Saturday, August 08, 2026
The Sri Lanka Inland Revenue Department issued Circular No. SEC/2026/E/04 on 8 June 2026, providing withholding agents with guidelines and explanatory notes on the deduction of withholding tax and advance income tax from various types of payments. Effective from June 2026, this Circular replaces Circular No. SEC/2022/E/03, and details specific tax rates for various payments,...
The UAE Federal Tax Authority (FTA) has published a summary of its Private Clarifications on Corporate Tax issued up to May 2026, consolidating the guidance into a Frequently Asked Questions (FAQ) format, providing clarification on the application of the Corporate Tax regime across a wide range of areas, including exempt persons, partnerships, Free Zones, permanent...
The Swedish government has launched a public consultation on the European Commission’s proposed recast of the Council Directive on administrative cooperation in the field of taxation (DAC Recast) on 6 July 2026. This European Commission proposal details a significant recast of the Directive on Administrative Cooperation (DAC) to modernise and simplify tax oversight within the...
The Greek Public Revenue Authority (AADE) has launched the DAC9/GIR web portal to facilitate the electronic submission of the GloBE Information Return (GIR), also referred to as the Top-up Tax Information Return, together with related notifications required under Greece’s implementation of the Pillar Two global minimum tax rules. Launched on 7 July 2026, the portal...
The South African Revenue Service (SARS) has published a South African Tax Court judgment upholding the application of the general anti-avoidance rule (GAAR) in a case involving shareholders of an investment company on 7 July 2026. The South African Tax Court ruled that a share sale structured to avoid capital gains tax through dividend extraction...
France’s Ministry of Economy and Finance announced an extension of the filing deadline for the GloBE Information Return (GIR) for the financial year ended 31 December 2024 through a press release issued on 8 July 2026. The deadline, which was originally set for 30 June 2026, has been postponed to 1 September 2026. France adopted...
The Kenya Revenue Authority (KRA) released a public notice on 8 July 2026 regarding updates to the market interest rate for fringe benefit tax and the deemed interest rate on specific non-resident loans for July, August, and September 2026. Fringe benefit tax For the purposes of Section 12B of the Income Tax Act, the Market...
The Netherlands has gazetted a Memorandum of Understanding (MoU) with Finland establishing the procedures for applying the arbitration provisions set out in Part VI of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 8 July 2026. The MoU sets out the requirements for initiating arbitration,...
The US Internal Revenue Service (IRS) announced on 8 July 2026 that it introduced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative...
Italy’s Revenue Agency has clarified on 8 July 2026 that Simple Agreements for Future Equity (SAFE) contracts used by early-stage startups meet the definition of “convertible investments” and therefore qualify for the 65% individual income tax deduction under Article 29-bis of Legislative Decree no. 179/2012. The ruling, issued as Response no. 137 on 8 July...