Spain clarifies Pillar Two exclusion for publicly owned commercial entities

The IRS updated guidance on 19 August 2026 for section 163(j) business interest deduction limits, with the One, Big, Beautiful Bill Act restoring depreciation add-backs to adjusted taxable income calculations effective 2025 and excluding controlled foreign corporation income inclusions from that calculation starting 2026. 

Australia’s new News Bargaining Incentive will impose a 2.5% levy on qualifying digital platforms’ Australian advertising revenue unless they strike commercial agreements with local publishers, with larger tax credits available for deals supporting smaller news outlets.

Korea (Rep.) plans to establish a Future Response Fund to channel excess tax revenue towards younger people and investment in artificial intelligence and other growth industries.

SARS has opened consultation on a proposed Digital VAT Model that would introduce structured e-invoicing, an Interoperability Framework (IF), near real-time e-reporting and automated VAT assessments.

India has introduced a series of tax changes covering corporate rates, foreign company exemptions, investment funds, business trusts and specified government securities under legislation enacted on 17 August 2026.

VMI has updated its commentary on the Law on Corporate Income Tax, clarifying the scope of controlled foreign taxable subjects, CFC entities, groups of entities, positive income and target territories.