Saturday, August 29, 2026
The US Internal Revenue Service (IRS) has issued Notice 2026-50, expanding and extending the safe harbour previously established under Notice 2026-1. This administrative notice establishes an updated safe harbour for taxpayers claiming the Section 45Q tax credit for carbon oxide sequestration. It specifically addresses challenges created by the EPA’s proposal to eliminate certain greenhouse gas...
The Nigerian State House has announced that President Bola Ahmed Tinubu approved a new deep offshore investment framework on 11 August 2026. The reform seeks to attract up to USD 50 billion in new investment into Nigeria’s oil and gas sector by replacing project-by-project negotiations with standardised rules, while also promoting local employment and industrial...
Bahrain’s National Bureau for Revenue (NBR) has published Version 1.0 of its DMTT Return Filing Manual, setting out procedures for filing, payment and refunds under the 15% Domestic Minimum Top-up Tax (DMTT). The regime applies from 1 January 2025 to qualifying large MNE Groups operating in Bahrain. DMTT scope and legislation The DMTT applies where...
The Maryland Tax Court ruled, on 14 August 2026, that the state’s Digital Advertising Gross Revenues Tax violates the federal Internet Tax Freedom Act and the dormant Commerce Clause by applying progressive rates based on global revenues while exempting non-digital advertising, and unconstitutionally targets content through news media exemptions. The Maryland Tax Court issued three...
The Australian Taxation Office (ATO) has implemented significant updates to its Country-by-Country (CbC) reporting exemptions and administrative relief guidelines for requests received from 1 January 2025. It details the specific criteria and evidence-based application process required for multinational entities to secure reporting exemptions or access administrative relief. The key updates are as follows: Division 50...
Singapore will implement the OECD Crypto-Asset Reporting Framework (CARF) from 1 January 2027, requiring in-scope crypto-asset service providers to carry out due diligence on users and report prescribed tax and transaction information to the Inland Revenue Authority of Singapore (IRAS). The Income Tax (International Tax Compliance Agreements) (Crypto-Asset Reporting Framework) Regulations 2026 were first published...
The South African Revenue Service (SARS) has set out the income tax and capital gains tax treatment of cash grants made to an employee share incentive trust and the subsequent vesting of shares in qualifying employees under Binding Private Ruling 429 (BPR 429) issued on 14 August 2026. The ruling covers a resident company, its...
The Spanish Senate has urged the Government to integrate VERI*FACTU, SII and mandatory B2B e-invoicing into a single reporting model aligned with the EU’s VAT in the Digital Age (ViDA) framework. The non-binding motion calls for a clear roadmap, legal certainty and sufficient transition time for SMEs and the self-employed, with the aim of avoiding...
The Egyptian Tax Authority (ETA) has clarified the conditions for companies to retain their existing tax registration number when changing their legal form, including converting from a partnership to a capital company. Under Circular No. 3 of 2026, amending Circular No. 7 of 2023, companies must apply to the competent tax office to retain their...
Sweden’s Ministry of Finance has proposed a new voluntary tax incentive that would allow businesses to claim an additional deduction of 200% of eligible R&D wage costs, taking the total deduction to 300% when combined with the ordinary deduction. The proposal was submitted to the Council on Legislation on 13 August 2026 and is intended...