Saturday, July 18, 2026
Russia’s State Duma has approved, in the first reading, a Ministry of Finance bill that would introduce tax incentives for administrators of employee incentive programmes by extending an existing tax exemption. This announcement was made on 7 July 2026. Under the current rules, income received by international companies from the sale of additionally issued shares...
China has renewed its package of unemployment insurance incentives for another year, running from 1 January 2026 to 31 December 2026. The State Council-approved notice, issued on 18 June 2026 to provincial governments and the Xinjiang Production and Construction Corps, keeps three existing subsidy tracks running while tightening fraud controls. Premium refunds and hiring subsidies...
The UK Supreme Court ruled on 17 June 2026 that payments received by partners under a deferred remuneration scheme are taxable as miscellaneous income under section 687 of ITTOIA 2005, upholding the Court of Appeal’s decision in HMRC v HFFX LLP [2026] UKSC 17. The judgment pertains to a tax dispute between HMRC and HFFX...
Taiwan has reminded small-scale businesses exempt from issuing uniform invoices that they must still comply with tax withholding and reporting obligations when paying salaries, rent or other types of income, even if their taxes are assessed by the National Taxation Bureau. The reminder applies to sole proprietorships and partnerships with monthly sales of less than...
The OECD has announced that Guernsey and Turkey have joined the Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR MCAA), further expanding the international framework for the automatic exchange of information under the global minimum tax rules. Guernsey signed the agreement on 23 June 2026, while Turkey signed on 20 April 2026....
Malaysia’s Ministry of Finance has gazetted Income Tax (Deduction For Rental Payments) (Electric Motor Vehicles) Rules 2026 on 26 June 2026. These rules provide specific tax incentives for Malaysian companies that lease electric motor vehicles. Established by the Minister of Finance, these regulations permit businesses to claim tax deductions on rental costs, insurance, and administrative...
The Kenya Revenue Authority announced on 6 July 2026 that, under the Finance Act, 2026, which amends the First Schedule to the Excise Duty Act (Cap. 472), excise duty on bottled water has been abolished with effect from 1 July 2026. The announcement applies to all licensed manufacturers, importers of bottled water, and the general...
Ireland’s Government has announced, on 30 June 2026, the reintroduction of the 9% VAT rate for food and catering services and hairdressing from 1 July 2026, delivering a commitment set out in the Programme for Government. According to the Department of Finance, the reduced VAT rate applies to food and catering services and to hairdressing....
Peru’s National Superintendency of Customs and Tax Administration (SUNAT) has published Version 4.0 of its Catalogue of High Tax Risk Schemes, adding 11 new arrangements that could be used to obtain undue tax benefits and may be challenged under the country’s General Anti-Avoidance Rules (GAAR). The catalogue forms part of SUNAT’s strategy to improve voluntary...
The Hong Kong Inland Revenue Department (IRD) has announced that Hong Kong and Morocco will conduct a second round of negotiations on an income tax treaty from 13 to 17 July 2026. If an agreement is reached, it will help prevent double taxation and combat fiscal evasion between the two nations. It will require finalisation,...