US: New Jersey launches mediation pilot program for corporate sales and tax disputes
The New Jersey Division of Taxation is launching a two-year pilot mediation program on 1 October 2025. The Pilot is set to run for 24 months from 1 October 2025 to 30 September 2027. The program is open to all business entities involved in
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Netherlands scraps plastic tax, considers higher waste tax
The Dutch government has reportedly scrapped its plans to introduce a polymer levy (polymerenheffing) or the plastic tax. Cancelling the tax will cause a EUR 567 million budget loss, which will likely be offset by raising the waste tax rate and
See MoreNetherlands advances to close tax-free annuity loophole in new omnibus tax bill
The Netherlands State Secretary for Finance has submitted the 2026 Omnibus Tax Bill to Parliament for approval. The Ministry of Finance has published both the bill and its accompanying explanatory memorandum on 25 April 2025. This legislation
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US: Trump proposes USD 163 billion in federal budget cuts for 2026
The Trump administration has proposed USD 163 billion budgetary cuts for the 2026 federal budget on Friday, 2 May 2025. The federal budget drastically reduces spending on education, housing, and medical research while increasing funding for
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Saudi Arabia imposes 10% tax on undeveloped land to boost construction
Saudi Arabia has raised the annual fee on unused land from 2.5% to as much as 10% of the property's value, following Cabinet-approved reforms to the White Land Tax Law. The changes, enacted on 29 April 2025, represent the largest update to the law
See MoreUS: Trump to reveal 2026 federal budget plan later today
US President Donald Trump is set to unveil his 2026 fiscal year budget proposal today, 2 May 2025, which will then be submitted to Congress. The federal budget release follows after Republicans in Congress’ attempt to resolve divisions over
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OECD report spotlights carbon forum progress, future plans
The OECD Secretary-General has published a report on 25 April 2025 addressing G20 finance ministers and central bank governors on the progress and initiatives of the Inclusive Forum on Carbon Mitigation Approaches (IFCMA). With 60 members and
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US: IRS revises practice unit on home office, stewardship deductions for US branches of foreign firms
The US Internal Revenue Service (IRS) has updated its international practice unit, Section 861 - Home Office and Stewardship Expenses, on 28 March 2025, focusing on the deductibility of home office and stewardship expenses by a US branch of a
See MoreUS: Treasury publishes list of countries requiring cooperation with an international boycott
The US Department of the Treasury published a notice in the Federal Register on 25 April 2025, listing countries that may require participation or cooperation in an international boycott. The list includes Iraq, Kuwait, Lebanon, Libya, Qatar,
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US: Trump reportedly plans to cut billions from programmes in 2026 budget proposal
The Trump Administration is planning to cut billions from child care, health research, education, and housing programmes in its 2026 budget proposal, which is being finalised by the White House's Office of Management and Budget, according to a New
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Slovenia seeks input on crypto and derivative financial instruments tax bills
The Slovenian Ministry of Finance has launched a public consultation on the draft Act on Capital Gains Tax on the Disposal of Crypto-Assets and the draft amendment to the Act on Capital Gains Tax on the Disposal of Derivative Financial Instruments,
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Ukraine extends Martial Law until August, delaying elections amid war
Ukraine’s parliament has extended martial law until August, delaying elections amidst the ongoing war with Russia. The President of Ukraine has extended martial law for 90 days, from 9 May to 6 August 2025, with the signing of Draft Law on 18
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Uganda proposes broad tax reforms effective July 2025
The Uganda Minister of Finance, Planning, and Economic Development presented the Tax Amendment Bills, 2025 on 27 March 2025, to Parliament for debate. If approved by Parliament and signed by the President of Uganda, the Bills will come into effect
See MoreUS: IRS, Treasury to scrap basis shifting transaction of interest rules
The US Department of the Treasury and Internal Revenue Service (IRS) issued Notice 2025-23 on 17 April 2025, announcing plans to propose removing the basis shifting transactions of interest regulations (T.D. 10028) originally issued on 14 January
See MoreUS: White House denies targeting climate-focused non-profit organisations’ tax-exempt status
The White House confirmed on Tuesday, 22 April 2025, that there is no draft or consideration of any executive order targeting the tax-exempt status of climate-focused non-profit organisations. This development follows after speculations arose
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Canada: PM Carney promises tax cuts in election bid
Canadian Prime Minister Mark Carney has pledged tax cuts, infrastructure spending, and defence investments during an election campaign platform on Saturday, 20 April 2025. Carney highlighted that his government is working towards policies to
See MoreUS: IRS to waive penalties for some micro-captive disclosures
The U.S. Internal Revenue Service (IRS) has released Notice 2025-24 on 11 April 2025, announcing that it will waive penalties for participants and material advisors of reportable micro-captive insurance transactions if disclosure statements are
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UAE adopts OECD Commentary and Agreed Administrative Guidance top-up tax for QDMTT for MNEs
The UAE Ministry of Finance has published “Ministerial Decision No. 88 of 2025 on the Commentary and Agreed Administrative Guidance for the Purposes of Cabinet Decision No. 142 of 2024 on the Imposition of Top-Up Tax On Multinational
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