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
See MoreUK: 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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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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Turkey updates tax audit rules for digital and remote processes
The Turkish Ministry of Treasury and Finance has updated its tax audit regulations to enhance the use of electronic tools in audit procedures. Published on 13 May 2025, the amendment revises the October 2011 regulation by defining electronic system
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Taiwan allows foreign residents to file income tax online without household registration
Taiwan’s Ministry of Finance announced that foreign nationals who stay in the country for at least 183 days within a taxable year are considered residents of Taiwan for tax purposes, even without household registration, and are eligible to file
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Australia: Northern Territory presents tax measures for 2025 budget
Australia’s Northern Territory (NT) newly elected Country Liberal Party has presented its 2025-26 budget for the province on 13 May 2025. Chief Minister Lia Finocchiaro and Treasurer Bill Yan have emphasised key priorities in the budget,
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Poland plans new e-receipt rules from July 2025
Poland plans to introduce new cash register regulations from 1 July 2025, allowing businesses to issue electronic receipts (e-receipts) from traditional and software-based cash registers, provided the customer consents. The planned changes follow
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Singapore issues guidance on key GST audit focus areas and compliance risks
The Inland Revenue Authority of Singapore (IRAS) has released guidance on the key areas of GST compliance audits, outlining the consequences of non-compliance on 13 May 2025. Current Areas of Audits GST is a self-assessed tax. IRAS conducts
See MoreUS: House Ways and Means Committee releases tax provision summary for budget reconciliation, amends earlier recommendations
The US House Ways and Means Committee released a Description of Tax Provisions related to budget reconciliation recommendations, including proposals to extend key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and other reforms on 12 May
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Chile: Tax authority confirms UAE is not considered a preferential tax jurisdiction
Chile’s tax authority (SII) issued Resolution No. 61 on 8 May 2025 in response to a request submitted on 31 December 2024 regarding whether the UAE qualifies as having a preferential tax regime. The resolution confirms that the UAE is not
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New Zealand releases draft on taxing overseas transfers for residents
New Zealand's Inland Revenue has released a draft Interpretation Statement (PUB00494) to clarify the tax treatment of money or property received by New Zealand tax residents from overseas, including inheritance. The document, issued on 5 May 2025,
See MoreTurkey to mandate smart taximeters and payment systems for taxis by 2025
The Turkish Revenue Administration (GİB) has released a draft communiqué under the Tax Procedure Law requiring all taxis in Turkiye to adopt integrated smart taximeters and payment systems by 31 December 2025. The measure seeks to promote digital
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US: Treasury reports USD 258 billion budget surplus in April 2025
The US Department of the Treasury reported a USD 258 billion budget surplus in April on 12 May 2025. The surplus is up 23% (USD 49 billion) compared to the same period last year. The Treasury said the increased surplus was driven by strong tax
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