Saturday, August 08, 2026
Italy’s Revenue Agency announced, through Response No. 84 on 25 March 2026, that Italian tax residents who receive only income from foreign trusts without any ownership rights to the underlying assets are not required to pay IVAFE (Italy’s VAT on financial assets held abroad). The ruling addresses a US citizen living in Italy who benefits...
The European Parliament’s Economic and Monetary Affairs Committee examined a proposal to grant the European Public Prosecutor’s Office (EPPO) and the European Anti-Fraud Office (OLAF) enhanced access to VAT information across the EU. The initiative seeks to strengthen efforts to combat cross-border VAT fraud, which continues to drain substantial public revenues. This proposal sets up...
The Indian government has announced, on 27 March 2026, a reduction in excise duty on petrol and diesel for domestic consumption, citing rising global oil prices amid the rising hostilities in the Middle East. The move aims to shield consumers from further price increases. Under the new measures, the special excise duty on petrol has...
Cambodia’s Ministry of Economy and Finance (MEF) has announced a reduction in the Value Added Tax (VAT) rate on petroleum products, specifically regular gasoline and diesel, in a move aimed at easing the impact of rising international fuel prices and supporting the living standards of Cambodian citizens. Under the measure, the VAT rate on the...
Lithuania’s State Tax Inspectorate (VMI) published on 24 March 2026 draft amendments to the rules on reporting information about reportable crypto-asset users, aligning with the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) (DAC8). The amendments include: Updated definitions: Existing individual crypto-asset user – a physical person who established a relationship with a...
Germany’s Ministry of Finance has published a draft bill on 24 March 2026 for the ratification of the 2024 Addendum to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (CRS MCAA). The addendum incorporates the 2023 amendments to the Common Reporting Standard (CRS), extending the scope of automatic information exchange to...
Irish Revenue has released eBrief No. 065/26 on 30 March 2026, which updates the guidance about outbound payments defensive measures. Tax and Duty Manual Part 33-05-01 has been updated as follows: New section 3.4.2 has been included concerning the application of the association test for Irish partnerships. New examples 3.4.3 and 3.4.4 have been included...
The Australian government has announced temporary reductions to the fuel excise rates on petrol and diesel yesterday, 30 March 2026. Both measures will take effect on 1 April 2026 and remain in place until 30 June 2026. The fuel excise is being halved, meaning it will reduce the cost of fuel by 26.3 cents per...
Thailand’s Revenue Department, in a notice, announced that corporate taxpayers (juristic persons) that have not yet submitted their PND.50, PND.52, and PND.55 returns for the accounting period 1 January 2025 to 31 December 2025 are required to do so within 150 days from the end of the accounting period, which is 2 June 2026. Taxpayers...
The Finnish Ministry of Finance has launched a public consultation on 20 March 2026 regarding a draft proposal to suspend the Finland-Russia Income Tax Treaty of 1996, as amended in 2000. Due to the urgency of aligning domestic law with the presidential decision, the consultation period has been shortened, with submissions required by 2 April...