Sunday, June 07, 2026
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 General Explanation of the Tax Provisions of Public Law 119–21 was prepared by the...
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 Government has announced that the accelerated CCA will be reinstated for eligible LNG equipment and related buildings...
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 parliament on 28 May 2026, proposes major changes to capital gains tax rules and property investor incentives as the government seeks...
The Spanish Tax Agency has announced the publication of Order HAC/529/2026 of 7 May 2026 in the Official Gazette on 29 May 2026. The Order approves the forms and filing instructions for Corporate Tax and Non-Resident Income Tax returns for tax periods beginning between 1 January and 31 December 2025. The revised return forms, including...
The Kenya Revenue Authority (KRA) has updated its eTIMS guidance by adding a dedicated section on reverse invoicing, offering additional clarity on its practical application. The framework is intended mainly to strengthen compliance in sectors that involve a high number of small-scale suppliers. System overview Reverse Invoicing is a tax compliance tool that allows a...
The Philippine Securities and Exchange Commission (SEC) has issued SEC Memorandum Circular (MC) No. 16, series of 2026 (SEC MC 16-2026) on 13 May 2026, temporarily suspending the monthly delay penalties for late or non-filing of annual financial statements (AFS) and general information sheets (GIS) for domestic and foreign corporations. While the recurring monthly delay...
The European Commission announced, on 22 May 2026, that it has published the work programme for VAT in the Digital Age (ViDA), covering implementation activities planned for 2026. The programme builds on the implementation strategy released in September 2025 and is intended to support the rollout of the ViDA package under the current Multiannual Financial...
Finland’s Tax Administration has released updated Guidance No. VH/2608/00.01.00/2026 on 21 May 2026, which outlines the updated regulatory framework for income tax penalties in Finland, focusing on the distinction between late fees and tax increases. The revisions clarify that penalties may apply to tax returns or corrections submitted after the deadline but still within the...
Belgium’s government announced on 22 May 206 that the Council of Ministers has approved a preliminary draft law transposing into Belgian law the “DAC9 directive” and making other amendments to the law relating to the introduction of a minimum tax for multinational enterprise groups and large national groups. This follows after the European Commission issued...
Croatia has published Ordinance No. 665 in the Official Gazette on 22 May 2026, bringing the nation’s tax system into alignment with the OECD’s global minimum corporate tax initiative. The ordinance operationalises the broader Minimum Global Corporate Income Tax Act by establishing clear procedures for large multinational enterprise (MNE) groups and domestic corporate groups operating...