Saturday, August 08, 2026
The Hong Kong Inland Revenue Department has announced on 20 May 2026 that the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, which aims to implement the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development...
Jamaica’s tax administration (TAJ) announced on 18 May 2026 that the implementation of the revised Environmental Protection Levy (EPL) from 0.5% to 0.85%, which was scheduled to take effect on 1 May 2026, has been delayed pending the completion of the necessary legislative processes. Manufacturers and importers are being advised that while the revised EPL...
Hong Kong’s government has proposed legislative changes to broaden tax deductions for the acquisition and use of intellectual property, supporting its goal of positioning Hong Kong as a regional IP trading hub. The proposals were presented to the Legislative Council Panel on Commerce, Industry, Innovation and Technology on 19 May 2026, following a two-month stakeholder...
The Philippine Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 046-2026, which outlines the extension of the deadline for submitting 2025 Audited Financial Statements (AFS) and related attachments via the Electronic Audited Financial Statements (eAFS) system. According to the Circular, taxpayers who were unable to successfully submit their AFS through the eAFS...
The UK’s His Majesty’s Revenue and Customs (HMRC) issued new guidance on 19 May 2026 outlining a transitional approach to Global Information Return (GIR) filing and exchange under the OECD’s Pillar Two framework. The guidance follows the common understanding on GIR filing published by the Organisation for Economic Co-operation and Development (OECD) on 18 May...
Japan’s House of Representatives approved a new income tax treaty with Kyrgyzstan on 19 May 2026. On 14 May 2026, lawmakers reviewed and passed the draft ratification law in its first reading. The parliament completed the ratification process on 20 May 2026, approving the Income Tax Treaty that was originally signed in Tokyo on 19...
Turkey reduced the withholding tax rate on progress payments for nuclear power plant construction and repair work from 5% to 1% under Presidential Decision No. 11344 on 18 May 2026. The Decision amends withholding tax provisions under article 94 of the Individual Income Tax Law and articles 15 and 30 of the Corporate Income Tax...
Colombia’s Supreme Administrative Court has provisionally suspended articles 2-8 of Decree 572 of 2025, which introduced sweeping changes to income tax withholding and self-withholding rules. The suspension halts implementation while legal review continues. The decree was designed to boost tax collection by lowering withholding thresholds, expanding transactions subject to withholding, and introducing sector-based self-withholding rates...
Saudi Zakat, Tax and Customs Authority (ZATCA) urged business sector establishments subject to VAT, with goods and service revenues exceeding SAR 40 million to file their tax returns for April 2026. The deadline for submission is no later than 31 May 2026. ZATCA has called on establishments to file their tax returns immediately through ZATCA’s...
The South African Revenue Service (SARS) will, from 1 June 2026, require all foreign-registered vehicles to be declared on the SARS Traveller Management System (TMS) prior to entry into or exit from South Africa. SARS Commissioner Dr Johnstone Makhubu said that the measure aligns South Africa with established international Customs practice and forms part of...