Sunday, May 17, 2026
The Hong Kong Inland Revenue Department (IRD) has released updated lists of Qualifying Debt Instruments (QDIs) eligible for profits tax concessions or exemptions as of 31 December 2025, with the latest update notably expanding coverage to include sovereign bonds qualifying for profits tax exemption. The QDI lists include: Qualifying Debt Instruments issued before 1 April...
The US House of Representatives, on 29 April 2026, approved the fiscal year 2026 budget resolution (S. Con. Res. 33) by a narrow vote of 215-211, launching the reconciliation process that allows Republicans to advance legislation with simple majority votes. The resolution focuses narrowly on funding immigration enforcement and border security operations through the Department...
Croatia’s parliament has approved legislation that ratified the pending income tax treaty with Australia on 30 April 2026. The treaty is the first of its kind between the two countries and follows an agreement between Croatia and Australia on the elimination of double taxation with respect to taxes on income and the prevention of tax...
Switzerland has extended the withholding tax exemption provisions applicable to instruments issued by financial institutions designated as too big to fail (TBTF) for a fixed period until 31 December 2031. This announcement was on 30 April 2026. The extension ensures that banks can continue to issue TBTF instruments in Switzerland on competitive terms, thereby supporting...
Italy’s tax filing season begins with significant changes this year, as the Revenue Agency introduces a split calendar for different tax forms and expands digital capabilities for millions of taxpayers on 28 April 2026. Staggered access dates For the first time, taxpayers will access pre-filled returns on different schedules depending on their form type. The...
Finland has enacted three major tax laws—323/2026, 324/2026, and 325/2026—published in the Official Gazette on 28 April 2026, fundamentally reforming how permanent establishments operating in the country are taxed. The reforms bring Finnish domestic tax law into alignment with the Authorised OECD Approach (AOA) as outlined in Article 7 of the 2010 OECD Model Tax...
Iceland’s parliament has approved emergency legislation to slash the VAT rate on fuel from 24% to 11% for four months, offering relief to motorists during the summer travel season. The Law Amending the Value Added Tax Act and the Competition Act received parliamentary approval on 29 April 2026 and takes effect from 1 May 2026...
Greece introduced an omnibus bill in Parliament on 30 April 2026 through the Ministry of National Economy and Finance, aimed primarily at strengthening tax transparency through the incorporation of EU directives, alongside broad domestic tax reforms and administrative restructuring measures. The package covers multiple areas, including the non-deductibility of Pillar Two tax, targeted personal income...
The Department of the Treasury and the Internal Revenue Service on 30 April 2026 issued temporary regulations and the accompanying notice of proposed rulemaking on a new method for recovering federal excise tax paid on dyed fuel established under the One, Big, Beautiful Bill. These temporary regulations provide the procedures by which a taxpayer may...
Taiwan’s National Taxation Bureau of the Northern Area, MOF, stated, on 30 April 2026, that it has strengthened audits of Controlled Foreign Corporation (CFC) cases for the year 2023 on profit-seeking enterprise income tax filings within its jurisdiction. The audits aim to verify whether the reported CFC met the requirement for substantive activities or the...