UAE sets out 2027–29 finance strategy with corporate tax, digital currency, AI reforms
The UAE Ministry of Finance has published its Strategic Plan for 2027–2029, outlining a roadmap to strengthen the country's fiscal framework, improve government financial management, and reinforce its international economic position. The plan
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The UAE Federal Tax Authority has published the Basic Tax Information Bulletin - Small Business on 30 July 2026, providing guidance in a question-and-answer format covering key tax matters relevant to small businesses. Who should read this
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Taiwan clarifies profit tax rules for foreign exchange adjustments
Taiwan's National Taxation Bureau of Taipei, Ministry of Finance, on 29 July 2026 issued guidance reminding profit-seeking enterprises that only realised foreign exchange gains and losses may be recognised for profit-seeking enterprise income tax
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Russia: CBR lowers key rate used for tax interest calculations
The Central Bank of Russia (CBR) has reduced the key interest rate from 14.5% to 14.0% on 24 July 2026. The CBR’s key interest rate is applied in calculating interest deductions and the interest on late payment of overdue taxes. This
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Kazakhstan lowers base rate used to calculate late payment interest
The National Bank of Kazakhstan (NBK) has reduced its base rate to 16.75%, with a corridor of 15.75%–17.75%, following its monetary policy decision on 27 July 2026. The move marks the central bank's second interest rate cut this year after
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Oman: Tax Authority issues new corporate tax expense deduction rules
The Oman Tax Authority (OTA) has introduced new rules on when certain business expenses can be deducted under the Executive Regulations of the Income Tax Law. The changes were made through Decision No. 180/2026, which inserts a new Article 18 bis
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Colombia: MOF proposes corporate, VAT, wealth tax reforms from 2027
The Colombian Ministry of Finance submitted a new 2026 Tax Reform Bill to Congress on 20 July 2026, introducing a broad package of tax measures aimed at strengthening public finances. Although the legislation is titled the 2026 Tax Reform Bill, most
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Hungary: NAV cuts corporate allowances and tax types to meet RRF commitments, scraps trust and foundation tax exemptions
Hungary’s government has submitted Draft Law T/387 to the parliament on 17 July 2026 to implement commitments under the Recovery and Resilience Facility (RRF) plan by August 31, 2026, alongside other government programs. This legislative
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Taiwan clarifies tax treatment of fines under Income Tax Act
Taiwan’s National Taxation Bureau of the Central Area, Ministry of Finance, stated that Article 38 of the Income Tax Act stipulates that losses incurred not in the course of operation of business or subsidiary business, as well as surcharges for
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China lowers threshold for special tax treatment of assets and liabilities in business reorganisations
China's State Taxation Administration (STA) has issued Announcement No. 13 of 2026 on 8 July 2026, introducing rules on the special tax treatment applicable to corporate restructuring transactions, including mergers and demergers. China has
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Netherlands: CFC levy cannot offset low-tax free investments under participation exemption
The Dutch Tax Administration issued a clarification on 21 July 2026, explaining that the controlled foreign company (CFC) levy does not take low-tax-free investments into account. The recent clarification by the Dutch Tax Administration provides
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Dominican Republic consults on draft software tax rules under tax reform
The Dominican Republic's General Directorate of Internal Taxes (DGII) has launched a public consultation on a draft general rule establishing the tax treatment of software transactions, introducing new rules for software acquisitions, licensing,
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Thailand issues guidance on foreign currency conversion for corporate income tax calculations
The Thailand Revenue Department has issued a guidance, on 7 July 2026, outlining the method that companies and juristic partnerships must use to convert foreign currency, foreign currency-denominated assets, and liabilities into Thai currency when
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Singapore: IRAS issues advance ruling on offshore dividend payments
The Inland Revenue Authority of Singapore (IRAS) published Advance Ruling Summary No. 10/2026 on 1 Jul 2026, clarifying when dividend income received from an offshore subsidiary and subsequently paid to shareholders is not regarded as being
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Malaysia doubles tax deduction for corporate scholarship sponsorships
Malaysia’s Ministry of Finance has gazetted the Income Tax (Deduction for the Sponsorship of Scholarship to Malaysian Student Pursuing Studies at Technical and Vocational Certificate, Diploma, Bachelor’s Degree or Professional Certificate
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Cyprus extends first provisional tax deadline
Cyprus residents and companies earning non-salary income must pay provisional tax for 2026. The first instalment is due 31 July 2026, with an extended deadline of 31 August 2026 for those using online banking. Companies and individuals reporting
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Australia: ATO strengthens compliance action on over-claimed expenses, GST credits
The Australian Taxation Office (ATO) announced on 8 July 2026 enhanced compliance measures targeting businesses that intentionally overstate deductible expenses and GST credit claims. ATO is strengthening compliance action on businesses that
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Singapore: IRAS updates guidance on withholding tax for technical, management services
The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on the withholding tax treatment of payments for technical and management services under Section 12(7)(b) and Section 12(7)(c) of the Income Tax Act 1947, providing greater
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