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
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US: 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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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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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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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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Belgium gazettes laws concerning participation exemption requirements, exit tax rules, and other tax reforms
The Belgian Chamber of Deputies approved the law on 17 July 2025. Belgium’s government has published the Programme Law of 18 July 2025 in the Official Gazette on 29 July 2025. The law introduces a new participation exemption requirement
See MoreUS: IRS Confirms 2025 individual filing rules and withholding tables unchanged under ‘One Big Beautiful Bill Act’
The IRS announced there will be no changes to certain information returns or withholding tables under the phased implementation of the One Big Beautiful Bill Act for the 2025 tax year. The US Internal Revenue Service (IRS) has issued
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Taiwan urges taxpayers to observe statutory deadlines for administrative appeals
The finance ministry reminded taxpayers to strictly observe statutory deadlines when filing administrative appeals to avoid rejection due to late submission. Taiwan’s Ministry of Finance has issued a notice highlighting the need for taxpayers
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Korea (Rep.) unveils 2025 tax revision bill, enhances R&D credits
The 2025 tax reform bill aims to bolster strategic industries and welfare by introducing targeted tax credits for R&D, AI, and K-content, while streamlining corporate and capital gains taxes. South Korea’s Ministry of Economy and Finance
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