Australia includes major corporate, CGT tax reforms 2026-27 budget 

13 May, 2026

Australia's 2026-27 Federal Budget, delivered by Treasurer Jim Chalmers on 12 May 2026, introduces major tax reforms targeting capital gains and negative gearing while supporting businesses and workers. The budget...

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Indonesia: DJP sets procedures for Pillar Two global minimum tax compliance

13 May, 2026

Indonesia’s Directorate General of Taxes (DJP) has issued Regulation No. PER-6/PJ/2026, establishing detailed procedures for compliance with Pillar Two global minimum tax rules, including registration, reporting, and payment obligations for affected multinational enterprise groups.

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US: Arkansas cuts corporate tax rates

13 May, 2026

The legislation introduces a unified tiered rate structure for all businesses while continuing the state's decade-long pattern of tax cuts. 

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Finland revises guidance on trade income for non-resident companies

13 May, 2026

The Finnish Tax Administration updated its guidance on 6 May 2026, clarifying withholding tax obligations when paying non-wage compensation to non-resident foreign companies.  

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European Commission endorses VFX uplift tax credit for Ireland

13 May, 2026

The European Commission has approved Ireland’s enhanced Section 481 Film Tax Credit, including a Visual Effects (VFX) Uplift, under State aid rules, introducing a 40% credit for qualifying VFX expenditure as part of Budget 2026 measures to strengthen the sector’s competitiveness.

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Serbia updates rulebook on electronic invoicing

13 May, 2026

Serbia has updated its Rulebook on Electronic Invoicing, introducing revised procedures for system access, VAT recording, invoice issuance, and compliance deadlines — with the changes taking effect from tax periods beginning 1 April 2026.

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Taiwan: Taxation Bureau clarifies procedures for refundable tax, offsets

13 May, 2026

Taiwan’s Taipei National Taxation Bureau has reminded businesses that VAT filing is required every two months even in periods with no sales revenue, as tax liability is determined by the balance of output and input tax. Late submission can still attract penalties regardless of whether tax is payable, as illustrated in a case involving a company fined for delayed filing despite zero sales.

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Canada: Quebec to increase small business deduction rate, reduce small business tax rate

13 May, 2026

Revenu Quebec announced on 4 May 2026 that the small business deduction rate for Canadian-controlled private corporations will increase from 8.3% to 9.3% for taxation years beginning after 29 April 2026. The change reduces the minimum tax rate on eligible income from 3.2% to 2.2%, while maintaining the CAD 500,000 business limit and existing conditions related to paid-up capital and investment income thresholds.

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UK: HMRC issues letters over BADR lifetime limit breach

13 May, 2026

HMRC is issuing a second round of letters to taxpayers who claimed Business Asset Disposal Relief (BADR) in their 2024/25 Self Assessment returns and may have exceeded the GBP 1 million lifetime limit, asking them to amend returns where necessary.

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Sri Lanka proposes sweeping VAT reforms targeting digital services, compliance

13 May, 2026

Sri Lanka’s government has published the Value Added Tax (Amendment) Bill, introducing changes to the VAT regime covering digital services, non-resident suppliers, registration thresholds, compliance measures, penalties, and VAT rates, with retrospective effect from 1 October 2025.

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