Singapore: IRAS updates guidance on GST registration based on prospective view
IRAS updates GST registration rules, introducing a two-month grace period for businesses forecasting turnover above SGD 1 million from July 2025. The Inland Revenue Authority of Singapore (IRAS) has updated its Goods and Services Tax (GST)
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OECD responds to G7 statement on US exemption from global minimum tax
The G7's side-by-side arrangement aims to limit corporate tax competition, protect government tax bases, and provide businesses with stable, predictable international tax frameworks. The OECD Secretary-General issued a statement on 28 June 2025
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EU states endorse simplified sustainability reporting and due diligence rules
The mandate proposes to simplify corporate sustainability (CSRD) and due diligence directives (CS3D) by reducing reporting burdens and minimising obligations for smaller companies. The Council of the EU approved a negotiating mandate to simplify
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US: Trump’s ‘One Big Beautiful Bill’ advances in the Senate with amendments
The amended text temporarily raises the SALT cap to USD 40,000, accelerates the phase-out of green energy credits, and eliminates proposed Tax Code Section 899 on foreign tax remedies. The Senate Budget Committee Chairman, Lindsey Graham,
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OECD releases tax administration 3.0 report on digital integration
The OECD's "Tax Administration 3.0" report advocates modernising tax systems by integrating them into taxpayers' digital systems for improved compliance and real-time efficiency. The OECD has published Tax Administration 3.0: From Vision to
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Saudi Arabia revises zakat rules on residency, exemptions, and base calculation
ZATCA has amended Zakat regulations, revising residency criteria, exemption conditions, Zakat base calculation, and group filing requirements. Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued new amendments to the Zakat Collection
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Luxembourg issues guidance on ecological vessel tax bonus
Luxembourg sets certification rules for ecological vessels to qualify for a 2% investment tax bonus. The Luxembourg Maritime Affairs Commission has released Circular CAM 06/2025 on 18 June 2025, detailing the procedure for obtaining an approval
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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
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US: ETAAC 2025 Report presents recommendations to Congress and IRS
ETAAC advised the IRS to enhance security and combat fraud by updating tax return forms, reviewing e-File reject codes, promoting information sharing, and advancing digital taxpayer interactions. The US Internal Revenue Service (IRS) issued
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Australia: 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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US to drop ‘Unfair Foreign Taxes’ from budget bill, G7 to exempt US companies from Pillar Two
The US Treasury and G7 nations agreed to exempt US companies from Pillar Two taxes in exchange for removing section 899 from the "One Big Beautiful Bill". US Treasury Secretary Scott Bessent announced, on 27 June 2025, that the US has reached
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Uzbekistan: Senate approves cross-tax offset amendments
ECOFIN’s final meeting under Poland’s Presidency approved a report outlining progress on key EU tax measures and ongoing international developments. The Economic and Financial Affairs Council of the EU (ECOFIN Council) held its final
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EU publishes tax progress report
ECOFIN’s final meeting under Poland’s Presidency approved a report outlining progress on key EU tax measures and ongoing international developments. The Economic and Financial Affairs Council of the EU (ECOFIN Council) held its final
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Greece consults draft tax and customs law amendments
The draft tax law introduces changes affecting crew taxation, hospitalisation benefits, and electronic rent payments. The Greek Ministry of Finance launched a public consultation on a draft law on 24 June 2025. The law introduces various tax
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Australia: 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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Finland: Ministry of Finance consults mining mineral tax increase
The tax amount is based on the taxable value of the metal content in the ore, which is confirmed annually by the Finnish Tax Administration. The Ministry of Finance is requesting comments on a proposed amendment to the mining mineral tax. Under
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US: Washington expands B&O tax disclosure to cover investment income
Washington expands B&O Tax Voluntary Disclosure from July 2025 to cover unreported investment income with penalty relief. Washington State will expand its Business & Occupation (B&O) Tax Voluntary Disclosure Program to cover
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China: State Administration of Taxation introduces reporting obligations for internet platform enterprises
The rules apply to both domestic and foreign digital platforms that offer profit-generating services within China and apply from the date of publication. China’s State Administration of Taxation issued State Council Decree No. 810, which
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