Saturday, September 19, 2026
India published the Taxation and Other Laws (Amendment) Act, 2026 (Act No. 21 of 2026) in the Official Gazette on 17 August 2026 after receiving the President’s assent. The legislation amends the Income-tax Act, 2025 and other laws, with most provisions deemed to have come into force retrospectively from 1 April 2026. The Act aims...
The Lithuanian State Tax Inspectorate (VMI) updated the commentary to the Law on Corporate Income Tax on 19 August 2026, with changes concerning several definitions under Article 2 of the Lithuanian Corporate Income Tax Law (PMĮ). The guidance provides clarification on the application of control thresholds and the treatment of income from foreign entities. Controlled...
The US Treasury and IRS issued the proposed regulations on 18 August 2026. The rules would apply the eligibility requirements under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) to the refundable portions of the adoption tax credit, child tax credit, American opportunity tax credit, and earned income tax credit. Background PRWORA...
The Australian Senate approved the Treasury Laws Amendment (Tax Reform No. 2) Bill 2026 on 19 August 2026, following its passage by the House of Representatives on 18 August 2026. The Bill is a legislative package designed to implement key business tax reforms and regional sports initiatives announced in the 2026–27 Federal Budget. The legislation...
The Financial Administration of the Slovak Republic has published new guidelines on the minimum tax applicable to legal entities, taking into account amendments introduced by Law 261/2025 of 24 September 2025. The guide explains the Slovak Republic’s minimum income tax for legal entities, effective from 1 January 2026. Companies must pay the minimum tax when...
China’s tax authorities have implemented a 20% levy on offshore trust structures, creating immediate pressure on wealthy mainland investors to recalculate their liabilities and restructure holdings. The new rules, introduced in late July 2026, mark a significant escalation in China’s campaign against capital outflows and untaxed foreign income. Effect on the wealthy Chinese tax authorities...
Spain’s General Directorate of Taxes (DGT) has ruled that publicly owned commercial entities are not automatically excluded from the scope of Pillar Two, and that qualification as an excluded governmental entity must be assessed on a case-by-case basis. Ruling background The binding ruling, numbered V5057-26 dated 23 June 2026 and published on 13 August 2026,...
Portugal has clarified the conditions for applying the reduced VAT rate to urban rehabilitation works, confirming that the 6% rate applies where properties or public spaces are located within legally designated Urban Rehabilitation Areas (ARUs), without requiring prior approval of an Urban Rehabilitation Operation (ORU). Law No. 48/2026 published on 17 August 2026, provides an...
Tax Inspectors Without Borders (TIWB), a joint initiative of the Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme (UNDP), helped developing countries collect an additional USD 2.72 billion in tax revenue by the end of 2025, according to its annual report published on 2 July 2026. TIWB supported 71 developing...
Poland’s government has unveiled a package of tax changes that would increase the basic CIT rate to 22% for entities with annual revenues exceeding EUR 50 million and for tax capital groups, while introducing changes to several other tax measures. The proposals cover both individual and corporate taxation, with the planned CIT increase for large...