Hong Kong: IRD issues GloBE information return schema, user guides

Denmark's Tax Authority partially approved a family group's share exchange on 4 June 2026 but ruled that simplified valuation methods cannot justify automatic tax deferral without proper market assessments of key assets.

A federal judge has blocked a Trump administration rule that tightened access to federal tax credits for wind and solar projects, dealing another legal setback to efforts to restrict clean energy development. The Internal Revenue Service failed to adequately justify eliminating a four-year "safe harbour" pathway that had allowed developers to maintain eligibility by spending just 5% of project costs, the court found.

Bangladesh's 2026-27 budget will introduce unprecedented tax relief across import-export sectors, consumer goods, and emerging entrepreneurs, while raising levies on tobacco, steel, and select commodities. The sweeping measures include slashing advance income tax on mobile phone inputs to 1%, eliminating taxation for freelancers and businesses below set turnover thresholds, and extending incentives for renewable energy investments until 2035—though officials warn some essential items will become costlier to offset revenue losses.

The IRS's fiscal year 2025 Data Book records USD 5.3 trillion in revenue collected across 271.4 million processed returns, as the agency rolls out new tax benefits under the Working Families Tax Cuts Act and accelerates a shift toward digital-first service delivery.

Belgium is among 33 implementing countries that agreed on 18 May 2026 to accept centralised filing of the GloBE Information Return, allowing multinational enterprises to submit reports through a single jurisdiction provided they notify Belgium and the exchange occurs by 31 December 2026, with penalties waived during the transition period.

India has published the Income-Tax (Amendment) Commencement Ordinance 2026, introducing targeted tax exemptions on interest income and capital gains from government securities for specified foreign entities, including Foreign Institutional Investors and the Bank for International Settlements, subject to compliance conditions.