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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Norway consults proposed list of non-cooperative tax jurisdictions
Norway’s Ministry of Finance opened a public consultation on a proposed list of jurisdictions deemed non-cooperative for tax purposes on 14 May 2025. The establishment of this list is part of the Ministry's work to implement EEA Joint Committee
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Finland updates CRS participating jurisdictions list
The Finnish Tax Administration has published an updated list of participating jurisdictions for exchanging financial account information under the Common Reporting Standard (CRS) on 15 May 2025. The Common Reporting Standard (CRS), developed in
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Australia: ATO updates guidance on Pillar Two minimum tax rules
The Australian Taxation Office (ATO) has published new guidance on the Pillar Two minimum tax rules on 16 May 2025. It now includes: Guidance about how the ATO will administer potential amendments to Australian law to address
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Hong Kong: Government approves new company re-domiciliation regime
The Hong Kong Government has approved the Companies (Amendment) (No.2) Bill 2024 on 14 May 2025, which introduces a new company re-domiciliation regime. Under the company re-domiciliation regime, non-Hong Kong-incorporated companies which fulfil
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Czech Republic: Lower Chamber passes bill introducing complete waiver of tax penalties
The Czech Republic’s lower house of parliament passed a bill on 23 April 2025 amending the Tax Code. The bill introduces a provision under Article 259a that allows for the complete waiver of tax penalties. If passed, most proposed changes
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UK: HMRC clarifies crypto reporting rules under OECD framework from 2026
The UK tax authority (HMRC) has released new guidance on 14 May 2025 outlining reporting obligations for cryptoasset data under the OECD's Cryptoasset Reporting Framework (CARF), set to take effect from 1 January 2026. All UK-based “reporting
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Argentina to scrap mobile phone import tariffs, reduce excise duties on electronics
Argentina will scrap import tariffs on mobile phones and reduce excise duties on other electronic products. Presidential Spokesperson Manuel Adorni says that this initiative will reduce crime, smuggling and lower prices for consumers. The 16%
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Taiwan: Ministry of Finance makes available interest-free extension, installment plan for business affected by US tariffs
In response to the impact of the US “Reciprocal Tariffs” policy on various industries, the National Taxation Bureau of Kaohsiung states that taxpayers who are unable to pay the full amount of tax in a single payment during the income tax return
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US: IRS announces 2025 inflation adjustment for carbon sequestration credit
The US Internal Revenue Service (IRS) has released the inflation adjustment factor for the carbon oxide sequestration credit under IRC section 45Q for 2025 (Notice 2025-25, IRB 2025-20). The inflation adjustment factor for calendar year 2025 is
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Costa Rica extends beneficial ownership filing deadline for non-profit entities
Costa Rica's Tax Administration (DGT) and Drug Institute (ICD) published Joint Resolution No. MH-DGT-RES-0006-2025/icd-DG-0032-2025 in the Official Gazette on 9 May 2025 whicht establishes a transitional provision for specific non-profit
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Norway: Government presents revised 2025 budget, introduces modest tax measures
Norway’s government presented its Revised National Budget for 2025 with a primary focus on safeguarding the economy on 15 May 2025. The revised budget introduces modest tax measures, including a reduction in electricity tax, a tax deferral
See MoreTaiwan: MOF clarifies that businesses with minor tax overdue can still offset profits and losses
Taiwan’s Ministry of Finance (MOF) announced that profit-seeking businesses with minor outstanding tax payments may still request to offset profits and losses. This clarification was made by the Ministry on 6 May 2025. The National Taxation
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Albania mandates tax representation, VAT compliance for MNCs providing digital services
Albanian tax officials released an official statement on 14 May 2025 targeting multinational firms offering digital services directly to consumers in Albania. The Tax Administration, in the framework of implementing the priorities and measures of
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Brazil introduces consumption tax, selective tax as part of VAT reforms
Brazil’s President, Luis Inácio Lula da Silva, signed Complementary Law No. 214/2025 into law on 16 January 2025. It introduces and defines new taxation frameworks in Brazil: Tax on Goods and Services (IBS), the Contribution on Goods and Services
See MoreCanada: Alberta halts industrial carbon pricing at the current rate
The Canadian Province of Alberta announced on 12 May 2025 that it is freezing the industrial carbon price at the current rate of CAD 95 per tonne of emissions. The announcement was made by Alberta’s Premier, Danielle Smith. Previously, the
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US: House Ways and Means Committee passes major tax provisions of ‘One, Big, Beautiful Bill’
The US House Ways and Means Committee issued a release after voting on 14 May 2025, to approve the tax provisions of the "One, Big, Beautiful Bill" (budget reconciliation legislation). The approved provisions align with those outlined before the
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Lithuania: Government approves revised tax reform proposals
Lithuania's Government approved the tax law amendments proposed by the Ministry of Finance. These were updated after the Ministry reviewed suggestions from more than 200 associations, individuals, lobbyists, and institutions. Compared to the initial
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