Sunday, May 17, 2026
The US and China are moving toward a new approach in their trade relationship, with both nations expected to identify approximately USD 30 billion worth of goods for potential tariff reductions. A new pragmatic strategy US Trade Representative Jamieson Greer introduced the Board of Trade concept in March as a central component of discussions for...
The Hong Kong Legislative Council approved the Inland Revenue Amendment Bill 2026 on 13 May, introducing substantial tax concessions outlined in the 2025 Policy Address and 2026-27 Budget. Beginning with the 2026-27 assessment year, the legislation raises various tax allowances and deduction limits. These adjustments cover basic personal allowances, married persons, single parents, and dependent...
The Slovak Republic’s National Council voted down proposed changes to VAT registration requirements on 7 May 2026, ending plans to raise turnover thresholds for small businesses. This follows the consideration by the Slovak Republic parliament of draft legislation proposing significant changes to VAT registration requirements from 1 July 2026, including higher turnover thresholds intended to...
Brazil’s President Luiz Inácio Lula da Silva signed a provisional presidential decree on Tuesday 12 May 2026 eliminating the federal tax on imports worth less than USD 50, reversing a levy that had been widely criticised. The presidential decree and an ordinance removing the tax were published in an extra edition of the Federal Official...
The Swedish Ministry of Finance has submitted a draft bill proposing a further temporary reduction of tax on petrol and diesel in response to rising fuel prices, with the measure set out in memorandum Fi2026/01131 published on 13 May 2026. The proposal would reduce the carbon dioxide tax on petrol and diesel by SEK 2.40...
The Peru tax authority (SUNAT) has introduced Mutual Agreement Procedure Guidance Version 2.0 (2026) to replace the previous Mutual Agreement Procedure Guidance Version 1.0 (2023). The 2026 version of the Mutual Agreement Procedure (MAP) Guide provides a comprehensive framework for resolving tax disputes arising from the application of Double Taxation Treaties (DTTs) signed by Peru....
Finance Minister Jens Stoltenberg has unveiled Norway’s Revised National Budget for 2026, emphasising economic stability amid global uncertainties. With ongoing trade tensions and conflict in the Middle East creating volatility, the government has opted for modest tax adjustments rather than sweeping reforms. While there is no broad overhaul of corporate income tax rates, the budget...
The Portuguese Tax and Customs Authority has extended the deadline for submitting the annual corporate income tax return (Modelo 22) and the corresponding payment for the 2025 tax year to 19 June 2026, without any penalties or surcharges. The extension was set out in Order No. 68/2026-XXV-SEAF of 12 May 2026 and applies to taxpayers...
The US Court of Appeals for the Federal Circuit issued a short-term administrative stay on 12 May 2026, temporarily halting injunctions against the Trump administration’s 10% global tariff that was imposed under Section 122 of the Trade Act of 1974. On 7 May 2026, the Court of International Trade issued an Opinion and Order which...
The Court of Justice of the European Union (CJEU) delivered its judgment on 13 May 2026 in Stellantis Portugal, S.A. v Autoridade Tributária e Aduaneira (Case C-603/24) concerning whether intra-group transfer pricing adjustments are subject to VAT. The case involved Stellantis Portugal, S.A., as the legal successor of Opel Portugal, Lda., formerly General Motors Portugal...