Saturday, August 29, 2026
The US Internal Revenue Service (IRS) has announced, on 7 August 2026, tax relief for individuals and businesses in the Commonwealth of the Northern Mariana Islands affected by Super Typhoon Bavi that began on 4 July 2026. These taxpayers now have until 1 February 2027 to file various federal individual and business tax returns and...
The European Commission has published a series of ten guidance documents to help non-EU operators with the implementation of the Carbon Border Adjustment Mechanism (CBAM) during its definitive period on 14 August 2026. The CBAM’s definitive period brings monitoring, reporting and financial obligations for importers of carbon-intensive goods into the EU, set out in the...
The US is set to impose 50% tariffs on nearly USD 20 billion of Canadian goods beginning 19 August 2026, according to an announcement made under Section 338 of the Tariff Act of 1930. The duties would affect approximately 5.2% of the USD 383 billion in goods the US imported from Canada in 2025, targeting...
Bangladesh and Kosovo have agreed to work towards the early conclusion of a tax treaty, according to a joint communiqué issued on 13 August 2026. The commitment was made during the Second Foreign Office Consultations held in Prishtina between officials from the two countries. The talks covered bilateral relations and economic cooperation. The two sides...
Switzerland’s Federal Council has adopted a dispatch proposing a temporary increase in Value Added Tax (VAT) to strengthen the country’s security and defence capabilities. At its meeting on 12 August 2026, the Federal Council proposed increasing the standard VAT rate by 0.5 percentage points for 12 years from 2028. The special rate would rise by...
The US Department of the Treasury and the IRS have issued final regulations (TD 10053) adopting, without changes, the proposed regulations (REG-112829-25) published on 9 January 2026. The regulations align the backup withholding rules for third-party network transactions with the reporting thresholds introduced by the One Big, Beautiful Bill Act (OBBBA). The regulations went into...
South Africa’s Customs and Excise Act allows certificates of origin to be issued retrospectively for eligible shipments under specified circumstances, according to a clarification issued on 13 August 2026. Rule 46A6.13 (e) of the Customs and Excise Act No.91 of 1964, as amended, provides for a certificate of origin to be issued retrospectively within one...
Taiwan’s Central District National Taxation Bureau of the Ministry of Finance said rental income earned by business operators from leasing housing for social housing purposes may be exempt from business tax if the property meets the requirements of the Housing Act. The exemption applies when a property owner leases housing to a competent authority or...
Montenegro’s government has published Rulebook No. 10/1-1-01-040/26-2637/4 in the Official Gazette on 7 August 2026, clarifying the automatic exchange of information (AEOI) with EU member states and the European Commission (EC) on previous transfer pricing agreements and tax rulings with cross-border implications. The enactment of the “Rulebook on the closer method of reporting on advance...
The US Court of International Trade issued a ruling on 13 August 2025 that sided with the Trump administration’s decision to eliminate the “de minimis” tariff exemption for small-value imports below USD 800. The three-judge panel found that the International Emergency Economic Powers Act (IEEPA) provided the president with sufficient authority to rescind this long-standing...