US: 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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US: Maryland clarifies expanded sales tax on data and IT services
The 3% sales and use tax goes into effect on 1 July 2025. The Comptroller of Maryland clarified the 3% sales and use tax on certain data, IT, and software publishing services in Technical Bulletin No. 56, released on 10 June 2025. The expanded
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Malaysia: MoF announces sales and service tax amendments
Malaysia announced revisions to the sales tax and an expanded service tax scope, effective 1 July 2025. Malaysia’s Ministry of Finance announced on 9 June 2025 revisions to the sales tax and an expanded scope for the
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Australia: ATO consults draft GST instruments
Comments are open until 25 June 2025. The Australian Taxation Office (ATO) has issued two draft legislative instruments, LI 2025/D6 and LI 2025/D7, for public consultation on the goods and services tax (GST) on 28 May 2025. The key measures
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Canada: Government proposes GST rebate for first-time home buyers, repeal of consumer carbon price, middle-class tax cuts
Canada’s Finance Minister proposed the measures on 27 May 2025. Canada’s Finance Minister, François-Philippe Champagne, has tabled a notice of Ways and Means Motion in Parliament on 27 May 2025, proposing GST relief for first-time
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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
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South Africa: MoF presents revised 2025 budget, scraps proposed VAT hike
Finance Minister delivered 2025 revised budget speech on 21 May 2025. Key tax changes include scrapping proposed VAT rate hikes, removing additional zero-rated items, and increasing the inflation-linked fuel levy. South Africa’s Finance
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Sweden: Ministry of Finance announces tax proposals for Autumn Budget 2026, includes reduced corporate tax
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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US: Alabama opts out of federal R&D tax deduction rules, reduces grocery sales tax
Alabama Governor Kay Ivey signed the bill (HB 163) on 14 May 2025, which decoupled Alabama from the federal Tax Cuts and Jobs Act (TCJA) treatment of research and experimental (R&E) expenditures. On the same day, the governor also signed a bill
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Canada: Ontario unveils 2025 budget, proposes increased tax credit for corporations
Minister of Finance Peter Bethlenfalvy, of the Canadian province of Ontario, presented the 2025 Ontario Budget: A Plan to Protect Ontario on 15 May 2025. It confirms no new changes to corporate or personal income tax rates. However, qualifying
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Argentina postpones tax hike on liquid fuel, carbon dioxide
Argentina’s government has postponed the scheduled tax increases on liquid fuels and carbon dioxide through Decree 296/2025, which was published in the Official Gazette on 30 April 2025. This decree delays the hiked tax rates until 1 June
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Australia: ATO urges large taxpayers to submit annual GST supplementary return
The Australian Taxation Office (ATO) has issued a reminder about lodging a new supplementary annual GST return for large taxpayers on 8 May 2025. The return is required for those in the Top 100 and Top 1,000 Justified Trust Programs for GST
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US: New Jersey launches mediation pilot program for corporate sales and tax disputes
The New Jersey Division of Taxation is launching a two-year pilot mediation program on 1 October 2025. The Pilot is set to run for 24 months from 1 October 2025 to 30 September 2027. The program is open to all business entities involved in
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Costa Rica increases fuel tax
Costa Rica’s Ministry of Finance has announced a 0.03% increase in the single tax rate on fuels, as mandated by Law 8.114 of 2001. This tax is applied at fixed rates per litre based on the type of fuel. However, despite this adjustment, the
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Pakistan expands e-invoicing to all sales tax registrants
The Federal Board of Revenue (FBR) of Pakistan has formally extended the electronic invoicing requirement to all sales tax-registered persons through Notification SRO 709(I)/2025 issued on 22 April 2025. This move follows an earlier amendment
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Malaysia postpones new sales and service tax amid tariff concerns
Malaysia’s Ministry of Finance announced that its planned expansion of the sales and service tax, initially planned for implementation on 1 May 2025 as outlined in Budget 2025, will be postponed. The ministry said the sales and service tax will
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Slovak Republic: Parliament rejects bills to exempt social enterprises from financial transaction tax and to lower excise duty on motor fuels
The Slovak Republic’s Parliament voted down two proposed bills seeking to amend the Financial Transaction Tax (FTT) Act and revise the Excise Duty Law on Mineral Oil on 15 April 2025. Financial Transaction Tax (FTT) Act amendment The
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Korea (Rep.) extends fuel tax cuts until June, plans smaller reductions from May
South Korea's Ministry of Economy and Finance announced on 22 April 2025 that it will extend the fuel tax cut for an additional two months, with revised discount rates. The tax discount on gasoline will be reduced from 15% to 10%, while
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