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Quarterly Tax Developments 30 June 2025
Quarterly Tax Developments focuses on income tax developments that could affect International Financial Reporting Standards (IFRS) accounting.
This edition covers certain substantively enacted, enacted and effective tax legislation, as well as regulatory developments, legislative proposals and other items, including developments on the Organisation for Economic Co-operation and Development (OECD) global minimum tax rules under Pillar Two, identified through 11 June 2025, except as noted.
Under IFRS, companies are required to account for the effects of tax law changes on their deferred tax assets and liabilities in the period the legislation is substantively enacted. Similarly, companies must reflect the effects of a substantively enacted change in tax laws or rates in their annual effective tax rate computation in the period the changes are substantively enacted. If an interim change is significant, temporary differences may need to be estimated as of the enactment.