Taiwan: Tax Bureau requires mainland China income to be included in tax returns
Taiwan’s Taipei National Taxation Bureau of the Ministry of Finance clarified that taxpayers who have obtained income sourced from Mainland China are required to declare and pay income tax together with their individual consolidated income tax
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Canada: Quebec to increase small business deduction rate, reduce small business tax rate
Quebec tax authority, Revenu Quebec, announced, on 4 May 2026, an increase in the small business deduction rate and a reduction in the small business tax rate for taxation years beginning after 29 April 2026. Under certain conditions, a
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UK: HMRC issues letters over BADR lifetime limit breach
The UK HM Revenue & Customs (HMRC) is issuing a second round of letters to taxpayers who claimed Business Asset Disposal Relief (BADR) in their 2024/25 Self Assessment tax return and may have exceeded the GBP 1 million lifetime limit. The
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Sri Lanka proposes sweeping VAT reforms targeting digital services, compliance
Sri Lanka’s government has released the Value Added Tax (Amendment) Bill, introducing significant changes to the VAT Act No. 14 of 2002. The amendments focus mainly on digital services, updated tax rates, revised registration thresholds, and
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Taiwan clarifies residency rules, filing deadlines for foreign nationals
Taiwan's Dongshi Office, National Taxation Bureau of the Central Area, Ministry of Finance, clarified that foreign nationals filing individual income tax returns in Taiwan are subject to different filing rules depending on their tax residency
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Indonesia: DJP sets procedures for Pillar Two global minimum tax compliance
Indonesia’s Directorate General of Taxes (DJP) issued Regulation No. PER-6/PJ/2026 on 4 May 2026, setting out procedures for complying with Pillar Two global minimum tax obligations under Regulation No. 136 of 2024. PER-6/PJ/2026 establishes
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US: Arkansas cuts corporate tax rates
Arkansas Governor has approved a fresh round of tax reductions that will lower rates for both individuals and businesses across the state. The legislation, signed into law on 6 May 2026, cuts the corporate tax rate from 4.3% to 4.1%, though
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Finland revises guidance on trade income for non-resident companies
The Finnish Tax Administration has issued updated guidance on paying non-wage compensation to non-resident foreign companies on 6 May 2026. The guide outlines the rules and procedures for withholding tax at source on compensation paid for work and
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Australia includes major corporate, CGT tax reforms 2026-27 budgetÂ
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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Turkey mandates e-document integration for next-gen payment devices
Turkey’s Revenue Administration has issued General Communiqué No. 593 on the Tax Procedure Law (TPL), introducing the final procedures and principles for issuing electronic documents (e-Documents) through new generation payment recording devices
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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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Germany: Federal Council approves BEPS MLI expansion
The German Federal Council approved the Act Amending the Act on the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), expanding the scope of covered agreements (tax treaties) for the
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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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Kazakhstan advances CARF implementation ahead of 2027 exchanges
Kazakhstan is moving forward with the implementation of the Crypto Asset Reporting Framework (CARF), as stated in a recent OECD update on 6 May 2026. The jurisdiction plans to initiate the first exchange of information under this standard in
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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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EU: Economic and Financial Affairs Council agrees to strengthen cooperation with EU investigative bodies to combat VAT fraud
The EU Economic and Financial Affairs Council provisionally agreed on new rules to strengthen the fight against value added tax (VAT) fraud in the EU by ramping up cooperation between member states, the European Public Prosecutor’s Office (EPPO)
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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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