Thursday, October 29, 2026
Finland’s government submitted its proposal for the 2027 Budget to Parliament (HE 175/2026) on 21 September 2026. The proposal’s tax measures are consistent with those outlined in the Ministry of Finance’s 6 August 2026 Budget Proposal for 2027. The Budget Proposal for 2027 (HE 175/2026) introduces targeted changes to personal income taxation, corporate taxation, and...
The National Bureau for Revenue (NBR) has clarified the conditions for applying the VAT profit margin scheme to used goods in version 1.3 of its VAT retail and wholesale guide, published on 20 September 2026. Under the optional scheme, VAT is calculated on a supplier’s profit margin rather than the full value of the supply....
Latvia’s tax authority, the State Revenue Service, on 18 September 2026, issued the methodological guidance covering transfer pricing controlled transaction report requirements. These documents provide official guidelines from the Latvian State Revenue Service regarding the preparation and submission of the Controlled Transactions Report (KDP). Effective from 2026, this regulatory framework requires taxpayers to report transactions...
Japan’s Cabinet on 15 September 2026 approved a temporary cut in the consumption tax on food and beverages from 8% to 1%, effective for two years from 1 April 2027 to 31 March 2029, subject to approval by the National Diet. The reduced rate will apply to standard food and beverages for human consumption, including...
Senegal’s General Directorate of the Budget published the draft Amending Finance Bill for 2026, which details a significant restructuring of the national budget. The government outlines a revised fiscal strategy necessitated by international geopolitical tensions, rising energy costs, and internal administrative changes. Key adjustments include a substantial increase in energy subsidies and social safety-net funding,...
Taiwan’s Taipei National Taxation Bureau, Ministry of Finance, had stated that individuals who gifted shares to another person were not required to pay Securities Transaction Tax, as the transfer was not considered a sale or purchase of securities. Under Article 1 of the Securities Transaction Tax Act, Securities Transaction Tax was imposed on the sale...
Brazil has published Normative Instruction RFB No. 2.342 of 15 September 2026 in the Official Gazette on 18 September 2026, amending Normative Instruction RFB No. 2.228 of 3 October 2024, which regulates the Additional Social Contribution on Net Profit (CSLL) under Brazil’s implementation of the OECD’s global minimum tax rules. The Additional CSLL was introduced...
Pakistan’s Federal Board of Revenue (FBR) had introduced new sales tax provisions to strengthen enforcement against non-compliant taxpayers and address fraudulent invoicing. Under the new measures, businesses that failed to integrate with the FBR’s digital monitoring systems would face a penalty of PKR 1 million. If the non-compliance continued after one month, a further penalty...
Portugal’s Council of Ministers, chaired by the Prime Minister, approved Bill No. 108/XVII/2.ª on 17 September 2026, seeking parliamentary authorisation to lower the general rates of personal income tax (PIT) applicable to the first six brackets of taxable income. The bill, submitted to Parliament with a request for priority and urgency, forms part of the...
The European Commission and Philippines government reached an initial free trade agreement on 22 September 2026, ending more than a decade of stalled talks, according to an X post by European Commission President Ursula von der Leyen. The European Commission President Ursula von der Leyen and Philippine President Ferdinand Marcos Jr. confirmed the breakthrough, with...