Ecuador temporarily lowers VAT on tourism services
Ecuadorian President Daniel Noboa has enacted Executive Decree 304 on 12 February 2026, temporarily lowering the Value Added Tax (VAT) rate from 15% to 8% during the Carnival holiday to encourage domestic tourism and support economic
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Indonesia secures 19% tariff deal with US
Indonesia and the US have finalised a trade agreement on 19 February 2026 that reduces US tariffs on Indonesian goods from 32% to 19%, with key exemptions secured for Indonesia's major exports. The deal was signed in Washington by Indonesia's
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Brazil: RFB extends deadline for cooperative tax compliance programme
Brazil's Federal Revenue Service (RFB) announced yesterday, 19 February 2026, that it has extended the application deadline for the inaugural edition of its Cooperative Fiscal Compliance Programme — known as Confia — to 20 March 2026, following
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Chile: SII revises employment income tax units for March 2026
Chile's tax authority (SII) issued Circular No. 7 on 12 February 2026, updating various thresholds used to calculate employment income tax for March 2026. Circular No. 7 sets the following adjusted values for March 2026: Key reference values:
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Jamaica introduces first-of-its-kind Special Consumption Tax in 2026-27 budget
Jamaica’s Finance Minister Fayval Williams unveiled the 2026-27 national Budget on 12 February 2026. The latest budget is driven largely by the economic fallout from Hurricane Melissa, which caused damage exceeding USD 8.8 billion. The
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US: FinCEN exempts financial institutions from repeatedly verifying beneficial owners
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order granting exceptive relief to covered financial institutions from certain requirements under FinCEN’s Customer Due Diligence Requirements for
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Chile: SII rules VAT exemption does not apply where tax treaty removes withholding tax
Chile's tax authority (SII) issued Ruling No. 360-2026 on 11 February 2026, clarifying that foreign professionals providing services in Chile can only claim the VAT exemption under article 12(E)(8) of the VAT Law if their employment or professional
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Peru, UK tax treaty enters into force
The income and capital gains tax treaty between Peru and the UK entered into force on 21 January 2026. Signed on 20 March 2025, the agreement aims to eliminate double taxation, prevent tax evasion and avoidance, and improve dispute resolution
See MoreUS releases further interim guidance on corporate alternative minimum tax implementation
The Internal Revenue Service (IRS) released Notice 2026-7 on 18 February 2026, setting out further interim guidance on the application of the Corporate Alternative Minimum Tax. The notice is scheduled for publication in the Internal Revenue Bulletin
See MoreChile: SII clarifies tax credit claim for foreign taxes paid
Chile's tax authority (SII) issued Letter Ruling No. 286 on 4 February 2026, clarifying the conditions under which taxpayers may claim a credit for foreign taxes paid. The ruling responds to a taxpayer request seeking both a foreign tax credit where
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Canada joins multilateral agreement on GloBE information exchange (GIR MCAA)
The OECD has reported that Canada signed the Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR MCAA) on 6 February 2025. The agreement is designed to enable the automatic exchange of GloBE Information Returns
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Ecuador: SRI updates income tax self-withholding rates for large taxpayers
Ecuador’s Internal Revenue Service (SRI) has issued Resolution No. NAC-DGERCGC26-00000003 of 27 January 2026, updating the income tax self-withholding rates that apply to companies classified as “Large Taxpayers”. The revised rates form
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Panama ratifies tax information exchange agreement with Ecuador
Panama has ratified its first tax information exchange agreement (TIEA) with Ecuador through Law No. 508, published in the Official Gazette on 13 February 2026. Key highlights include the formal approval of a tax information exchange agreement
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US, North Macedonia reach framework for reciprocal trade deal
The Trump Administration released a Joint Statement on 12 February 2026 outlining a framework for a US-North Macedonia trade agreement that establishes a 15% tariff rate on North Macedonian goods, with the possibility of zero tariffs on select
See MoreUS, Taiwan sign reciprocal trade agreement
The Office of the US Trade Representative (USTR) announced, on 12 February 2026, that the Trump administration finalised a reciprocal trade agreement with Taiwan. The Trump Administration also released a fact sheet on the agreement. The
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Argentina: ARCA introduces monthly electronic settlement to streamline VAT, income tax compliance
Argentina's tax authority (ARCA) introduced new electronic invoicing requirements and a monthly settlement system through General Resolution 5824/26 to simplify tax compliance for businesses and individuals on 13 February 2026. Financial
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J5 warns OTC crypto desks and processors enable tax evasion, money laundering
The Joint Chiefs of Global Tax Enforcement (J5) published two law enforcement advisories on 11 February 2026 that detail how over-the-counter (OTC) cryptocurrency trading desks and cryptocurrency payment processors may be used to obfuscate and move
See MoreCanada consults domestic content requirements for clean technology, electricity investment tax credits
Canada’s Department of Finance, in a news release on 13 February 2026 ,announced that it launched consultations on the possibility of introducing a domestic content requirement under the Clean Technology and Clean Electricity investment tax
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