Sunday, June 07, 2026
Ecuador’s Internal Revenue Service (SRI) has issued Circular No. NAC-DGECCGC26-00000003 on 31 March 2026, clarifying the application of Value Added Tax (VAT), referred to as IVA, on financial services, commissions, and related charges. The circular confirms that VAT applies to all habitual services provided by financial institutions, including commissions, charges, and fees arising from financial...
Liberia has enacted the Liberia Tax Amendment Act of December 2025 (the Act), approved on 24 March 2026. The Act introduces major revisions to the Liberia Revenue Code aimed at strengthening domestic revenue mobilisation and advancing public health objectives. It responds to changing economic conditions and seeks to align Liberia’s tax system with international best...
The UK’s HMRC has issued draft regulations on the carbon border adjustment mechanism (CBAM) on 9 April 2026. The draft covers the administration of the tax, including emissions, as well as the monitoring and verification of emissions data. This technical consultation sets out draft secondary legislation that will come into effect on 1 January 2027...
Canada’s government announced, on 14 April 2026, that it intends to introduce legislative amendments to the Excise Tax Act to temporarily suspend the application of the federal fuel excise tax on gasoline, diesel fuel, and aviation fuels by setting their rates to 0 cents per litre, effective 20 April 2026, until Labour Day, 7 September...
The Italian Revenue Agency has published translated versions of its Annual VAT Return Form and related instructions for the 2026 filing season, continuing its annual effort to support taxpayers with different linguistic needs. The standard annual VAT return—used by companies, businesses, and self-employed individuals—is now accessible on the Agency’s website in English, German, and Slovenian....
Colombian President Gustavo Petro said on Monday, 13 April 2026, that Colombia will not impose 100% tariffs on imports from Ecuador, reversing an earlier announcement by the trade ministry amid growing bilateral tensions. He said instead that the government will use subsidies and “smart” tariffs, but did not provide further details. The decision follows Ecuador’s...
Greece has updated the list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) on the exchange of country-by-country (CbC) reports for the 2024 tax year, according to Decision No. A 1080 published in the Official Gazette on 2 April. Greece CbC exchange jurisdictions (MCAA – 2024) Mutual (58) Non-mutual (19) San Marino, Albania,...
The Trump Administration announced the release of the 2026 Economic Report of the President on 13 April 2026. The Economic Report of the President is prepared annually by the Council of Economic Advisers, providing a comprehensive review of the past year’s economic policies and their impact on current and future economic conditions. This year’s Report...
India has increased windfall taxes on aviation turbine fuel (ATF) and diesel exports, following a further rise in global oil prices since the levy was first introduced on 26 March. According to notifications from the Ministry of Finance and the Central Board of Indirect Taxes & Customs, the Special Additional Excise Duty (SAED) on ATF...
Iceland’s government has approved a package of emergency economic measures to curb inflation and mitigate the impact of soaring oil prices triggered by the conflict in the Persian Gulf region. The temporary interventions, set to run from 1 May 2026 through 31 August 2026, are designed to cushion Icelandic households and businesses from sharp price...