Bulgaria implements VAT regime for small businesses, updates registration rules
Bulgaria has implemented new rules to support small businesses and align with the European Union (EU) VAT law. The changes, effective 1 January 2026, are part of the Law on Amendments and Supplements to the Value Added Tax Act to the Bulgarian Value
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China lowers VAT to 3% on homes sold within two years
China’s fiscal and tax authorities (STA) announced on 6 January 2025 that it will lower the value-added tax (VAT) rate from 5% to 3% for individuals selling housing purchased less than two years ago, effective 1 January 2026. The new policy,
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Singapore: MoF issues regulations on MNE minimum tax filing, record-keeping
The Singapore Ministry of Finance (MOF) has published the Multinational Enterprise (Minimum Tax) (Administrative Matters) Regulations 2025 (S 861) on 30 December 2025, providing detailed rules for the designation of local filing entities, record
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Cyprus extends VAT, VIES, special taxi scheme payment deadlines for second half of 2025
The Cyprus Tax Department, in an announcement on 7 January 2026, informed taxpayers that the deadline for submitting the VAT return and paying the VAT due for the period ending 30 November 2025, submitting the Recapitulative Statement (VIES) for
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Netherlands to implement Pillar 2 side-by-side legislation by mid-2026
The Netherlands Ministry of Finance sent a letter to the House of Representatives on 5 January 2026 outlining the Side-by-Side arrangement for the Pillar 2 global minimum tax, which was recently agreed by the BEPS Inclusive Framework. The letter
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Uruguay implements domestic minimum top-up tax exemption for qualifying fiscal stability entities
Uruguay Uruguay’s Ministry of Economy and Finance issued Decree No. 325/025 on 29 December 2025, detailing how fiscal stability clauses that existed before the introduction of the Pillar 2 Qualified Domestic Minimum Top-Up Tax (QDMTT), or Impuesto
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OECD: Side by Side Arrangement on Global Minimum Tax
On 5 January 2026 the OECD issued a document with the title Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two), Side-by-Side Package. This document set out more details of the
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Saudi Arabia: ZATCA issues guidance on taxation of technical, consulting services
The Saudi Zakat, Tax, and Customs Authority (ZATCA) issued a Tax Bulletin clarifying the treatment of technical and consulting services under the Income Tax Law and applicable Double Taxation Avoidance Agreements on 25 December 2025. The guidance
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Ecuador: SRI maintains existing VAT for 2026
Ecuador’s Internal Revenue Service (SRI) has confirmed that the standard VAT rate of 15% will remain in effect for 2026. Circular NAC-DGECCGC25-00000006, issued on 26 December 2025, specifies that the 15% rate, established under Executive
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Ireland: Irish Revenue introduces stamp duty exemption for certain stock transfers
On 30 December 2025, the Irish Revenue issued eBrief No. 251/25, introducing a new stamp duty exemption for certain transfers of stocks and marketable securities. The exemption applies to qualifying transfers made between 1 January 2026 and 31
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UAE: FTA issues guidance on optional profit margin VAT scheme
The UAE’s Federal Tax Authority (FTA) issued guidance on the Profit Margin Scheme (VATGPM1) on 5 January 2026. The scheme, an optional VAT method, is designed to prevent double taxation on certain goods. The guide outlines eligible goods and
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Malaysia: MoF revises SST policies, announces lower rental tax, raw material exemptions, and extended construction relief
Malaysia’s Ministry of Finance released updated policy notices on sales and services tax (SST) on 5 January 2026. The key updates are as follows: Effective 1 January 2026, the service tax on rental and leasing services will be revised to
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Bulgaria: NRA clarifies tax payment, reporting rules ahead of euro adoption
Bulgaria’s National Revenue Agency (NRA) has issued detailed guidance, on 31 December 2025, on how taxpayers should handle tax and social security payments following the country’s adoption of the euro (EUR) from 1 January 2026, replacing the
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Colombia: DIAN introduces crypto-asset reporting rules
Colombia’s tax authority (DIAN) issued Resolution No. 000240 on 24 December 2025, establishing a formal framework for reporting crypto-asset transactions. Under the resolution, digital asset service providers must collect and report specific
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Iceland: Revenue and Customs announces 2025 CbC report submission deadline
Iceland’s tax authority, the Revenue and Customs, has published a notification regarding the annual filing of the Country-by-Country (CbC) report on 25 November 2025. Pursuant to Act no. 90/2003 on income tax, entities subject to
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Japan: MoF unveils FY 2026 tax reform proposals, covers income tax, investment incentives and digital economy measures
Japan’s Ministry of Finance (MoF) has released the highlights of the tax reform proposals for the fiscal year 2026. The key elements of the proposals are outlined below: （１）Income tax reform to address rising prices Introduce
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Italy issues legislative decree updating VAT rules
Italy’s government has published Legislative Decree No. 186/2025 in the Official Journal No. 288 of 12 December 2025 as part of its ongoing tax reform under Law No. 111/2023. The Legislative Decree No. 186/2025 introduces significant updates
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US: IRS releases individual tax return filing preparation guidance for 2026 tax year
The US Internal Revenue Service (IRS) has released guidance to help individuals prepare for filing their 2026 tax returns on 6 January 2026. With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take
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