US walks away from USMCA renewal, eyes major trade overhaul

The Tax Administration of the Federation of Bosnia and Herzegovina has completed a preliminary market consultation for an electronic fiscalization system as preparations continue for implementing the Law on Fiscalization of Transactions before the August 2026 bylaw deadline.

Exporters must meet origin rules, registration and documentation requirements to qualify for duty-free access to the Chinese market until April 2028.

Cyprus has ratified the Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR MCAA), with the ratification published in the Official Gazette on 26 June 2026, bringing the total number of signatories to 36 jurisdictions.

The ATO is authorised under tax law to impose administrative penalties on taxpayers who fail to meet their obligations, with penalty unit amounts rising to $364 for infringements occurring on or after 1 July 2026.

The IRS has published a reviewed version of its Country-by-Country Reporting Jurisdiction Status Table on 1 July 2026, introducing no changes from the previous update and leaving the total number of jurisdictions with operative agreements unchanged at 53.

Chile's Internal Revenue Service (SII) has issued Resolution No. 88 and Circular No. 27 to establish a daily late tax payment interest rate of 0.0213888889% for the second half of 2026 and introduce an updated forgiveness policy offering partial relief of up to 75% on late payment interest, effective 1 July 2026.