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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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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UN Tax Convention discusses fast-track mechanism for tax protocols
On 13 August 2025, during the third day of the second session of the United Nations Framework Convention on International Tax Cooperation, delegates discussed creating a fast-track instrument to implement Protocol I on taxing income from
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Chile: SII updates rules for digital platforms to confirm users’ tax registration
The new rules mandates digital payment and intermediation platforms to verify users' compliance with business activity obligations through the SII platform’s “situación tributaria” option, API tax ID queries, or other SII-provided digital
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Italy: Tax authorities revise guidelines for tax control framework
The tax control framework (TCF) is aimed at detecting, measuring, managing, and controlling tax risks for taxpayers in the cooperative compliance programme to foster improved communication and cooperation with tax authorities. Italy’s tax
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Kyrgyzstan implements tax arrears relief, revives patent tax, updates simplified tax rules
A newly enacted law implements tax debt write-offs, abolition of transport tax, new benefits and exemptions, changes to the simplified single tax regime, revised sales tax rates, and restrictions on deductions to curb tax evasion. The
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New Zealand: IR consults PPP loss carry-forward rules
The consultation is set to conclude on 19 September 2025. New Zealand’s Inland Revenue (IR) has initiated a public consultation on the draft Income tax – Public private partnership projects and business continuity test for losses PUB00521 on
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India to reduce GST by Diwali
India plans to simplify GST and lower taxes on common goods by Diwali. Indian Prime Minister Narendra Modi announced today, 15 August 2025, that the government will introduce “next generation” reforms in the Goods and Services Tax (GST),
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US: IRS issues guidance on safeguarding taxpayer identity with multi-factor authentication, IP PINs, and online accounts
The IRS and Security Summit urge taxpayers and tax professionals to use identity protection PINs, secure online accounts, and multi-factor authentication to safeguard against tax-related identity theft. The US Internal Revenue Service (IRS) has
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Nigeria: Tax Authority extends deadline for e-invoice integration
FIRS Management has approved a three months extension of the compliance deadline. Nigeria’s Federal Inland Revenue Service (FIRS) issued a notice on 11 August 2025, confirming the launch of the Merchant Buyer Solution (eInvoice) system, which
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UAE: FTA establishes audited special-purpose financial statements preparation rules
UAE’s Federal Tax Authority issues Decision 7/2025 requiring tax groups to prepare annual audited aggregated financial statements in line with IFRS. The Federal Tax Authority of the UAE has published Decision No. 7/2025 on 16 July 2025,
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Pakistan: FBR updates e-invoicing implementation schedule
FBR sets new phased deadlines for registration, testing, and mandatory e-invoicing for sales tax-registered persons. The Pakistan Federal Board of Revenue (FBR) has issued a Notification S.R.O. 1413(I)/2025 on 1 August 2025 outlining a revised
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Italy introduces conditional IRES rate cut to reward responsible corporate growth
The incentive is available to Italian-resident joint-stock companies, commercial entities, and permanent establishments of non-resident companies, and non-commercial entities on income from commercial activities. Italy’s Ministry of Economy
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Australia: Central Bank cuts interest rates for third time in 2025 as inflation eases
Following a two-day policy meeting, the Reserve Bank of Australia board announced that it had reduced the cash rate by 25 basis points. Australia’s central bank has lowered its benchmark interest rate for the third time this year, citing
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Australia: Treasury releases issues paper on budget sustainability, tax reform before economic reform roundtable
The issues paper outlines tax reforms to ensure fair resource returns, extend small business asset write-offs, support affordable housing, incentivise renewable energy investments, make superannuation concessions equitable, and enhance tax
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Singapore: IRAS publishes details on GST audit, enforcement activities
IRAS reports over 2,800 GST audits in FY 2024-25, recovering SGD 205 million and urging businesses to improve compliance and voluntarily disclose errors. The Inland Revenue Authority of Singapore (IRAS) has released details regarding its GST
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Germany: MoF releases draft law to amend Minimum Tax Act, aligns with the latest OECD Pillar Two GloBE guidelines
The draft legislation aims to amend the Minimum Tax Act by implementing the new OECD guidelines of December 2023, May 2024, and January 2025. Germany’s Ministry of Finance has released a draft law (Minimum Tax Adjustment Act) to amend the
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