Hong Kong: IRD revises eligible debt instruments list for profits tax relief
The QDIs listed are mainly composed of debt instruments issued by governments and financial institutions within the Asia-Pacific region, along with a limited number from other issuers. The Hong Kong Inland Revenue Department (IRD) has released
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US: IRS proposes rules on F reorganisations involving US real property transfers
Notice 2025-45 announces plans to propose regulations modifying the application of Sections 897(d) and (e) to certain inbound F reorganisations under Section 368(a)(1)(F) involving US real property interests. The US Internal Revenue Service (IRS)
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South Africa to tax dividends on certain hedging instruments from 2026
South Africa proposes taxing dividends on certain hedging instruments from 2026 to align tax with IFRS accounting. The South African government has proposed amending section 24JB of the Income Tax Act to tax dividends received on equity
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South Africa: SARS consults 2025 Draft Taxation Laws Amendment Bill, Draft Tax Administration Laws Amendment Bill
The Treasury and SARS have released the 2025 draft tax bills and regulations for public consultation, which ends on 12 September 2025. The National Treasury and South African Revenue Service (SARS) has initiated a public consultation on the
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India introduces Pillar Two disclosure requirements under national accounting standard
India has amended Ind AS 12 to align with International Accounting Standard 12 and introduce new disclosure requirements for the OECD’s Pillar Two global minimum tax. India’s Ministry of Corporate Affairs has issued the Companies (Indian
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Australia: ATO clarifies what private rulings can cover
A private ruling is binding advice explaining how a tax law applies to a specific situation or scheme. The Australian Taxation Office (ATO) has released updated guidance on 17 August 2025, regarding the scope of private rulings. A private
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US: IRS updates reporting rules for research tax credit (Form 6765)
The updated Form 6765 now includes mandatory sections E and F for all taxpayers, while section G is optional for tax years before 2025 and mandatory starting in 2025. The US Internal Revenue Service (IRS) has introduced a revised Form 6765,
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Colombia: DIAN clarifies dividend withholding for Andean Community holding companies
DIAN rules that dividends to Andean Community holding companies with comparable regimes are exempt from withholding tax, while others remain taxable. Colombia’s tax authority (DIAN) issued Ruling 8935 int 1037 on 10 July 2025, providing
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UK considers replacing stamp duty with new property tax
UK Treasury considers replacing stamp duty with a new levy on homes over GBP 500,000, aiming for more stable revenue from fewer transactions. The UK Treasury is reportedly considering a major shift in property taxation, exploring the replacement
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Chile clarifies indirect foreign tax credit treatment for CFCs
Ruling No. 1500-2025 confirms that the indirect foreign tax credit applies only if a treaty or information exchange agreement exists and the CFC owns at least 10% of the subsidiary. Chile’s tax administration (SII) issued Ruling No. 1500-2025
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Kenya: KRA announces collection of sugar development levy
The collection of the sugar development levy went into effect on 1 July 2025. The Kenya Revenue Authority (KRA) announced on 31 July 2025 the commencement of sugar development levy collection, effective 1 July 2025. The KRA informed millers
See MoreUS: IRS opens applications for 2026 Compliance Assurance Program
The 2026 Compliance Assurance Process (CAP) program application period will run from 3 September to 31 October 2025. The US Internal Revenue Service (IRS) has released IR-2025-84 on 18 August 2025, in which it announced the opening of the 2026
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New Zealand to replace petrol tax with distance-based road charges
New Zealand will shift from petrol taxes to electronic road user charges for all vehicles, starting a staged overhaul of its road funding system. New Zealand’s government announced plans, on 6 August 2025, to overhaul its road funding system,
See MoreIndia to cut GST on small cars, health and life insurance premiums
The government proposed cutting GST on small cars from 28% to 18% and reducing GST on health and life insurance premiums to as low as 5% or zero. India’s government has proposed reducing the Goods and Services Tax (GST) on small cars from 28%
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Canada: DoF consults previously announced draft tax rules
The deadline for sending feedback is 12 September 2025. Canada’s Department of Finance has unveiled draft legislation for consultation on 15 August 2025, aimed at implementing various previously announced and additional tax measures. The
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Colombia invites applications for R&D&I projects with tax incentives
Colombia’s MinCiencias launches Call 970 for R&D&I projects eligible for 50% tax credits or 30% deductions, with applications open until 10 September 2025. The Colombian Ministry of Science, Technology and Innovation (MinCiencias)
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US: Tax rule revisions ease concerns for clean energy investors, IRS clarifies tax credit phaseout
The Trump administration’s revised subsidy rules, effective 2 September, narrowed the “under construction” definition for solar and wind projects to qualify for a 30% federal tax credit, requiring substantial physical work while maintaining a
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Japan, UAE hold fourth round of CEPA negotiations
The fourth round of CEPA negotiations between Japan and the UAE from 4–8 August 2025, focused on trade, competition, and intellectual property. The Ministry of Foreign Affairs of Japan reported on 8 August 2025 that the fourth round of
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