US: IRS releases calculator for long-term contract interest computations
The US Internal Revenue Service announced, on 29 May 2026, the release of a new calculator to help businesses working on large, multi-year construction or manufacturing projects more easily figure interest related to those contracts. The
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UK updates qualifying Pillar Two jurisdictions, domestic top-up tax lists
The UK has updated its list of recognised jurisdictions and taxes under the Pillar Two framework, adding four jurisdictions to its recognised Qualified Domestic Minimum Top-up Tax (QDMTT) and accredited QDMTT safe harbour lists while revising the
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Iceland approves industrial policy to boost growth, competitiveness through 2035
The Government of Iceland has approved a new industrial policy that sets out a long-term vision for economic growth, productivity, and competitiveness to 2035. The policy is intended to support sustainable economic development and create a more
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Hong Kong: LegCo to consider crypto-asset reporting framework bill
The Hong Kong Inland Revenue Department has announced that the Legislative Council (LegCo) will meet on 3 June 2026 to consider a number of items, including proposed legislation introducing a crypto-asset reporting framework and amendments to the
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Malta implements DAC8 crypto-asset reporting framework
Malta has published Legal Notice 162 of 2026 in the Official Gazette, introducing the Cooperation with Other Jurisdictions on Tax Matters (Amendment) Regulations, 2026, which implement Council Directive (EU) 2023/2226 of 17 October 2023
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Belgium implements optional withholding tax system for capital gains on financial assets
Belgium’s Ministry of Finance has published a Royal Decree implementing the Capital Gains Tax on shares and crypto assets from 2026. The decree of 18 May 2026 was officially published in Official Gazette No. 2026003829 on 27 May 2026. A central
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Panama enacts law introducing economic substance rules for MNE groups
Panama has enacted Law No. 526 of 28 May 2026, significantly reforming its National Fiscal Code by introducing economic substance requirements for multinational enterprise (MNE) groups earning foreign-source passive income. The reform is designed
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OECD updates consolidated commentary to global anti-base erosion model rules
The OECD has released an updated 2026 Consolidated Commentary to the Global Anti-Base Erosion (GloBE) Model Rules on 28 May 2026, incorporating administrative guidance issued by the Inclusive Framework between March 2022 and January
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Malaysia: IRBM issues revised guidance on bilateral, unilateral foreign tax credits
The Inland Revenue Board of Malaysia has issued Public Ruling No. 3/2026 on 22 May 2026, guiding the application of bilateral and unilateral tax credits where a Malaysian tax resident is subject to taxation in both Malaysia and a foreign
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Romania: ANAF proposes stricter rules for profit tax redirection for sponsorships, patronageÂ
Romania’s tax authority, the National Agency for Fiscal Administration (ANAF) announced, on 28 May 2026, that it has proposed amendments to ANAF Order no. 3562/2024, which governs the procedures for redirecting corporate profit tax toward
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European Commission confirms Cyprus meets Pillar Two income inclusion rule standard, new FAQ available
The European Commission published a new frequently asked question (‘FAQ’) on 28 May 2026, which affirms that all EU Member States must treat Cyprus as having a qualified income inclusion rule under the EU Pillar Two Directive. The income
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Sweden proposes changes to joint venture liability under Pillar Two top-up tax rules
Sweden’s Ministry of Finance has issued a memorandum Fi2026/0119 on 25 May 2026 proposing amendments to the rules on Qualified Domestic Minimum Top-Up Tax (QDMTT) under the Minimum Taxation Directive (2022/2523), aimed at changing how joint
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Sweden updates global minimum tax guidance with relief on first GIR filings
The Swedish Tax Agency has updated its guidance on Global Minimum Tax (Additional Tax) obligations to reflect the OECD’s common understanding on flexible approaches for central filing of the GloBE Information Return (GIR) published on 18 May
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Albania ratifies STTR MLI under Pillar Two framework
Albania has ratified the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule (STTR MLI) through Law No. 45/2026, published in the Official Gazette on 20 May 2026. The law gives effect to Albania’s
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Portugal clarifies GIR filing relief under global minimum tax regime
The Portuguese Tax and Customs Authority has issued guidance on the filing of the Information Return on the Top-Up Tax (GIR return) under the Global Minimum Tax Regime (GMTR/Pillar Two), following a common understanding published by the OECD on 18
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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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Canada: CRA releases updated 2025 corporate income tax guide
The Canadian Revenue Agency (CRA) has issued an updated corporate income tax guide for tax year 2025 on 28 May 2026. The guide covers the following: Accelerated capital cost allowance (CCA) for liquefied natural gas (LNG) facilities The
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Australia proposes bill to overhaul capital gains tax
Australia’s government has introduced legislation aimed at reshaping property tax concessions and easing pressure on the housing market, marking one of the country’s most significant tax reform efforts in decades. The bill, tabled in
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