Bangladesh: Government backtracks dissolution of National Board of Revenue
The government has confirmed that NBR will maintain its operations during the phased implementation of the new Revenue Policy and Revenue Management Ordinance 2025. Bangladesh’s interim government has confirmed that the National Board of
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OECD: Carbon taxes and emissions trading most effective climate policies
The paper examines carbon mitigation policies, their impact on emissions, and methods to measure carbon intensity across sectors. The Organisation for Economic Co-operation and Development (OECD) released a paper titled “The effects of climate
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US: House of Representatives approve ‘One, Big, Beautiful Bill’
The bill makes the 2017 Trump tax cuts permanent, provide tax relief for families and small businesses, and encourage investment and manufacturing in the US. The US House Ways and Means Committee passed the One, Big, Beautiful Bill (Act) by the
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New Zealand announces 2025 budget, introduces tax incentive to boost investment
The budget, announced on 22 May 2025, includes a 20% “investment boost” tax deduction for business assets and changes to KiwiSaver. New Zealand’s Minister of Finance, Nicola Willis, announced the 2025 budget on 22 May 2025, introducing
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Australia: Productivity Commission consults corporate tax reform, reduce regulatory impact on businesses
The Australian Productivity Commission is seeking policies to enhance economic resilience and productivity. Feedback is open until 6 June 2025. The Australian Productivity Commission has opened a consultation for a corporate tax reform to build a
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Peru mandates tax compliance training for microenterprises to avoid penalties
Peru now requires microenterprises to complete tax training for a first-time offence under a new law. Peru’s Congress passed Law No. 32335, which introduces mandatory tax training for microenterprises before they can be fined for a first-time
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US: House of Representatives advance Trump’s major tax and spending bill
The Republican-controlled House advanced President Trump's tax and spending bill on 21 May 2025, clearing a key procedural hurdle and setting it up for a floor vote. US President Donald Trump's massive tax and spending bill passed a key
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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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Taiwan: MoF clarifies tax treatment of employee scholarship expenses
Taiwan’s Ministry of Finance released new guidance clarifying the tax implications of scholarship-related expenses on 19 May 2025. A foreign company inquired by phone with the National Taxation Bureau about whether they could claim expenses for
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New Zealand drops digital services tax bill
New Zealand's Revenue Minister, Simon Watts, announced on 20 May 2025 that the government has decided to scrap the Digital Services Tax Bill from the legislative programme. The Digital Services Tax Bill was introduced in 2023 by the previous
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Canada: Carney to announce 2025-26 federal budget in autumn
Canada’s Prime Minister Mark Carney said on 18 May 2025 that the federal government will present a budget this autumn. This follows Finance Minister François-Philippe Champagne's announcement on 14 May 2025 that the government won’t table a
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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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UK raises penalties for late payments of VAT, Making Tax Digital for Income Tax Self Assessment
The UK's HM Revenue and Customs (HMRC) has increased penalties for unpaid tax liabilities for VAT and Making Tax Digital for Income Tax Self Assessment taxpayers under the Finance Act 2021, following the introduction of Regulations SI 2025/589 made
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Kazakhstan: Ministry of Finance consults resolution authorising signing of tax treaty with Egypt
Kazakhstan’s Ministry of Finance opened a public consultation on changes to a draft resolution authorising the signing of an income tax treaty with Egypt on 16 May 2025. The public can submit comments until 30 May 2025. The change updates
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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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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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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
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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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