Sunday, May 17, 2026
The UK HM Revenue & Customs (HMRC) is issuing a second round of letters to taxpayers who claimed Business Asset Disposal Relief (BADR) in their 2024/25 Self Assessment tax return and may have exceeded the GBP 1 million lifetime limit. The letters, sent to individuals whose claims appear to breach the cap, ask recipients to...
Sri Lanka’s government has released the Value Added Tax (Amendment) Bill, introducing significant changes to the VAT Act No. 14 of 2002. The amendments focus mainly on digital services, updated tax rates, revised registration thresholds, and strengthened compliance measures. Key rate and threshold changes VAT on financial Services The VAT rate on financial services will...
Taiwan’s Dongshi Office, National Taxation Bureau of the Central Area, Ministry of Finance, clarified that foreign nationals filing individual income tax returns in Taiwan are subject to different filing rules depending on their tax residency status. Taxpayers should take note to avoid violations of the law. Tax residency status is classified as follows: Non-resident (...
Indonesia’s Directorate General of Taxes (DJP) issued Regulation No. PER-6/PJ/2026 on 4 May 2026, setting out procedures for complying with Pillar Two global minimum tax obligations under Regulation No. 136 of 2024. PER-6/PJ/2026 establishes comprehensive regulations for global minimum tax administration in Indonesia through 13 chapters. This regulation targets Multinational Enterprise Groups with annual revenues...
Arkansas Governor has approved a fresh round of tax reductions that will lower rates for both individuals and businesses across the state. The legislation, signed into law on 6 May 2026, cuts the corporate tax rate from 4.3% to 4.1%, though businesses will need to wait until 1 January 2027 for this change to take...
The Finnish Tax Administration has issued updated guidance on paying non-wage compensation to non-resident foreign companies on 6 May 2026. The guide outlines the rules and procedures for withholding tax at source on compensation paid for work and services performed in Finland. The guide covers: 1. General information on the taxation of a non-resident company...
Australia’s Treasurer, Jim Chalmers, delivered the 2026-27 federal budget in parliament on 12 May 2026. The 2026-27 budget outlines a comprehensive vision for tax reform in Australia, focusing on supporting workers, incentivising business investment, and making the system more sustainable. The key highlights of the 2026-27 budget are as follows: Capital gains tax and housing...
Turkey’s Revenue Administration announced on 11 May 2026 that an income tax treaty has been signed with Zambia, bringing the total number of tax treaties concluded by Turkey to 107. The agreement was signed on 21 April 2026 during the Joint Economic Commission meeting in Ankara. It is intended to improve the investment environment in...
Turkey’s Revenue Administration has issued General Communiqué No. 593 on the Tax Procedure Law (TPL), introducing the final procedures and principles for issuing electronic documents (e-Documents) through new generation payment recording devices (YN ÖKC). The Communiqué was published in the Official Gazette on 8 May 2026. The measure follows a draft proposal released in December...
The UK has increased late filing penalties for Corporation Tax (CT) for all returns due on or after 1 April 2026. This measure, originally announced in Budget 2025, is now in effect. HM Revenue & Customs (HMRC) is currently in the process of updating its systems to ensure the new penalty amounts are applied correctly....