Italy clarifies no gift or inheritance tax on trust dissolution without beneficiary transfer
The Italian Revenue Agency confirmed on 17 July 2026 that dissolving a trust and returning assets to the settlor triggers no gift or inheritance tax, provided no beneficiaries receive the property. Response no. 146 of 16 July 2026 clarifies a
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Taiwan clarifies foreign taxpayers of house, land transaction income tax filing rules
Taiwan's National Taxation Bureau has clarified, on 20 July 2026, that foreign taxpayers that income derived from qualifying house and land transactions must be reported separately from gross consolidated income under the Income Tax Act. The
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Australia: ATO holds fourth Pillar Two pre-lodgment information session
The Australian Taxation Office (ATO) has published a recap of its June Pillar Two information session on 14 July 2026. In June, the ATO held its fourth Pillar Two pre-lodgment information session, attended by more than 300 participants from
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Austria: Bundesrat approves 2027–2028 budget
Austria’s Federal Council (Bundesrat) approved the Budget for 2027 and 2028, including a range of tax measures, on 16 July 2026. Financial and tax reforms The Budget detail several significant changes to the Austrian tax and financial
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Romania: ANAF updates tax certificate issuance rules
Romania’s tax authority, the National Agency for Fiscal Administration (ANAF) has amended Order No. 1699/2021 to allow electronic issuance of both VAT Registration Certificates and Tax Registration Certificates, alongside the existing paper
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Netherlands consults sugar tax reforms, proposes tiered levy on beverages and food products by 2030
The Netherlands Ministry of Finance has launched a public consultation on proposed sugar tax reforms on 16 July 2026. The proposals would replace the current flat-rate excise tax on non-alcoholic beverages with a tiered sugar-based tax and
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Argentina: ARCA simplifies goods export registration for transfer pricing
Argentina’s tax authority (ARCA) has published General Resolution 5872/2026 in the Official Gazette of 3 July 2026, which consolidates and updates the mandatory registration process for export contracts involving goods with transparent market
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UK: HMRC publishes Oil and Gas Revenue Levy, foreign PE reforms for Finance Bill 2026-27
The UK HMRC has published policy papers, draft legislation, and explanatory notes covering two proposed tax measures: the introduction of a new Oil and Gas Revenue Levy to replace the existing Energy Profits Levy, and reforms to the foreign
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US: California tax credit cap threatens to reverse film industry job gains
California introduced a cap on film and television tax credits that threatens to reverse one of the state's rare recent industrial wins. SB 122, part of the 2025-2026 budget deal, limits annual claims to USD 5 million through 2029. Starting in
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UAE: FTA clarifies downward transfer pricing adjustment rules under corporate tax law
The UAE Federal Tax Authority (FTA) has issued Public Clarification CTP011 on 15 July 2026, clarifying the requirements for transfer pricing adjustments under the Corporate Tax Law. It mandates that all transactions between Related Parties must
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UAE updates private tax clarification guidance with revised procedures
The UAE Federal Tax Authority (FTA) has published an updated Tax Procedures Guide on Private Clarifications (TPGPC1), dated 14 July 2026, setting out the process for taxpayers seeking the authority's official view on uncertain tax technical
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Sri Lanka clarifies wide-ranging VAT reforms covering digital services, exemptions, compliance
Sri Lanka's Inland Revenue Department (IRD), on 3 July 2026, outlined sweeping changes to the country's Value Added Tax (VAT) regime following the certification of the Value Added Tax (Amendment) Act No. 14 of 2026 on 30 June 2026. The amendments
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Germany unveils anti-tax evasion package with tougher penalties, AI-powered enforcement
Germany's government has unveiled an ambitious 26-point package aimed at strengthening the country's response to tax evasion, financial crime and illicit financial activity through tougher sanctions, enhanced enforcement powers and greater use of
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Taiwan clarifies lower tax rates for inherited property sales through combined ownership periods
Taiwan's Ministry of Finance has clarified that taxpayers selling inherited or bequeathed real estate may qualify for a significantly lower property income tax rate by combining the ownership periods of successive deceased owners when calculating
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Dominican Republic consults on draft software tax rules under tax reform
The Dominican Republic's General Directorate of Internal Taxes (DGII) has launched a public consultation on a draft general rule establishing the tax treatment of software transactions, introducing new rules for software acquisitions, licensing,
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Dominican Republic consults new accelerated depreciation regime for industrial machinery
The Dominican Republic's Directorate General of Internal Revenue (DGII) has opened a public consultation on a draft general norm establishing the implementation framework for the accelerated depreciation regime introduced under Law No.
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Botswana revises list of zero-rated foodstuffs under 2026 VAT Act
The Botswana Unified Revenue Service (BURS) has published a public notice outlining the revised list of foodstuffs subject to VAT at a zero rate under the Value Added Tax (VAT) Act, 2026. The changes took effect from 1 July 2026 and apply to
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Chile: SII releases list of registered betting platforms under Digital VAT regime
The Chilean Internal Revenue Service (SII) has announced that 25 online betting platforms registered under the simplified tax regime for declaring and paying VAT on Digital Services between 14 and 15 July 2026, following the introduction of
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