Saturday, August 08, 2026
According to a recent update from the Canadian government, Canada and France have signed a Competent Authority Arrangement establishing the procedures for applying the arbitration provisions under Part VI (Arbitration) of the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The arrangement applies to arbitration under...
Canada and Saudi Arabia have launched negotiations on a bilateral income tax treaty, following an announcement by the Canadian Prime Minister’s Office on 9 July 2026. This initiative was announced as part of a broader economic strategy to unlock the full potential of their bilateral ties, promote two-way investment, support small and medium-sized enterprises, and...
Chile’s Internal Revenue Service (SII) issued Resolution No. 89 dated 26 June 2026, updating the lists of assets and their corresponding market values for purposes of applying the 2026 luxury tax. This tax framework imposes a 2% annual tax on the normal market value of specific high-value goods, including helicopters, airplanes, yachts, automobiles, station wagons,...
The Australian Taxation Office (ATO) has published a Memorandum of Understanding (MoU) with Japan, outlining the specific arbitration procedures established between the governments of both countries to resolve unresolved tax disputes. It serves as a practical framework for implementing Part VI of the Multilateral Convention, aiming to eliminate double taxation and prevent tax avoidance through...
Italy has received approval to continue applying its VAT split-payment system following the adoption, without discussion, of an EU Council Implementing Decision at the Economic and Financial Affairs (ECOFIN) Council meeting held on 10 July 2026. The regulation authorises Italy to continue utilising a split payment mechanism for Value Added Tax (VAT), which directs payments...
The Australian Taxation Office (ATO) announced on 8 July 2026 enhanced compliance measures targeting businesses that intentionally overstate deductible expenses and GST credit claims. ATO is strengthening compliance action on businesses that deliberately over-claim expenses and GST credits. This helps ensure a level playing field for small businesses that do the right thing. The ATO...
Italy’s Revenue Agency has issued Response no. 139 on 10 July 2026, confirming that companies undergoing severe corporate restructuring do not automatically forfeit their Transition 4.0 tax credits. The ruling emphasises that the true deciding factor is the economic substance of the operation; as long as the company maintains its business continuity and the investments...
Australia has opened a consultation on the implementation of a proposed 30% minimum tax for discretionary trusts on 8 July 2026. The proposed 30% minimum tax for discretionary trusts is scheduled to take effect from 1 July 2028. The proposal, announced in the 2026–27 Federal Budget, forms part of the government’s broader tax reform agenda...
Cyprus released Decree No. 272/2026 on 26 June 2026 to incorporate OECD materials released after the country’s own Pillar Two legislation took effect. The new decree recognises five key OECD documents: the January 2025 Administrative Guidance, the January 2025 GloBE Information Return, the 2025 Consolidated Commentary, the 2025 Examples, and the January 2026 Side-by-Side package....
Taiwan’s securities market has been highly active. Not only have individual investors participated extensively, but many profit-seeking enterprises have also used idle funds for stock investments to increase non-operating income. When realising investment gains, the Taiwanese tax bureau clarified, on 10 July 2026, that enterprises should pay attention to the reporting and taxation rules under...