Saturday, August 29, 2026
Spain’s General Directorate of Taxes (DGT) has ruled that publicly owned commercial entities are not automatically excluded from the scope of Pillar Two, and that qualification as an excluded governmental entity must be assessed on a case-by-case basis. Ruling background The binding ruling, numbered V5057-26 dated 23 June 2026 and published on 13 August 2026,...
Portugal has clarified the conditions for applying the reduced VAT rate to urban rehabilitation works, confirming that the 6% rate applies where properties or public spaces are located within legally designated Urban Rehabilitation Areas (ARUs), without requiring prior approval of an Urban Rehabilitation Operation (ORU). Law No. 48/2026 published on 17 August 2026, provides an...
Tax Inspectors Without Borders (TIWB), a joint initiative of the Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme (UNDP), helped developing countries collect an additional USD 2.72 billion in tax revenue by the end of 2025, according to its annual report published on 2 July 2026. TIWB supported 71 developing...
Poland’s government has unveiled a package of tax changes that would increase the basic CIT rate to 22% for entities with annual revenues exceeding EUR 50 million and for tax capital groups, while introducing changes to several other tax measures. The proposals cover both individual and corporate taxation, with the planned CIT increase for large...
The Kaohsiung National Taxation Bureau, Ministry of Finance, has reminded businesses handling gifted equity in unlisted companies that a certificate issued by the tax collection authority must be obtained before the ownership transfer registration can be completed. The bureau said many small and medium-sized family businesses transfer equity to the next generation without consideration to...
Panama’s General Revenue Directorate has formally adopted a list of 108 participating jurisdictions for the automatic exchange of financial information under the Common Reporting Standard (CRS). Resolution No. 201-5324 was issued on 15 July 2026, and published in Official Digital Gazette No. 30,587 on Tuesday, 11 August 2026. The Resolution was issued under Executive Decree...
Taiwan’s Kaohsiung National Taxation Bureau has clarified today, 20 August 2026, that businesses which have already declared an input tax deduction against output tax for goods or services acquired for their main or ancillary operations must still declare any subsequent purchase returns or allowances in the period in which they occur, even if the business...
Panama’s Cabinet Council announced, on 19 August 2026, that it approved sending Bill 30-26 to the National Assembly for consideration. This bill amends and supplements provisions of the Tax Code related to the taxation of certain digital economy transactions and establishes other provisions. The bill aims to update the Transfer Tax on Tangible Personal Property...
The US Internal Revenue Service (IRS) and Security Summit partners reminded tax professionals, on 18 August 2026, to protect client data with a Written Information Security Plan. Federal law requires tax and accounting professionals to create and maintain a Written Information Security Plan to help protect client information from identity thieves and data breaches. The...
Officials from Grenada and Qatar met on 18 August 2026 to discuss bilateral relations, including negotiations toward the eventual signing of a double taxation agreement (DTA) as part of broader efforts to strengthen bilateral economic and investment ties, according to a release from the Qatar News Agency. Grenadian Prime Minister Dickon Mitchell said the agreement,...