Uruguay expands dividend withholding tax, indirect transfer rules
Uruguay has enacted new measures on dividend withholding tax and the taxation of indirect transfers of Uruguayan assets under Law No. 20446 of 16 December 2025, included in the country’s 2025-2029 National Budget. The changes maintain the
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Turkey approves major tax package with corporate rate cuts, foreign income exemptions
Turkey’s Grand National Assembly (TBMM) on 21 May approved Law No. 7582, a broad legislative package containing tax and investment measures, which was first announced by the Turkish President in April 2026. The law introduces amendments to
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Poland: Government proposes windfall tax on fuel sector amid Middle East crisis
Poland is moving to impose a temporary tax on extraordinary profits earned by liquid fuel producers and traders in 2026. The proposal, announced on 19 May 2025, responds directly to the geopolitical and economic fallout from the outbreak of armed
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Hong Kong: IRD updates and expands FAQs on foreign-sourced income exemption rules
The Hong Kong Inland Revenue Department has released additional and updated FAQs on the Foreign-Source Income Exemption (FSIE) regime. The FSIE regime, effective from 1 January 2023, provides tax exemptions for specified foreign-sourced passive
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UAE: FTA says over 68,000 benefited from corporate tax penalty waiver initiative
The UAE Federal Tax Authority (FTA) has announced, on 14 May 2026, that more than 68,600 taxable persons benefited from the Corporate Tax Late Registration Penalty Waiver initiative during 2025 and the early part of 2026, as the country continues
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Singapore updates tax relief and objection guidance
The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on the Time Limit to Claim Relief in Respect of Error or Mistake and When and How to File Notice of Objection, setting clearer rules for corporate taxpayers and confirming a
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France updates interest deduction reference rates for shareholder loans
The French tax authority has published updated reference interest rates used to determine the deductibility of interest payments to shareholders, including for companies with fiscal years ending between 31 March 2026 and 29 June 2026. Under the
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Hong Kong approves major tax concessions, higher allowances under Inland Revenue Amendment Bill 2026
The Hong Kong Legislative Council approved the Inland Revenue Amendment Bill 2026 on 13 May, introducing substantial tax concessions outlined in the 2025 Policy Address and 2026-27 Budget. Beginning with the 2026-27 assessment year, the
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Taiwan: Taxation Bureau clarifies procedures for refundable tax, offsets
Taiwan’s Taipei National Taxation Bureau of the Ministry of Finance stated that the balance of output tax minus input tax for the current period constitutes the business’s payable or refundable tax amount. Therefore, regardless of whether there
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Canada: Quebec to increase small business deduction rate, reduce small business tax rate
Quebec tax authority, Revenu Quebec, announced, on 4 May 2026, an increase in the small business deduction rate and a reduction in the small business tax rate for taxation years beginning after 29 April 2026. Under certain conditions, a
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Finland revises guidance on trade income for non-resident companies
The Finnish Tax Administration has issued updated guidance on paying non-wage compensation to non-resident foreign companies on 6 May 2026. The guide outlines the rules and procedures for withholding tax at source on compensation paid for work and
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Australia includes major corporate, CGT tax reforms 2026-27 budgetÂ
Australia’s Treasurer, Jim Chalmers, delivered the 2026-27 federal budget in parliament on 12 May 2026. The 2026-27 budget outlines a comprehensive vision for tax reform in Australia, focusing on supporting workers, incentivising business
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UK: HMRC updates systems following corporation tax penalty increase
The UK has increased late filing penalties for Corporation Tax (CT) for all returns due on or after 1 April 2026. This measure, originally announced in Budget 2025, is now in effect. HM Revenue & Customs (HMRC) is currently in the process of
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Malaysia court rules service fees and late-payment interest on credit sales constitute business income
The Inland Revenue Board of Malaysia (IRBM) has released a case report on a recent High Court ruling addressing whether service charges and late-payment interest arising from credit sales should be treated as business income under Section 4(a) or as
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New Zealand sets deemed rate of return for foreign investment funds for 2025–26 income year
New Zealand Inland Revenue has issued a determination on 29 April 2026, which sets the deemed rate of return, used to calculate foreign investment fund income under the deemed rate of return calculation method, for the 2025-26 income year at 7.84%.
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Rwanda implements new transfer pricing rules, business tax regulations, loss carryforward extensions
Rwanda has published Ministerial Order No. 003/26/10/TC of 29 April 2026 in the Official Gazette, introducing updated transfer pricing rules under Law No. 027/2022 of 20 October 2022, the country’s new income tax law, accounting for small
See MoreSingapore clarifies tax treatment of losses in corporate amalgamations
The Inland Revenue Authority of Singapore issued Advance Ruling Summary No. 7/2026 on 4 May 2026, setting out income tax considerations for company amalgamations. It explains that unabsorbed capital allowances and losses of a company (the
See MoreHong Kong: IRD revises lists of debt instruments qualifying for profits tax relief
The Hong Kong Inland Revenue Department (IRD) has released updated lists of Qualifying Debt Instruments (QDIs) eligible for profits tax concessions or exemptions as of 31 December 2025, with the latest update notably expanding coverage to include
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