Tuesday, February 24, 2026
Brazil’s Federal Revenue Service (RFB) announced yesterday, 19 February 2026, that it has extended the application deadline for the inaugural edition of its Cooperative Fiscal Compliance Programme — known as Confia — to 20 March 2026, following requests from companies that needed additional time to complete internal approval processes. The extension was formalised through Ordinance...
Australia’s Treasury has initiated a public consultation on proposed amendments to the Taxation (Multinational—Global and Domestic Minimum Tax) Rules 2024 from 16 February – 13 March 2026. The draft amending rules, titled the Taxation (Multinational—Global and Domestic Minimum Tax) Amendment (2026 Measures No. 1) Rules 2026, seek to update specific provisions in line with the most...
Chile’s tax authority (SII) issued Circular No. 7 on 12 February 2026, updating various thresholds used to calculate employment income tax for March 2026. Circular No. 7 sets the following adjusted values for March 2026: Key reference values: The monthly tax unit (UTM) is set at CLP 69,889 and the annual tax unit (UTA) at...
Jamaica’s Finance Minister Fayval Williams unveiled the 2026-27 national Budget on 12 February 2026. The latest budget is driven largely by the economic fallout from Hurricane Melissa, which caused damage exceeding USD 8.8 billion. The government has outlined a JMD 1.441 trillion spending plan against projected revenues of JMD 1.338 trillion. To close that gap,...
The Philippines and Luxembourg, during the bilateral meeting on 18 February 2026, held talks regarding the establishment of a new income tax treaty The discussions aimed at strengthening collaboration in trade and investment, creative industries, and technology. Officials discussed information and space technology, AI, labor mobility, and finalising a new agreement on the avoidance of...
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting exceptive relief to covered financial institutions from certain requirements under FinCEN’s Customer Due Diligence Requirements for Financial Institutions rule (the “2016 CDD Rule”). The order excepts covered financial institutions from the requirement to identify and verify the beneficial owners of...
Chile’s tax authority (SII) issued Ruling No. 360-2026 on 11 February 2026, clarifying that foreign professionals providing services in Chile can only claim the VAT exemption under article 12(E)(8) of the VAT Law if their employment or professional income is actually taxed in Chile under article 42 or 48 of the Income Tax Law. Article...
The Nigeria Revenue Service (NRS) has released a timeline for the phased implementation of its Electronic Invoicing and Electronic Fiscal System (EFS), also known as the Merchant Buyer Solution (MBS). The initiative is part of efforts to modernise tax administration and improve compliance. Earlier, the EFS system went live for Large Taxpayers, with annual turnover...
The Nigeria Revenue Service has clarified, on 17 February 2026, that the Nigeria Tax Act 2025 is already in effect and does not impose a 25% tax on building materials, construction funds, or related transactions, contrary to false claims circulating in a recent video. Contrary to the misinformation being circulated, the Nigeria Tax Act 2025...
Indonesia’s Directorate General of Taxes has issued Announcement No. 1/PJ/2026 on 20 January 2026, detailing the participating and reportable jurisdictions for the 2026 automatic exchange of financial account information under the Common Reporting Standard (CRS). The following 117 countries and territories are the participant jurisdictions for the Automatic Exchange of Financial Account Information (AEOI-CRS) for...