New Zealand to enhance governance of emissions trading scheme
New rules will require detailed reporting from trading platforms and participants, enhancing oversight as part of broader climate reforms. The New Zealand government announced that it is taking steps to improve its Emissions Trading Scheme (ETS)
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US: Trump pledges to negotiate ‘big, beautiful’ tax bill for Senate approval
Trump’s remarks came after Elon Musk said in a CBS interview that he was ‘disappointed’ with the bill’s massive spending, which undermines the Department of Government Efficiency (DOGE) efforts to reduce the US budget deficit US
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EU Council stresses international tax cooperation and anti-evasion efforts in development financing
The EU Council released its conclusions and a press release on 26 May 2025, ahead of the 4th International Conference on Financing for Development. The Council of the European Union has released its conclusions and a press release on 26 May
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OECD reports Asia’s tax transparency gains
The report highlights efforts to implement global tax transparency standards across Asia, combat illicit financial flows, and boost domestic resource mobilisation through the Asia Initiative. The OECD’s Global Forum on Transparency and Exchange
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Dominican Republic: DGII sets 2025 inflation multipliers, exchange rates
The tax authority issued new inflation and exchange rate adjustments for the fiscal year ending March 2025. The Dominican Republic’s Directorate General of Internal Revenue (DGII) has issued Resolution No. DDG-AR1-2025-00003, establishing
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EU Commission unveils strategy to streamline single market
The European Commission released a communication on 21 May 2025 outlining a strategy to strengthen and simplify the EU Single Market. The document emphasises the Single Market as a cornerstone of the EU's growth, competitiveness, and resilience,
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Vietnam, US conclude second round of tariff negotiations
Vietnamese Trade Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer led the talks, identifying areas of near consensus and others requiring further discussion. The US and Vietnam concluded their second round of tariff
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Brazil: Government announces spending cuts 2025 budget
The government announced plans to cut BRL 31.3 billion from the 2025 budget to meet fiscal rules and plans to raise the tax on financial transactions. Brazil's government announced that it will implement measures to slash BRL 31.3 billion (USD
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OECD: PCT publishes tax incentives principles
The Principles are intended to support governments in developing the rationale for tax incentives and in strengthening their design, implementation, and evaluation The Platform for Collaboration on Tax (PCT) has released the final version of the
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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
See MoreUS: 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
See MoreUS: 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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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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