Tuesday, March 17, 2026
The Trump Administration has postponed the planned 2026 tariff hikes on upholstered furniture and kitchen cabinets to 1 January 2027, according to a proclamation issued on 31 December 2025. This follows the Trump Administration’s earlier proclamation on 29 September 2025, which imposed tariffs on timber, lumber, and related wood products. Under the original measures, effective...
Chile’s tax authority (SII) has issued Resolution Ex. SII No. 193-2025 of 22 December 2025, which introduces the “Registry of Small Taxpayers Developing Subsistence Activities.” This initiative aimed to simplify tax obligations for individuals whose work primarily supports their basic livelihoods (small-scale operators, including artisans, fishermen, miners, street vendors, and similar workers). The new framework...
Argentina’s Congress approved the 2026 budget bill on 26 December 2025, marking the first budget passed since President Javier Milei took office in late 2023. The measure, which passed with 46 votes in favour, 25 against, and one abstention, outlines spending of ARS 148 trillion (around USD 102 billion) and forecasts 5% economic growth alongside...
The Inland Revenue Authority of Singapore (IRAS) has released the third edition of its e-Tax Guide on the Income Tax Treatment of Hybrid Instruments on 26 December 2025. The guide outlines how hybrid instruments are classified as debt or equity for tax purposes. Key updates in this edition include: Clarification on how the Comptroller of...
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) entered into force for Argentina on 1 January 2026. Argentina signed the convention on 7 June 2017 and deposited its final MLI Position on 29 September 2025, identifying 17 tax treaties to be covered by the MLI. For a tax treaty to...
The Inland Revenue Board of Malaysia (IRBM) has released an updated guidance on 7 December 2025, where it revised the annual turnover threshold for e-invoicing. In a previous report, taxpayers with annual turnover or revenue below MYR 500,000 were exempt from e-invoicing. However, under the updated e-Invoice implementation timeline, this exemption has been adjusted to...
China’s State Council has released the Regulations for the Implementation of the Value-Added Tax (VAT) Law on 30 December 2025, marking a significant milestone in the nation’s fiscal modernisation. The VAT Implementation Regulations (VATIR) comprise six chapters and 54 articles and are designed to define key terms and clarify the new VAT Law, ensuring consistent...
In an update, Norway’s government clarified that the protocol amending the 2009 income tax treaty between Norway and Qatar entered into force on 4 September 2025. The amendments modernise the treaty in line with OECD BEPS standards and strengthen anti–tax avoidance provisions. Signed on 4 September 2024, this is the first amendment to the treaty...
Italy’s government has gazetted Law No. 199 of 30 December 2025 on the State Budget for 2026. The main tax measures include: The financial sector will face higher taxation, with new levies on banks, insurers, and financial operators expected to generate EUR 5–6 billion in 2026. This includes doubling the Tobin Tax on financial transactions,...
The Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 8/2025 on 22 December 2025, providing guidance on the classification and tax treatment of micro, small, and medium-sized companies or enterprises (MSMEs), including limited liability partnerships (LLPs). The objective of this Public Ruling (PR) is to provide an explanation of the specific criteria and...