package, the European Commission issued a reasoned opinion to Hungary on 18 June 2025, urging the country to abolish its retail tax
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Canada: British Columbia to raise speculation and vacancy tax rates in 2026
The speculation and vacancy tax rates will increase for foreign owners from 2% to 3% and for Canadian residents from 0.5% to 1% from 2026. The Government of British Columbia announced on 12 June 2025 that speculation and vacancy tax rates will
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UK: BoE likely to hold interest rates amid rising oil prices and inflation risks
The Bank of England is likely to keep interest rates at 4.25%, weighing lower domestic inflation against rising oil prices and global uncertainty. The Bank of England (BoE) is expected to keep its Bank Rate steady at 4.25% in its policy
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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
See MoreUS: Illinois to tax 50% of GILTI, tightens interest deductions under 2026 budget
Starting with tax years ending on or after 31 December 2025, taxpayers must include 50% of GILTI, as defined under IRC section 951A, in their base income for Illinois tax purposes. Illinois Governor J.B. Pritzker signed a bill (HB 2755) on 16
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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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