Australia includes major corporate, CGT tax reforms 2026-27 budget
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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Taiwan clarifies 2026 income basic tax exemption threshold for profit-seeking enterprises
Taiwan's Dongshan Office, National Taxation Bureau of the Central Area, Ministry of Finance, states that according to the Ministry of Finance's announcement No. 11404664830 issued on 19 November 2025, for the fiscal year 2026, Profit-seeking
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Slovenia: FURS initiates testing phase for Pillar Two top-up tax returns
The Financial Administration of the Republic of Slovenia (FURS) announced, on 6 May 2026, that it has enabled test submissions of Pillar Two top-up tax returns on the BETA eDavki portal. The functionality covers two types of returns. The
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Australia: ATO hosts third Pillar Two information session ahead of June lodgment deadline
The Australian Taxation Office has issued a Recap of its Pillar Two April information session on 8 May 2026. In April, the Australian Taxation Office (ATO) hosted its third Pillar Two information session about implementing the global and domestic
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Kenya: President assents to income tax, SEZ and technopolis bills
Kenya’s President William Ruto has signed into law the Income Tax Bill, the Special Economic Zones (Amendment) Bill, and the Technopolis Bill at State House, Nairobi, on 11 May 2026. The new laws are streamlining Kenya’s regulatory framework
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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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Canada unveils CAD 1.5 billion support package for tariff-affected industries, includes steel, aluminium and copper sectors
Canada’s government has announced CAD 1.5 billion to support several of Canada’s tariffed industries on 4 May 2026. This includes the creation of a new CAD 1 billion Business Development Bank of Canada (BDC) program available to industries
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Ireland: Revenue outlines Pillar Two progress in 2025 annual report
Irish Revenue published its 2025 Annual Report on 7 May 2026, together with a range of research and statistical papers, outlining total gross receipts of EUR 157 billion for the year. The figure includes EUR 34.9 billion collected on behalf of
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Malta updates corporate income tax return for 2026 with transfer pricing, new reporting changes
Malta's Commissioner for Revenue has announced that the electronic corporate income tax return for the year of assessment 2026 is now available through its online services. The supplemental document for Fiscal Units is also available for
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Bulgaria advances DAC8 and DAC9 transposition: Expands crypto reporting, Pillar Two exchange rules, transfer pricing framework
Bulgaria’s Council of Ministers has approved and submitted a draft bill to the National Assembly on 7 May 2026 to transpose two European Union directives into national law: Council Directive (EU) 2023/2226 (DAC8) and Council Directive (EU)
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Countries move into Pillar Two filing phase as first compliance deadlines approach
Tax authorities across several jurisdictions are accelerating the rollout of compliance systems for the OECD’s Pillar Two global minimum tax regime, with new filing portals, technical specifications, deferrals and reporting procedures now being
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Switzerland: Federal Council consults amendment to minimum taxation ordinance
The Swiss Federal Council has opened a consultation on 6 May 2026 on an amendment to the Ordinance on Minimum Taxation, implementing two parliamentary motions of identical content (motions 25.4392 and 25.4399). The proposed revision concerns the
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Singapore: IRAS issues 2026 corporate tax filing guidance
The Inland Revenue Authority of Singapore (IRAS) has released updated guidance for the Corporate Income Tax Filing Season 2026, setting the filing deadline for the Year of Assessment (YA) 2024 Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/
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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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Turkey: Draft omnibus law introduces 12.5% corporate tax rate for domestic producers
Turkey's Planning and Budget Commission of the Grand National Assembly has approved a draft omnibus law that would establish a significantly reduced corporate tax rate for domestic manufacturing and agricultural producers, marking a major shift in
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Slovak Republic clarifies e-invoicing and e-reporting rules as 2027 deadline approaches
The Slovak Republic’s Financial Administration has published further updates to its frequently asked questions on mandatory electronic invoicing in April 2025, adding new clarifications on VAT treatment and technical implementation requirements
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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
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