Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Africa Tax in Brief: Latest Regional Tax Developments
This briefing covers the latest tax developments across African jurisdictions, summarizing recent legislative, regulatory, and administrative changes affecting businesses operating in the region. Topics likely span corporate income tax updates, VAT reforms, transfer pricing rules, and other fiscal measures introduced by various African governments. The publication serves as a regional digest for tax professionals and multinationals monitoring compliance obligations and policy shifts across multiple African countries. Staying current with these developments is critical given the rapidly evolving tax landscape on the continent and increasing enforcement activity by revenue authorities.
Corporate tax update – July 2026
Saffery's July 2026 corporate tax update provides a monthly digest of key developments in UK corporation tax, including legislative changes, HMRC guidance updates, and relevant case law. The publication covers areas such as corporate tax compliance, reliefs, and emerging issues affecting businesses operating in the UK. It is aimed at tax professionals and finance teams seeking to stay informed about significant corporate tax changes and their practical implications for business planning and reporting obligations.
Form: International Tax: UK-USA Double Taxation Convention (form US-Company UK-REIT)
This HMRC form relates to the UK-USA Double Taxation Convention, specifically for US companies receiving income from UK Real Estate Investment Trusts (REITs). It enables eligible US corporate entities to claim treaty relief on property income dividends distributed by UK REITs, reducing or eliminating UK withholding tax obligations. The form is part of the bilateral tax treaty framework designed to prevent double taxation on cross-border income flows between the UK and the United States, ensuring US investors in UK REITs are taxed appropriately under the convention's provisions.
Form: International Tax: UK Real Estate Investment Trusts (REIT) property income dividends — UK-Japan Double Taxation Convention
This HMRC form facilitates claims under the UK-Japan Double Taxation Convention for Japanese residents receiving property income dividends from UK Real Estate Investment Trusts (REITs). It allows eligible Japanese taxpayers to apply for relief from UK withholding tax on REIT distributions in accordance with treaty provisions. The form is part of the bilateral framework to prevent double taxation on cross-border investment income between the UK and Japan, ensuring Japanese investors in UK property markets are not taxed twice on the same income stream.
CCUS Investment Tax Credit: A Canadian Tax Lawyer’s Guide to Carbon Capture Incentives
A Canadian tax lawyer's guide to the Carbon Capture, Utilization, and Storage (CCUS) Investment Tax Credit introduced by the federal government. The article covers eligibility requirements for businesses investing in carbon capture projects, qualifying expenditures, applicable credit rates, and the refundable nature of the credit. It also addresses compliance obligations, how the credit interacts with other Canadian tax incentives, and practical considerations for corporations planning CCUS investments. The guide aims to help businesses and advisors navigate the technical and procedural requirements to successfully claim this green-energy tax incentive.
Noked: “Congress-Proof” International Tax Reforms
This article examines academic proposals for international tax reforms that could be implemented without requiring Congressional approval. The piece explores mechanisms by which the U.S. executive branch or regulatory bodies might advance international tax policy changes—potentially relating to OECD frameworks, Pillar Two, or cross-border tax rules—while bypassing the legislative process. The analysis is relevant to ongoing debates about U.S. engagement with global minimum tax initiatives and the structural constraints facing international tax reform in a divided political environment.
Hawaii amends eligible business activities for Enterprise Zone Program
Hawaii has amended the eligible business activities qualifying for its Enterprise Zone Program. The program offers tax incentives to businesses operating in designated enterprise zones, and the update modifies which activities can benefit from these incentives. Such programs typically provide reductions in state income tax, unemployment insurance taxes, and general excise taxes for qualifying businesses. The amendment affects companies seeking to participate in the program by clarifying or expanding the scope of eligible operations, potentially impacting tax planning for businesses considering establishing or expanding operations within Hawaii's designated enterprise zones.
Guidance: Approved offshore reporting funds
HMRC guidance on approved offshore reporting funds, which are funds that have elected to report their income to investors rather than distributing it, allowing UK investors to be taxed on reported income at income tax rates rather than capital gains rates. This is relevant to UK personal and corporate taxpayers holding interests in offshore funds, ensuring proper tax treatment and compliance with UK tax rules on offshore investment vehicles.
Venture Capital Schemes Manual
HMRC's Venture Capital Schemes Manual provides detailed guidance on UK tax-advantaged investment schemes including the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Venture Capital Trusts (VCT), and Social Investment Tax Relief (SITR). These schemes offer significant income tax and capital gains tax reliefs to investors in qualifying smaller companies, and the manual covers eligibility conditions, compliance requirements, and administrative procedures for both investors and companies.
Invoice Issued Outside KSeF Still Deductible for Corporate Income Tax
Polish tax authorities have clarified that invoices issued outside the mandatory KSeF (Krajowy System e-Faktur) structured invoicing platform remain deductible for corporate income tax purposes. This ruling provides important relief for businesses during the transition period to mandatory KSeF compliance, confirming that a technical failure to issue invoices through the official e-invoicing system does not automatically disqualify the associated costs from CIT deductibility. The distinction between VAT compliance obligations under KSeF and income tax deductibility rules is a key takeaway for Polish taxpayers.
New Jersey Passes Budget with Tax Law Changes Affecting Individuals and Businesses
New Jersey has passed its state budget incorporating significant tax law changes impacting both individuals and businesses. The legislation introduces modifications to personal income tax rates or brackets, business tax provisions, and other fiscal measures affecting New Jersey taxpayers. The changes reflect the state's effort to adjust its tax framework to address revenue needs and economic priorities. Businesses and individuals operating in New Jersey should review the new provisions carefully to understand their compliance obligations and potential tax liabilities under the updated state tax law.
Lahore ATIR rules Super Tax can be adjusted against income tax refunds
The Lahore Appellate Tribunal Inland Revenue (ATIR) has ruled that Pakistan's Super Tax can be adjusted against income tax refunds owed to taxpayers. This decision has significant implications for companies subject to the Super Tax introduced in recent fiscal years, clarifying the mechanism by which Super Tax liabilities interact with existing income tax refund entitlements. The ruling provides relief to businesses by allowing offsetting of Super Tax dues against refunds, reducing immediate cash outflow obligations. The decision is expected to influence how tax authorities process refund claims and Super Tax assessments going forward.
House Ways and Means Exploring Perceived Disparity in Sports Team Pay Deduction
The House Ways and Means Committee is investigating a perceived disparity in tax deductions related to sports team player compensation. The inquiry focuses on whether current tax rules governing deductions for player salaries and related pay create inequities, potentially benefiting certain team owners or structures over others. This legislative scrutiny could lead to proposals reforming how sports franchise compensation expenses are treated under the U.S. tax code, touching on corporate income tax deductibility rules. The review reflects broader Congressional interest in ensuring fairness in business expense deductions within the sports industry.
Tax Subsidies for R&D Expenditures in Europe, 2026
This article from the Tax Foundation examines tax subsidies for research and development (R&D) expenditures across European countries for 2026. It analyzes the generosity and structure of R&D tax incentives, including tax credits, enhanced deductions, and patent box regimes available to businesses investing in innovation. The piece provides comparative data on how different European nations incentivize R&D activity through their tax systems, highlighting variations in subsidy rates and eligibility criteria. Such incentives are critical for competitiveness and innovation policy across the continent, making this a key reference for businesses and policymakers evaluating R&D investment locations in Europe.
Uganda Tax Appeals Tribunal Rejects URA’s Treatment of VAT/Income‑Tax Variances (Ericsson AB)
Uganda's Tax Appeals Tribunal has ruled against the Uganda Revenue Authority (URA) regarding its treatment of discrepancies between VAT and income tax returns filed by Ericsson AB. The tribunal rejected URA's approach of using variances between the two tax declarations as a basis for additional assessments, providing important guidance on how such cross-tax reconciliation differences should be handled. The decision offers clarity for multinational companies operating in Uganda on the limits of tax authority powers when reconciling VAT and corporate income tax filings.
Faivre & Cen: Taxing Artificial Intelligence
Academic article by Faivre and Cen examining the theoretical and practical frameworks for taxing artificial intelligence. The piece explores policy questions around how AI systems, their outputs, and the economic value they generate should be treated under existing and future tax regimes. Topics likely include whether AI constitutes a taxable entity, how AI-driven productivity gains should be captured through corporate or digital services taxation, potential robot or automation taxes, and the implications for income distribution and government revenue as AI displaces traditional labor and transforms business models across jurisdictions.
Gibraltar 15% Transaction Tax – 15 July 2026
Gibraltar is introducing a 15% Transaction Tax effective 15 July 2026. This new levy represents a significant fiscal policy development for the jurisdiction, applying a flat-rate tax on transactions. The measure signals Gibraltar's efforts to modernize its tax framework, potentially in response to international pressure on low-tax jurisdictions and global minimum tax initiatives. Businesses operating in or transacting with Gibraltar will need to assess the impact of this new tax obligation on their operations and compliance requirements ahead of the implementation date.
Puerto Rico Act 60 Investigations
Puerto Rico Act 60 (formerly Acts 20/22) offers significant tax incentives including a 4% corporate tax rate and 0% tax on certain passive income for eligible residents and businesses. This article examines IRS and DOJ investigations into individuals claiming these incentives, focusing on compliance requirements such as bona fide residency rules, presence tests, and source-of-income rules. Authorities are scrutinizing taxpayers who claim Act 60 benefits while maintaining substantial ties to the US mainland, leading to audits, criminal investigations, and enforcement actions targeting improper or fraudulent use of Puerto Rico's tax incentive regime.
IRS Asks 7th Circ. To Rehear $300M Hyatt Perks Tax Dispute
The IRS is petitioning the Seventh Circuit Court of Appeals for a rehearing in a $300 million tax dispute involving Hyatt hotel loyalty perks. The case centers on the tax treatment of benefits and rewards provided through Hyatt's loyalty program, with the IRS challenging a prior ruling it believes incorrectly characterized these perks for tax purposes. The outcome could have significant implications for how hotel and hospitality companies account for and report loyalty program liabilities and the associated tax treatment of customer reward benefits across the industry.
R&D Tax Credits: Fueling Innovation in Technology & Life Sciences
This article explores how R&D tax credits serve as a significant financial incentive for companies in the technology and life sciences sectors. It highlights how businesses can leverage these credits to offset costs associated with qualifying research and development activities, effectively reducing tax liability and freeing up capital for further innovation. The piece likely covers eligibility criteria, qualifying expenditures, and the application process for claiming R&D credits, positioning them as a strategic tool for companies looking to fuel growth and maintain competitive advantage in innovation-driven industries.
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