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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Latvia consults draft law on mandatory e-invoicing
The draft is aligned with EU digital reporting standards and establishes technical requirements, submission procedures, and a phased implementation schedule. The Latvian Cabinet has launched a public consultation on a draft regulation outlining
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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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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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Italy extends deadline for penalty protection on hybrid mismatch documentation
Calendar-year taxpayers now have until 31 October 2025 to finalise documentation for the years 2020 through 2024. Italy’s Ministry of Economy and Finance has issued Decree Law No. 84 on 17 June 2025, extending the deadline for taxpayers to
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Poland: Government approves bill introducing mandatory e-invoicing
The Council of Ministers approved the bill introducing KSeF, aimed at simplifying document circulation, easing invoice handling for businesses, and reducing tax fraud. The Poland Council of Ministers adopted a draft law amending the VAT Act and
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US: IRS enhances pre-filing agreement programme for large and multinational businesses
The IRS has improved its Pre-Filing Agreement programme to offer large businesses and international taxpayers greater tax certainty, emphasising cooperative strategies to prevent disputes early. The US Internal Revenue Service (IRS) issued
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Slovak Republic: MoF consults DAC9, Pillar Two implementation bill
DAC9 introduces new rules for sharing top-up tax information and filing obligations under the Pillar Two GMT Directive (Directive (EU) 2022/2523). The Slovak Republic's Ministry of Finance has opened a public consultation on a draft bill to
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OECD releases guide to help jurisdictions develop tax crime investigation manuals
The guide covers key development steps and provides country-specific examples of effective investigation methods. The OECD published a guide titled Designing a Tax Crime Investigation Manual: Key Elements and Considerations on 16 June
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UAE: FTA publishes updated corporate tax self registration manual
The updated corporate tax self-registration manual aims to simplify the registration process on the EmaraTax portal. The UAE Federal Tax Authority (FTA) released Version 3.0.0.0 of the Corporate Tax Self-Registration – Taxpayer User Manual on
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Vietnam: National Assembly approves revised corporate tax law, introduces improved incentives
The amended CIT Law introduces new rules on capital transfers, revised SME rates, and targeted tax incentives. Vietnam’s National Assembly passed Law No. 67/2025/QH15 on 14 June 2025 , a major amendment to the Corporate Income Tax (CIT) Law,
See MoreUS: Senate bill proposes higher tax credit for CO2 use in oil production
The panel proposed equalizing the tax credit for using captured carbon in oil recovery with the USD 85/metric ton credit for permanently storing carbon. A US Senate panel released a bill proposing to match the tax credit for capturing carbon
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OECD releases report on digitalisation of tax administration
The OECD report details tax administration's digitalisation and transformation efforts. The Organisation for Economic Cooperation and Development (OECD) has released a report, Tax Administration Digitalisation and Digital Transformation
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Croatia to mandate B2B e-invoicing from 2026
E-invoicing will be mandatory for domestic B2B transactions. The Act takes effect on 1 September 2025, and the main e-invoicing requirements will start on 1 January 2026. Provisions for the new MIKROeRUKUN application for issuing, receiving, and
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Malta: Revenue publishes overview of key 2025 income tax Act amendments
Malta’s Revenue outlines key 2025 income tax act amendments, covering deductions, tax bands and reliefs. Malta's Commissioner for Revenue published a memo on 13 June 2025 outlining amendments to the Income Tax Act (ITA) introduced by the Budget
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Norway consults on Pillar Two minimum tax amendments
The consultation addresses deferred and cross-border taxes, pass-through entities, hybrid arrangements, securitisation entities and technical corrections. The Norwegian government has announced a public consultation on 16 June 2025 regarding the
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Australia: ATO issues additional guidance on public CbC reporting
The guidance outlines several benefits of voluntary registration. The Australian Taxation Office (ATO) released additional guidance on its public country-by-country (CbC) regime on 12 June 2025. The guidance outlines several benefits of voluntary
See MoreUS: Senate Republicans propose ending EV tax credits
Senate Republicans push to eliminate key EV tax credits, proposing immediate reductions for leased imports and a complete phase-out within 180 days. US Senate Republicans introduced a tax and budget bill that would eliminate several electric
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