Sunday, June 07, 2026
The Hong Kong Inland Revenue Department announced that the government has welcomed the approval of the Stamp Duty (Amendment) Bill 2026 by the Legislative Council on 20 May 2026. The Stamp Duty (Amendment) Bill 2026 has provisions to increase the stamp duty rate for residential property transactions with an amount or value of consideration (whichever...
The Czech Ministry of Finance has unveiled two draft amendments to the VAT Act, introducing significant changes scheduled to take effect from 1 January 2027 and 1 July 2028, addressing bad debt provisions, hospitality VAT rates, and partial implementation of the EU VAT in the Digital Age directives. Enhanced bad debt relief for small claims...
Kyrgyzstan’s parliament has given its approval to ratify a tax agreement with Japan that will modernise bilateral tax relations between the two countries. On 14 May 2026, lawmakers reviewed and passed the draft ratification law in its first reading. The parliament completed the ratification process on 20 May 2026, approving the Income Tax Treaty that...
Jordan’s Income and Sales Tax Department (ISTD) has urged taxpayers with outstanding liabilities due by 31 December 2024 to use expanded settlement options under a government decision extending the Tax Settlement and Reconciliation Committee’s mandate until 30 June 2026, allowing more time to regularise unpaid taxes, according to a release by Jordan News Agency on...
Jamaica’s tax administration (TAJ) has released Technical Advisory No. 052026/01/GCT-TA on 1 May 2026, which guides both internal and external stakeholders on the implementation and administration of the new special consumption tax (SCT) on non‑alcoholic sweetened beverages (NASBs) arising from amendments to the general consumption tax (GCT) Act and its administration through the Excise Duty...
The US Treasury has designated eight countries requiring international boycott reporting, with Form 5713 filings mandatory for businesses operating in or connected to these nations. The US Department of the Treasury issued a Federal Register notice on 19 May 2026, identifying countries that may mandate participation in international boycotts. The designated nations are Iraq, Kuwait,...
The G7 finance ministers and central bank governors convened on 18 May 2026, issuing a communiqué that reinforces their commitment to international tax cooperation and digital economy challenges. The ministers endorsed the OECD/G20 Inclusive Framework’s Global Minimum Tax Side-by-Side Package, viewing it as essential for maintaining tax certainty and creating fair competition among nations. The...
Brazil is implementing a major indirect tax reform, replacing five existing taxes — three federal (PIS, COFINS, IPI), one state (ICMS), and one municipal (ISS) — with two new taxes: CBS (federal contribution on goods and services), managed by the federal government. IBS (tax on goods and services), managed by states and municipalities. The reform...
Taiwan’s Central District National Taxation Bureau of the Ministry of Finance clarified that profit-seeking enterprises required to report income from Controlled Foreign Corporations (CFCs) must disclose relevant information and attach supporting documents in the prescribed format when filing their income tax returns. If a profit-seeking enterprise cannot submit the CFC financial statements audited and certified...
The Financial Administration of Slovenia (FURS) announced that the eDavki portal began accepting submissions of the GloBE-ODPD return and the GloBE-OPD return on 15 May 2026. The GloBE-ODPD return is intended for reporting top-up tax under the Qualified Domestic Minimum Top-up Tax (QDMTT), while the GloBE-OPD return is used for reporting top-up tax under the...