Serbia updates e-invoicing rules, introduces preliminary VAT return framework
Serbia’s Ministry of Finance has adopted amendments to the Rulebook on Electronic Invoicing, published in Official Gazette No. 71/2026. The amendments took effect on 1 August 2026, except for provisions concerning the preparation of preliminary
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Panama introduces economic substance rules for multinational entities from 2027
Panama’s Ministry of Economy and Finance has published Executive Decree No. 32 in the Official Gazette on 2 September 2026 providing the official regulatory framework for economic substance requirements in Panama. These rules specifically target
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UAE: FTA clarifies VAT amendments on e-invoicing, imports, tax credits
The UAE Federal Tax Authority (FTA) has issued VAT Public Clarification - VATP046, explaining amendments to Federal Decree-Law No. 8 of 2017 on Value Added Tax and its Executive Regulation. The amendments were introduced through Federal
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Taiwan clarifies real estate loss offset rules for enterprises
Taiwan’s Ministry of Finance issued a notice on 28 August 2026 clarifying the treatment of real estate transaction losses for profit-seeking enterprises selling properties subject to different tax rates during the same year. Under Articles 4-4
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Saudi Arabia: ZATCA consults Real Estate Transaction Tax penalties
Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) opened a public consultation on a draft classification of violations and penalties under the Real Estate Transaction Tax (RETT) regime on 3 September 2026. The proposal, prepared under
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Singapore: IRAS updates guidance on financial year-end changes
Singapore’s IRAS has updated its “Preparing a Tax Computation” guidance to explain how companies should determine their tax filing obligations following a change in financial year end. It covers cases where a company’s financial statements
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OECD reports broad tax reforms as governments respond to rising fiscal pressures
The OECD has released its annual report, Tax Policy Reforms 2026, on 8 September 2026, which examines and compares tax reforms introduced, or announced, in 2025 across 92 jurisdictions. The analysis reveals that while governments pursued
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US: IRS opens 2027 application window for corporate tax compliance programme
The US Internal Revenue Service (IRS) announced on 8 September 2026 the opening of applications for the 2027 Compliance Assurance Process (CAP) programme, with submissions due by 30 October 2026. Notification of acceptance decisions will follow
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Brazil revises tax code with alternative dispute resolution framework, new penalty caps
Brazil has published Complementary Law No. 236 of 4 September 2026, amending the National Tax Code (Law No. 5.172 of 1966) to enhance tax collection and limit the application of penalties. The legislation promotes consensual dispute resolution,
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Australia: ATO updates guidance on hydrogen production tax incentive
The Australian Taxation Office (ATO) announced on 10 September 2026 that it updated the web guidance to help eligible companies understand the steps required to apply for the Hydrogen Production Tax Incentive (HPTI). The Australian Government has
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Uruguay replaces Pillar Two QDMTT exemption with compensation mechanism
Uruguay has issued Decree No. 206/026, replacing the exemption from the Pillar Two Qualified Domestic Minimum Top-Up Tax (QDMTT), known as the Impuesto Mínimo Complementario Doméstico (IMCD), for entities covered by certain fiscal stability
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Canada concludes budget 2026 consultations
Canada's Department of Finance announced on 9 September 2026 that it has concluded its pre-budget consultation process, drawing on input from workers, businesses, indigenous leaders, and individual citizens across the country. The consultations aim
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Bahrain: NBR updates guidance on Domestic Minimum Top-up Tax returns
Bahrain’s National Bureau for Revenue (NBR) published an updated DMTT Return Filing Manual Version 1.1 on 6 September 2026, providing guidance for large Multinational Enterprise (MNE) groups on filing Domestic Minimum Top-up Tax (DMTT) returns,
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Sweden proposes direct Pillar Two top-up tax liability for joint ventures
Sweden’s government has submitted a proposal to the Council on Legislation to make Swedish joint ventures and their subsidiaries directly liable for Swedish national top-up tax under the Pillar Two rules. The legislative amendments, published
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Philippines: DoF consults on ProGRESS tax reform bill incorporating global minimum tax
The Philippines Department of Finance (DoF) launched consultations on the ProGRESS Bill in Manila on 3 September 2026, gathering roughly 300 stakeholders from business, government, academics, civil society, and media to review the tax reform
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Lithuania: MoF unveils VAT gap measures
Lithuania’s Ministry of Finance has outlined measures to reduce the country’s VAT gap and shadow economy, with a target of bringing the VAT gap down to no more than 10% in 2026–2027 and 9% in 2028. Minister of Finance Taurimas Valys
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Australia enacts corporate tax loss carry-back rules
The Australian Tax Office (ATO) has confirmed on 8 September 2026 that legislation enabling corporate tax entities to carry back losses against prior-year tax payments is now law. The mechanism, introduced in the 2026–27 Budget, became operational
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European Commission reports growth in OSS VAT
The European Commission reported on 31 August 2026 that VAT declared through the EU’s three One-Stop Shop (OSS) schemes rose to more than EUR 38.8 billion in 2025, an increase of EUR 5.7 billion, or 17%, from the previous year. The Union OSS
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