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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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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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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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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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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Zimbabwe: President assents 2026 national budget, maintains gold royalty rate
Zimbabwe’s President has formally approved both the Finance Act and the Appropriation Act, giving legal effect to the measures outlined in the 2026 National Budget. Together, these laws implement the government’s fiscal and tax policy agenda for
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Azerbaijan: STS raises VAT limit to encourage cashless payments
Azerbaijan’s State Tax Service (STS) has announced changes to the VAT registration threshold for businesses using cashless payments, aiming to encourage the adoption of electronic transactions in retail trade and public services. The
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Russia updates VAT, corporate tax rules
Russia has enacted a series of tax reforms for 2026 under Federal Law No. 425-FZ of 28 November 2025, introducing changes across VAT, corporate taxation, and digital asset regulation. The reforms took effect on 1 January 2026. The standard VAT
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Saudi Arabia: ZATCA extends tax penalty waiver initiative to June 2026
Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the issuance of a decision by the Minister of Finance approving the extension of the Initiative to Cancel Fines and Exempt Taxpayers from Financial Penalties for those subject to
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Malawi: President assents to Value Added (Amendment) Act 2025, raises VAT rate as part of 25-26 budget
Malawi’s President has signed the Value Added (Amendment) Act 2025, raising the VAT rate from 16.5% to 17.5%. The Act received presidential assent on 20 December 2025 and was gazetted on 30 December 2025, entering into force the next day, 31
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Angola: MoF introduces mandatory e-invoicing for large companies from 2026
Angola’s Ministry of Finance (MOF) has confirmed that electronic invoicing (e-invoicing) will become mandatory for large companies from 1 January 2026, with the obligation extending to all companies in 2027. The announcement was made on 9
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Ghana: GRA confirms major VAT reforms in 2025 Act
Ghana’s tax authority, the Ghana Revenue Authority (GRA), on 31 December 2025 issued a notice to all VAT-registered taxpayers outlining the VAT reforms enacted under the Value Added Tax Act, 2025, which will take effect from 1 January
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Chile: SII launches simplified registry for subsistence taxpayers
Chile’s tax authority (SII) has issued Resolution Ex. SII No. 193-2025 of 22 December 2025, which introduces the “Registry of Small Taxpayers Developing Subsistence Activities.” This initiative aimed to simplify tax obligations for
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China unveils new implementation regulations for VAT law
China’s State Council has released the Regulations for the Implementation of the Value-Added Tax (VAT) Law on 30 December 2025, marking a significant milestone in the nation's fiscal modernisation. The VAT Implementation Regulations (VATIR)
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Chile: SII clarifies income tax treatment, VAT on services by foreign companies
Chile’s tax authority (SII) has issued Letter Ruling No. 2627 of 18 December 2025, clarifying the VAT and income tax treatment of services supplied by a foreign entity in Chile. SII has clarified the Value Added Tax (VAT) treatment for services
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Bahrain updates DMTT FAQs, VAT deregistration guidance
Bahrain’s National Bureau for Revenue (NBR) has updated its frequently asked questions (FAQs) on the Domestic Minimum Top-up Tax (DMTT), which applies from 1 January 2025. The DMTT introduces a 15% minimum tax on large multinational enterprise
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Spain: Tax Agency unveils 2026 VAT, PIT, corporate tax measures
The Spanish Tax Agency has introduced new tax measures under Royal Decree-Law 16/2025 of 23 December 2025, published in the Official State Gazette on 24 December. The decree aims to support socially vulnerable groups and implement urgent tax and
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Serbia: MoF postpones launch of preliminary pre-filled VAT filings to 2027
Serbia’s Ministry of Finance has announced that the Law on Amendments and Supplements to the Law on Electronic Invoicing was approved on 3 December 2025. A significant change introduced by this update relates to the implementation of preliminary
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