Australia consults draft foreign resident CGT law with renewable energy relief

Singapore signed the GloBE Information Reporting Multilateral Competent Authority Agreement (GIR MCAA) on 14 April 2026 under the OECD/G20 Inclusive Framework’s Pillar Two, enabling the automatic exchange of GloBE Information Returns between tax authorities.

KRA has issued a Step-By-Step Guide detailing new income and expense validation procedures for income tax returns, confirming that from 1 January 2026 declared figures will be cross-checked against TIMS/eTIMS, withholding tax and customs import data through the iTax platform.

FTA has introduced revised administrative penalties under Cabinet Decision No. (129) of 2025, effective 14 April 2026, lowering several fines and updating compliance rules across VAT, excise tax and corporate tax.

The Lithuanian Parliament has adopted amendments to the Law on Excise Duties reducing the fixed excise component for standard and marked diesel on a temporary basis until 15 June 2026, before rates revert to previous levels in line with Law No. XV-811.

President Ferdinand R. Marcos Jr. has suspended excise taxes on liquefied petroleum gas (LPG) and kerosene to ease energy costs for Filipino families, following the declaration of a national energy emergency and new powers granted under R.A. 12316.

President William Ruto has unveiled a KES 6.5 billion intervention package, reducing VAT on fuel from 16% to 8% for three months to shield Kenyans from rising fuel costs, while keeping kerosene prices unchanged.