Thursday, October 29, 2026
Kyrgyzstan and Croatia discussed expanding trade, economic and investment cooperation and preparations for a draft agreement to avoid double taxation and prevent tax evasion on 14 October 2026. Bilateral trade increased 4.1-fold between 2021 and 2025, reaching USD 1.4 million in January–July 2026, up 32.4% year on year. The two countries agreed to hold the...
The Australian Government introduced the Treasury Laws Amendment (Tax Reform No. 3) Bill 2026 and the Income Tax Rates Amendment (Minimum Tax on Discretionary Trusts) Bill 2026 to the House of Representatives on 14 October 2026. The proposed legislation imposes a 30% minimum tax on the net income of discretionary trusts, scheduled to apply to...
The Liechtenstein government announced that Liechtenstein and the Philippines signed an income tax treaty on 15 October 2026. The agreement aims to prevent double taxation and facilitate cross-border trade and investment. The income tax treaty with the Philippines establishes a bilateral framework for tax matters between the two countries and will enter into force after...
Lithuania’s State Tax Inspectorate (STI) has clarified that businesses required to register for VAT because of cross-border transactions with other EU Member States do not automatically have to charge and pay VAT on domestic sales, provided their annual domestic turnover remains below the EUR 45,000 threshold. The guidance addresses the application of Article 71¹(9) of...
Kenya has released the Income Tax (Significant Economic Presence Tax) Regulations 2026. The regulations were issued by the Cabinet Secretary for the National Treasury on 12 August 2026 and gazetted on 18 September 2026. Introduced under the Tax Laws (Amendment) Act 2024 and expanded by the Finance Act 2025, the Significant Economic Presence Tax (SEPT)...
The UK Foreign, Commonwealth and Development Office published agreements on cooperation and mutual administrative assistance in customs matters with Australia and Bahrain on 13 October 2026. Both agreements were signed in Brussels on 23 June 2026 and were presented to Parliament in October 2026. Agreement with Australia The published title is Agreement between the Government...
Negotiations between the US and Mexico over tariff reductions have stalled following opposition from Commerce Secretary Howard Lutnick, according to a Wall Street Journal report on 15 October 2026. The two countries had been working toward an agreement that would lower American tariffs on steel, aluminium, and automobiles. In exchange, Mexico would have offered concessions...
Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling Summary No. 18/2026 on 1 October 2026, addressing the tax treatment of gains arising from the transfer of long-term strategic investment properties to related companies during an internal group restructuring. The ruling examined whether gains realised by Company A, a Singapore-incorporated entity, from the disposal of...
Taiwan’s National Taxation Bureau of the Southern Area, under the Ministry of Finance has clarified that individuals cannot carry forward losses from overseas property transactions to subsequent taxable years when calculating their basic income tax. Rules for deducting overseas property losses Under Subparagraph 1, Paragraph 1, Article 12 of the Income Basic Tax Act and...
India has raised the export duty on petrol to INR 2.5 per litre from INR 0.5 and cut the duty on diesel to INR 8.5 per litre from INR 16, according to a finance ministry notification. The revised rates took effect today, 16 October 2026. The export duty on aviation turbine fuel (ATF) remains unchanged...