Saturday, August 08, 2026
Poland’s Ministry of Finance announced on 3 April 2026 that it is implementing comprehensive reforms across budget classification, state budget management, and public investment oversight, with new legislation taking effect on 14 April 2026. The amendments to the Public Finances Act, passed on 27 February 2026, are designed to enhance public spending effectiveness while maintaining...
The Trump administration unveiled its fiscal year 2027 budget proposal on 3 April 2026, featuring significant reductions to the Internal Revenue Service (IRS) alongside increased defence spending and border security priorities. The budget, set to begin on 1 October 2026, targets a USD 73 billion cut in nondefense spending—approximately 10% below FY2026 levels. The budget...
The UK’s Financial Reporting Council (FRC) announced it has published guidance for audit firms on using generative and agentic AI tools in audit engagements on 30 March 2026. The guidance sets out how firms can mitigate risks to audit quality posed by these tools, while supporting firms to realise the significant benefits these technologies offer...
Lithuania’s State Tax Inspectorate (VMI) has provided updated guidance for Article 56-1(1) and (9) of the Corporate Income Tax Law, applicable for calculating taxable profit for periods beginning in 2026. These provisions regulate the transfer of tax losses between companies within the same group. Transfer conditions – Article 56-1(1) A company may transfer its tax...
The OECD published an updated list of signatories, including their signing dates, to the Multilateral Competent Authority Agreement on the Exchange of Global Anti-Base Erosion (GloBE) Information Returns (GIR MCAA) on 31 March 2026. The agreement facilitates the automatic exchange of GloBE Information Returns between tax authorities and reduces compliance costs for multinational enterprise groups...
Turkey’s Revenue Administration has released guidance for the 2026 corporate income tax (CIT), setting out standard and sector-specific rates, available incentives, and rules for the domestic minimum corporate tax. The guidance, published on 31 March 2026, is designed to help companies understand their tax obligations, claim eligible reductions, and calculate minimum tax liabilities. Corporate income...
The Grand National Assembly of Turkey (TBMM) has removed all crypto asset taxation provisions from the draft omnibus law submitted on 2 March 2026. The amendment cancels the planned 0.03% transaction tax and the 10% withholding tax on crypto gains. Crypto-asset service providers remain subject to the 30% corporate income tax, and licensed platforms must...
Turkey’s Revenue Administration has issued detailed guidance on 31 March 2026 on the filing of corporate income tax (CIT) returns for the 2025 fiscal year. This guide provides comprehensive instructions for taxpayers on exemptions, income determination, deductions and the new domestic minimum corporate tax. Corporate tax applies to a range of entities, including capital companies...
Malta’s Tax and Customs Administration announced on 27 March 2026 that taxpayers opting for a final income tax without imputation must make the election through their income tax return. The authority confirmed that once exercised, the election is binding for five consecutive Years of assessment, limiting the ability to switch treatment during that period. The...
Singapore’s Inland Revenue Authority of Singapore (IRAS) has introduced FormSG for Waiver of Shareholding Test Applications, alongside updated guidance on the treatment of Unutilised Items, including capital allowances, trade losses, and donations. Unutilised items arise in a Year of Assessment (YA) where a company has insufficient income to fully utilise deductions. Companies may manage these...