Lithuania: VMI clarifies rules on foreign tax deductions
Lithuania’s State Tax Inspectorate (VMI) has updated its official commentary on the Law on Corporate Income Tax, clarifying how corporate income tax or an equivalent tax paid abroad can be deducted from Lithuanian corporate income tax. The
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Ireland updates Section 110 guidance on foreign withholding tax
Irish Revenue has updated its guidance on the tax treatment of foreign withholding tax for Section 110 qualifying companies, setting out how relief may be available under Schedule 24 where income has been taxed at source in another
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US: IRS clarifies limitation on deduction for business interest expense
The US IRS has published updated Questions and Answers about the limitation on the deduction for business interest expense, dated 19 August 2026. The updated FAQs are as follows: Topic A: General information Q1. What is the section 163(j)
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Australia: Senate passes tax reform bill introducing permanent loss carry-back, AUD 20,000 asset write-off
The Australian Senate approved the Treasury Laws Amendment (Tax Reform No. 2) Bill 2026 on 19 August 2026, following its passage by the House of Representatives on 18 August 2026. The Bill is a legislative package designed to implement key
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Poland proposes 22% CIT rate for large companies in tax reform package
Poland’s government has unveiled a package of tax changes that would increase the basic CIT rate to 22% for entities with annual revenues exceeding EUR 50 million and for tax capital groups, while introducing changes to several other tax
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Germany: Federal Fiscal Court clarifies minimum taxation, loss carryforwards
Germany’s Federal Fiscal Court (BFH) has confirmed the constitutionality of statutory minimum taxation rules while finding that tax authorities must reconsider a request for equitable relief where restrictions on loss carryforwards create a
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Brazil announces deadline to apply for the Simplified National Tax Regime
Brazil's Federal Revenue Service (RFB) announced, on 19 August 2026, that companies wishing to join the Simplified National Tax Regime (Simples Nacional) must submit applications in September 2026 rather than January 2027. The change stems from
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Egypt: ETA unveils plans introduction of tax Sukuk
Egypt is preparing to introduce an optional Tax Sukuk that taxpayers can subscribe to and later use to settle future tax liabilities, as the government seeks to raise domestic liquidity and encourage tax compliance. The Egypt Tax Authority (ETA)
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India publishes disclosure scheme rules for foreign assets of small taxpayers
The Indian Central Board of Direct Taxes (CBDT) Ministry of Finance, notified the Foreign Assets of Small Taxpayers - Disclosure Scheme Rules, 2026 on 14 August 2026, under Section 143 of the Finance Act, 2026. The rules provide the procedural
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New Zealand clarifies corporate income tax treatment of amalgamations
New Zealand Inland Revenue issued Technical Decision Summary No. 26/11 on 14 August 2026, setting out the corporate income tax consequences of a proposed amalgamation involving several New Zealand resident companies under common ownership. The
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Taiwan clarifies business tax rules for non-profits selling goods or services
Taiwan's National Taxation Bureau of the Central Area has clarified how non-profit educational, cultural, public welfare and charitable institutions must report and pay business tax when they sell goods or services, following an enquiry from an
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Taiwan tightens corporate tax rules for property leasing entities
Taiwan's Central District National Taxation Bureau, under the Ministry of Finance, had amended rules governing corporate income tax filings for businesses that lease their own real estate, in a move aimed at ensuring fairness between individual and
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Hong Kong: FSTB clarifies media enquiries regarding preferential tax regime for carried interest
The Hong Kong Inland Revenue Department published an FTSB response dated 12 August 2026 addressing media enquiries about the expanded preferential tax regime for carried interest proposed under the Inland Revenue (Amendment) (Preferential Tax
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Taiwan clarifies business tax rules for overseas e-commerce platforms
The Central Taiwan National Taxation Bureau of the Ministry of Finance announced on 14 August 2026 that businesses and individuals purchasing electronic services from overseas e-commerce platforms (such as Google, Microsoft, Amazon, and Apple)
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UAE: FTA clarifies corporate tax treatment of AT1 instrument payments by banks
The UAE Federal Tax Authority (FTA) has issued Corporate Tax Public Clarification CTP012, addressing the Corporate Tax treatment of payments made by banks on Additional Tier 1 (AT1) instruments. The clarification explains whether such payments
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Italy: Omnibus tax decree, reshapes corporate tax, VAT, compliance rules
The Italian Revenue Agency has announced that it published Legislative Decree No. 148 of 7 August 2026 (the Omnibus Tax Decree) in the Official Gazette on 11 August 2026. This follows the Italian government's approval of a sweeping 37-article tax
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Germany: Federal Cabinet approves draft Annual Tax Act 2026, incorporates OECD Side-by-Side Package
Germany’s Federal Cabinet released a press release on 12 August 2026 announcing the adoption of the draft Annual Tax Act 2026 (Jahressteuergesetz 2026) on 12 August 2026, proposing a broad package of changes to German tax rules. Among its key
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Sri Lanka: IRD issues revised guidance on quarterly income tax instalment calculations
The Inland Revenue Department (IRD) of Sri Lanka has published a revised circular setting out how taxpayers should calculate quarterly income tax instalments following changes to the Inland Revenue Act, No. 24 of 2017. Circular SEC/2026/E/06 was
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