Saturday, August 29, 2026
US Trade Representative (USTR) Jamieson Greer signalled this week that the Trump administration has abandoned hope of completing a full USMCA overhaul this year. Speaking before the Senate Finance Committee on 22 July 2026, Greer said he aimed to lock in separate interim deals with Mexico and Canada by year-end, while deferring the complex questions—auto...
The German Federal Ministry of Finance has released updated VAT registration forms for non-resident businesses, along with revised annexes and guidance notes, replacing versions issued in 2021 and 2023. The forms, published in July 2026, are available in German, English and French. The revised “Fragebogen zur umsatzsteuerlichen Erfassung von im Ausland ansässigen Unternehmern” applies to...
Bahrain and India have held the first round of negotiations for an income tax treaty, marking the start of discussions on what would be the first such agreement between the two countries. According to a recent statement by the Indian ambassador to Bahrain, the inaugural round of negotiations took place in July 2026. If an...
Ireland’s Lower House of Parliament approved the second protocol amending the 1986 income tax treaty with Sweden on 15 July 2026. Signed on 3 June 2026, the protocol introduces several updates to the treaty. It replaces the preamble to align with OECD BEPS standards, removes the specific limitation on benefits provisions from Articles 11 (Dividends),...
Peru has enacted Law No. 32706, introducing tax incentives and industry measures aimed at modernising the country’s commercial fleet used for national coastal shipping while strengthening the domestic naval industry, including shipbuilding, repair and maintenance. The law was promulgated on 3 July 2026 and published in the Official Gazette on 4 July 2026. It establishes...
Chile’s tax administration (SII) has issued Ruling No. 1723-2026 of 14 July 2026, in which it addresses and formalises the tax treatment for short-term performing arts workers. The SII issued this directive in response to a specific consultation regarding how to calculate the second-category single tax (IUSC) for arts and entertainment workers hired for very...
The Inland Revenue Authority of Singapore (IRAS) has expanded its network for the automatic exchange of Country-by-Country (CbC) reports by adding Greenland to the list of participating jurisdictions. The update, published on 21 July 2026, applies to financial years beginning from 1 May 2024. The revised guidance updates Singapore’s existing exchange relationships for CbC reporting,...
President Donald Trump announced on 21 July 2026 that generic drugs imported into the United States will enjoy a zero-tariff window through 31 July 2028, after which tariffs will accelerate sharply. Once the grace period ends, imported generics will face 100% tariffs for twelve months, jumping to 200% permanently thereafter. “Effective August 1st, 2026, all...
Nigeria’s Federal Ministry of Information and National Orientation announced on 17 July 2026 that officials from Nigeria and Portugal discussed bilateral relations, including progress toward concluding an income tax treaty, during the EurAfrican Forum held in Cascais, Portugal, from 15 to 16 July 2026. Both parties identified several areas for immediate action: trade and investment...
A draft law has been submitted to the Russian State Duma proposing the introduction of a new individual income tax deduction for young professionals working in certain fields. The proposal is set out in Draft Law No. 1292383-8, submitted on 17 July 2026. The bill would apply to professionals under the age of 35 who...