Sunday, May 17, 2026
The Philippine Senate is reviewing draft Bill No. SBN-1916, known as the VAT Reduction Act, was introduced on 26 February 2026. The VAT Reduction Act proposes lowering the Value-Added Tax (VAT) in the Philippines from 12% to 10% to align with the constitutional mandate for progressive taxation. The bill proposes lowering the value-added tax (VAT)...
The Saudi Zakat, Tax and Customs Authority (ZATCA) has called upon establishments subject to withholding tax in the Kingdom to submit their tax returns for February 2026, no later than 10 March 2026. This announcement was made on 5 March 2026. ZATCA urged businesses to expedite the submission of their withholding tax forms via its...
Romania’s government announced on 5 March 2026 that it has approved a new Emergency Ordinance, proposed by the Ministry of Finance, designed to strengthen tax collection mechanisms while simplifying administrative procedures for businesses. The reforms focus on preventing tax avoidance, modernising digital systems, and creating a more transparent fiscal environment. Finance Minister Alexandru Nazare emphasised...
European Union Trade Commissioner Maros Sefcovic expressed confidence on Thursday, 5 March 2026, that the US will uphold last year’s trade agreement between the two partners, citing reassurances from American officials. President Donald Trump’s executive order last month introduced a 10% tariff on imports following the Supreme Court’s decision to overturn most of his global...
Judge Richard K. Eaton of the United States Court of International Trade issued an order on 4 March 2026, requiring US Customs and Border Protection to refund duties collected under Executive Orders issued through the International Emergency Economic Powers Act (IEEPA). Earlier, Atmus Filtration, Inc. filed the lawsuit seeking monetary relief and refunds of all...
The Icelandic Court of Appeals (Landsréttur) upheld the ruling of the District Court of Reykjavík in Iceland’s first transfer pricing case (No. 213/2025) on 19 February 2026. The court confirmed that taxpayers must prove that related-party transactions comply with the arm’s length principle. The dispute involves the reassessment of taxes for the 2016 tax year,...
Romania’s tax authority, the National Tax Administration Agency (ANAF) has revised electronic invoicing regulations, granting individual service providers additional time to comply with mandatory registration requirements on 3 March 2026. Government Ordinance 6/2026, issued on 30 January 2026, postponed the mandatory RO e-Invoice implementation until 1 June 2026 for individual suppliers using personal numeric codes....
The US Internal Revenue Service (IRS) has published Revenue Procedure 2026-15, providing the updated 2026 depreciation tables for passenger automobiles. This revenue procedure provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2026; and (2) a table of dollar amounts that...
Poland’s Ministry of Finance announced on 4 March 2026 that under the Agricultural Tax Act, natural persons and agricultural production cooperatives paying this tax may allocate 1.5% of their agricultural tax to eligible organisations listed by the Minister of Agriculture and Rural Development. For 2026, the National Union of Farmers, Agricultural Circles and Organizations has...
The Italian Revenue Agency has clarified on 4 March 2026 that certain medical products and food supplements qualify for a reduced VAT rate of 10%, but only after obtaining proper classification from the customs agency. Medical devices for wound treatment In response, no. 61 dated 3 March 2026, the tax authorities addressed a query from...