Saturday, June 27, 2026
The UK tax authority, His Majesty’s Revenue and Customs (HMRC) has published guidance on 12 May 2026 regarding the Advance Tax Certainty Service, which is scheduled to be launched on 1 July 2026. The Advance Tax Certainty Service is designed to support the government’s objective of creating a stable and transparent tax environment by reducing...
US retail sales posted a solid gain for the third consecutive month in April 2026, though economists warn that rising inflation and depleted savings could dampen consumer spending in the coming months. According to the Commerce Department’s Census Bureau, retail sales climbed 0.5% in April following a revised 1.6% increase in March. Year-over-year growth reached...
Russia has published the Federal Law No. 104-FZ of 25 April 2026 in the Official Gazette, which introduces several significant amendments to the Russian Federation Tax Code, particularly regarding Value Added Tax (VAT) and the Simplified Tax Regime (STS). These changes are as follows: VAT exemption for catering businesses Organisations and individual entrepreneurs (IPs) transitioning...
The Hong Kong Inland Revenue Department 9IRD) has updated its guidance on the Global minimum tax and Hong Kong minimum top-up tax for multinational enterprise (MNE) groups by adding a new section on the exchange of GloBE Information Returns. The update highlights Hong Kong’s signing of the Multilateral Competent Authority Agreement on the Exchange of...
The Inland Revenue Authority of Singapore (IRAS) has revised its guidance on the Refundable Investment Credit (RIC). Earlier, Singapore issued the Income Tax (Refundable Investment Credits) Regulations 2025, which came into force on 1 September 2025. What is the RIC? Introduced in Budget 2024, the RIC seeks to enhance Singapore’s attractiveness for investments. The RIC...
The Australian Taxation Office (ATO) has issued a notice on 15 May 2026, reminding entities with a reporting period ending on 30 June 2025 that the deadline for lodging the public CbC report is 30 June 2026. The ATO is continually updating its Public CBC reporting web guidance and products to provide more detail on...
Egypt has issued a fourth addendum to Executive Instructions No. 90/2021 governing the “Unified Procedures for Value Added Tax (VAT) Refunds”, introducing updated rules intended to streamline and standardise VAT refund administration across the country. The revised framework applies to all VAT refund units within the Egyptian Tax Authority (ETA) and establishes clearer procedures for...
The Federal Constitutional Court of Pakistan has struck down Section 7E of the Income Tax Ordinance, 2001, ruling that the controversial tax on deemed rental income is unconstitutional and void from the beginning. In a Short Order issued on 7 May 2026, the Court declared Section 7E ultra vires the Constitution and set aside all...
Venezuela has enacted a sweeping new mining regime with the publication of the Ley Orgánica de Minas (2026) in the Official Gazette on 16 April 2026, replacing two cornerstone laws that had governed the country’s mineral sector for decades. The new legislation repeals the 1999 Mining Law (Decree No. 295), which historically imposed significant restrictions...
Bulgaria has introduced new tax return forms for reporting top-up taxes under the OECD Pillar Two global minimum tax framework, replacing templates approved only months earlier as the country prepares for the transition to the euro in 2026. Order No. ZMF-385 of 28 April 2026 and Order No. ZMF-386 of 28 April 2026 were published...