EU: Commission consults CBAM methodology, certificate adjustments, third-country carbon price deductions
Stakeholders are encouraged to provide feedback on this initiative until 25 September 2025. The European Commission initiated a consultation on 28 August 2025 to gather the opinions of all stakeholders on the rules on the methodology for
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Singapore: IRAS updates guidance on completing GST form F5
The update provides detailed, box-by-box guidance for filling out Form GST F5, the standard form used for reporting GST. The Inland Revenue Authority of Singapore (IRAS) has released revised instructions for completing GST returns. The update
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US: IRS issues guidance on elections, amended returns, accounting method changes for R&E costs under OBBBA
The guidance covers procedures for amortising domestic R&E costs, obtaining automatic consent for accounting changes, and extended deadlines for certain 2024 returns. The IRS released Revenue Procedure 2025-28, outlining rules for elections,
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Malaysia: MoF prolongs tax deduction for sustainable investment-linked sukuk until 2027
The special tax deduction extension for Labuan companies applies from the year of assessment (YA) 2024 to YA 2027, as announced in the 2024 budget. Malaysia’s Ministry of Finance has extended the special tax deduction for companies or Labuan
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Italy extends deadline for comprehensive overhaul of tax system
The reform reduces tax burdens, improves legal certainty, implements OECD BEPS Pillar Two and seeks to attract foreign investment. Italy has published Law No. 120 of 8 August 2025 in the Official Gazette No. 184 of 9 August 2025, announcing the
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Australia: Treasurer outlines tax reforms centred on equity, growth, and sustainability
The tax reforms prioritised ensuring fairness and intergenerational equity for workers, incentivising business investment to address economic productivity challenges, and simplifying the system to fund essential services amid societal shifts like
See MoreUS: IRS, Treasury release FAQs for the accelerated termination of select OBBBA energy provisions
These FAQs provide guidance on several energy credits and deductions that are expiring under OBBBA and their termination dates. The US Internal Revenue Service (IRS) has released a fact sheet with FAQs (FS-2025-05) on 21 August 2025 to clarify
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US: Treasury, IRS propose new reporting rules for partnership interest sales
Public comments are open until 18 September 2025. The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed regulations modifying information reporting obligations with respect to sales or exchanges of certain
See MoreUS: IRS revises payment loss rules (DLP), extends transition relief for dual consolidated loss and GloBE model rules
Notice 2025-44 proposes the withdrawal of the disregarded payment loss (DPL) rules finalised in January 2025 and extending the transition relief for the interaction of dual consolidated loss (DCL) rules with the OECD/G20 BEPS GloBE model
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Indonesia: Central Bank cuts interest rate to 5.00%
This marks the fifth rate cut since September 2022, bringing rates down by a total of 125 basis points to their lowest level since late 2022. Indonesia’s central bank, Bank Indonesia (BI), announced it has cut its benchmark interest rate by 25
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Australia: ATO clarifies what private rulings can cover
A private ruling is binding advice explaining how a tax law applies to a specific situation or scheme. The Australian Taxation Office (ATO) has released updated guidance on 17 August 2025, regarding the scope of private rulings. A private
See MoreUS: IRS updates reporting rules for research tax credit (Form 6765)
The updated Form 6765 now includes mandatory sections E and F for all taxpayers, while section G is optional for tax years before 2025 and mandatory starting in 2025. The US Internal Revenue Service (IRS) has introduced a revised Form 6765,
See MoreUS: IRS opens applications for 2026 Compliance Assurance Program
The 2026 Compliance Assurance Process (CAP) program application period will run from 3 September to 31 October 2025. The US Internal Revenue Service (IRS) has released IR-2025-84 on 18 August 2025, in which it announced the opening of the 2026
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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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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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