Malaysia enacts additional employer deduction for employment of women returning to work
Malaysia has gazetted the Income Tax (Deduction for Employment of Approved Individual) Rules 2026 on 23 June 2026, providing qualifying employers with an additional deduction equal to 50% of remuneration paid to approved individuals for a period not
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Finland consults proposed comprehensive tax reforms to boost household incomes, work incentives
Finland's Ministry of Finance has initiated a public consultation on sweeping amendments to income taxation and the Income Tax Act, designed to strengthen purchasing power and encourage employment. The package targets a EUR 230 million reduction in
See MoreFinland proposes retroactive 2026 individual tax relief, includes higher household credits
Finland’s Ministry of Finance has announced that the government has submitted a proposal on 11 June 2026 to Parliament to amend the Income Tax Act. The changes concerning individuals are intended to take effect retroactively from the beginning of
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Belgium advances individual income tax reforms: Raises tax-free allowances, revises self-employed deductions
Belgium’s Financial and Economic Committee of Parliament has adopted an individual income tax reform bill (Bill No. 56 1243/005) on 16 June 2026, introducing several key changes, including higher tax-free thresholds, a gradual elimination of
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Bolivia: Automatic tax relief scheme takes effect on 25 June 2026
Bolivia is rolling out an unprecedented tax relief programme under Law 1733, with automatic debt forgiveness requiring no paperwork or office visits. The National Tax Service (SIN) announced on 16 June 2026 that 252,000 taxpayers will have debts
See MoreMalaysia exempts returning women workers from income tax for up to 12 months
Malaysia has gazetted the Income Tax (Income of Approved Individual) (Women Returning to Work After Ceasing Employment Temporarily) (Exemption) Order 2026 on 9 June 2026. The Order grants eligible women an income tax exemption on gross employment
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US: IRS details agency activities in fiscal year 2025 Data Book
The US Internal Revenue Service (IRS) issued the 2025 Data Book on 5 June 2026, detailing the agency’s activities during fiscal year 2025. The report provides a statistical overview of the agency’s operations and the work employees performed to
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US: New York approves FY 2026-27 budget, introduces tip income tax exemption
New York Governor Kathy Hochul signed the New York State Fiscal Year 2027 Budget on 28 May 2026. This legislative package is designed to address the rising cost of living while funding critical public safety and infrastructure initiatives. While
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US: JCT publishes detailed explanation of tax overhaul under One Big Beautiful Bill Act
The US Congress Joint Committee on Taxation (JCT) published, on 28 May 2026, its General Explanation of the Tax Provisions of Public Law 119-21, providing a detailed breakdown of the tax measures contained in the One Big Beautiful Bill Act. 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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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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Australia: Treasury consults AUD 1,000 instant tax deduction for working residents
The Australian Treasury has initiated a public consultation on 20 April 2026 on proposals to introduce an instant standard deduction of up to AUD 1,000 for Australian tax residents earning employment income, with implementation targeted for 1 July
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Japan enacts 2026 tax reform, implements side-by-side safe harbour
Japan’s National Diet approved the 2026 tax reform legislation on 31 March 2026, which has been published in the Official Gazette. The measures reflect proposals released in December 2025 and January 2026, covering income, corporate,
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Russia: Government proposes income tax exemption for sick leave benefits
The Russian government has submitted a draft federal law to the State Duma proposing a partial exemption of temporary disability (sick leave) benefits from personal income tax (PIT). Overview of the proposal The bill seeks to amend Article 217
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Ireland: Irish Revenue urges property owners to file LPT returns
Ireland's Revenue published its latest Local Property Tax (LPT) statistics and reminded residential property owners to submit their LPT Returns on 24 March 2026. The valuation submitted through this process determines the LPT charge applicable for
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Morocco: DGI clarifies 2026 Finance Law, details adjustments to corporate tax, PIT, VAT
Morocco’s tax administration (DGI) issued Circular No. 737 on 27 February 2026, clarifying the tax measures of Finance Law 50-25 for 2026, part of Morocco’s 2023–2026 structural tax reform. Finance Law No. 50-25 was promulgated by Dahir No.
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IMF Report on US Recommends Tax and Duty Changes
On 25 February 2026 the IMF issued a report following consultations with the US under Article IV of the IMF’s articles of agreement. The IMF notes that the US economy performed well in 2025 and economic growth reached 2.2% by the end of 2025.
See MoreHong Kong proposes global minimum tax implementation in 2026-27 budget
Hong Kong’s Financial Secretary Paul MP Chan delivered the 2026-27 Budget on 25 February 2026. Under the theme of "Driving High-quality, Inclusive Growth with Innovation and Finance," the budget introduces a mix of one-off relief measures and
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