Saturday, June 27, 2026
Turkey’s Revenue Administration has issued Tax Procedure Law Circular No. VUK-199/2026-5 on 15 May 2026, extending the filing and payment deadlines for several tax returns under the authority granted by Article 28 of Law No. 213 (Tax Procedure Law). The filing deadlines for Withholding and Premium Service Declarations, Accommodation Tax Declarations and Stamp Tax Declarations,...
Sweden’s Supreme Administrative Court has ruled in favour of Kubikenborg Aluminium AB (Kubal), overturning a transfer pricing-based adjustment made by the Swedish Tax Agency in a dispute concerning the deductibility of damages arising from an early termination of an electricity contract. The case, Kubikenborg Aluminium AB (Kubal) v. Skatteverket, decided on 19 May 2026, concerned...
Uruguay’s Ministry of Economy and Finance, through a Decree issued on 6 May 2026, has introduced detailed rules updating the taxation of income derived from non-resident entities under the Personal Income Tax (IRPF), in line with amendments set out in National Budget Law No. 20,446. The regulation seeks to strengthen legal certainty by clarifying the...
The Hong Kong Inland Revenue Department has released additional and updated FAQs on the Foreign-Source Income Exemption (FSIE) regime. The FSIE regime, effective from 1 January 2023, provides tax exemptions for specified foreign-sourced passive income received in Hong Kong by in-scope multinational enterprise entities, subject to conditions such as economic substance requirements. The updated FAQs...
The Hong Kong Inland Revenue Department has announced on 20 May 2026 that the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, which aims to implement the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development...
Jamaica’s tax administration (TAJ) announced on 18 May 2026 that the implementation of the revised Environmental Protection Levy (EPL) from 0.5% to 0.85%, which was scheduled to take effect on 1 May 2026, has been delayed pending the completion of the necessary legislative processes. Manufacturers and importers are being advised that while the revised EPL...
Hong Kong’s government has proposed legislative changes to broaden tax deductions for the acquisition and use of intellectual property, supporting its goal of positioning Hong Kong as a regional IP trading hub. The proposals were presented to the Legislative Council Panel on Commerce, Industry, Innovation and Technology on 19 May 2026, following a two-month stakeholder...
The Philippine Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 046-2026, which outlines the extension of the deadline for submitting 2025 Audited Financial Statements (AFS) and related attachments via the Electronic Audited Financial Statements (eAFS) system. According to the Circular, taxpayers who were unable to successfully submit their AFS through the eAFS...
The UK’s His Majesty’s Revenue and Customs (HMRC) issued new guidance on 19 May 2026 outlining a transitional approach to Global Information Return (GIR) filing and exchange under the OECD’s Pillar Two framework. The guidance follows the common understanding on GIR filing published by the Organisation for Economic Co-operation and Development (OECD) on 18 May...
Japan’s House of Representatives approved a new income tax treaty with Kyrgyzstan on 19 May 2026. On 14 May 2026, lawmakers reviewed and passed the draft ratification law in its first reading. The parliament completed the ratification process on 20 May 2026, approving the Income Tax Treaty that was originally signed in Tokyo on 19...