Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
Tax Head
Region
Trump’s Wall, the Tariff Wall
This article examines Trump's tariff policies, drawing a parallel between his proposed physical border wall and the 'tariff wall' created through sweeping import duties. It analyzes the economic implications of using tariffs as a trade and immigration enforcement tool, discussing how broad tariff increases function as a tax on imports affecting consumers and businesses. The piece critiques the use of tariffs as leverage across multiple policy goals, highlighting the costs imposed on the U.S. economy and the distortionary effects of treating tariffs as a multipurpose policy instrument rather than a focused trade measure.
Tax Practice Weekly Update – Issue 23 (18/06/2026)
The South African Institute of Tax Professionals (SAIT) publishes its Tax Practice Weekly Update Issue 23, dated 18 June 2026. This recurring publication provides tax practitioners in South Africa with timely updates on tax developments, legislative changes, SARS guidance, and practice management matters. As a professional body newsletter, it covers a broad range of South African tax topics relevant to practitioners, including compliance deadlines, regulatory updates, and technical tax issues. The publication serves as a key resource for keeping tax professionals informed of the latest developments across multiple tax heads in the South African tax landscape.
Brazil: New CBS Rules, what Non-Resident Digital Suppliers Need to Know
Brazil is introducing new Contribution on Goods and Services (CBS) rules that significantly impact non-resident digital suppliers. The CBS, part of Brazil's broader indirect tax reform replacing PIS/COFINS, imposes obligations on foreign companies providing digital services to Brazilian consumers. Non-resident suppliers must understand registration requirements, compliance timelines, and how the CBS interacts with the existing digital services framework. The reform represents a major shift in Brazil's VAT/GST landscape, requiring international digital businesses to reassess their Brazilian tax obligations and operational structures to ensure compliance with the new contribution framework.
BMP questions budget’s ambitious tax target, fears more reliance on levies
The Businessmen Panel (BMP) has raised concerns over Pakistan's federal budget, questioning the government's ambitious tax collection targets and warning of increased reliance on indirect levies. BMP fears the targets are unrealistic and that failure to meet them will push authorities toward imposing additional taxes and levies on the business community. The panel highlights structural weaknesses in the tax base and calls for broadening the tax net rather than burdening existing taxpayers. The critique reflects broader anxiety among Pakistani businesses about fiscal policy direction and the sustainability of revenue mobilization strategies for the upcoming fiscal year.
Balochistan presents Rs1.089tr surplus budget for FY2026-27
Balochistan province has presented a surplus budget of Rs1.089 trillion for fiscal year 2026-27, marking a significant fiscal milestone. The budget outlines revenue projections and expenditure allocations, with the surplus reflecting improved fiscal management and transfers from the federal government. The budget's tax revenue components and provincial fiscal targets are central to its structure, with implications for how Balochistan meets its development and recurrent spending obligations. The presentation signals the province's fiscal positioning within Pakistan's broader intergovernmental finance framework and its approach to balancing development needs with revenue constraints.
FBR reveals 9,000 Pakistanis hold Rs750b in bank deposits but pay no income tax
Pakistan's Federal Board of Revenue (FBR) has disclosed that approximately 9,000 Pakistani individuals hold bank deposits totalling Rs750 billion yet pay no income tax, highlighting a significant gap in tax compliance and enforcement. This revelation underscores persistent challenges in broadening the personal income tax base in Pakistan. The FBR's data points to wealthy non-filers evading tax obligations despite substantial financial assets. Authorities are expected to use this information to pursue enforcement actions and bring high-net-worth non-compliant individuals into the tax net, as Pakistan seeks to improve its tax-to-GDP ratio under IMF program commitments.
Are Digital Services Taxes a Viable Solution for the EU Budget?
This article examines whether digital services taxes (DSTs) could serve as a viable revenue source for the EU budget. It analyzes the structure and economic implications of DSTs, which typically target large tech companies' revenues from digital activities. The piece explores the feasibility of using DSTs at the EU level as an own resource, weighing potential revenue gains against concerns about economic distortion, international trade tensions, and the compatibility of DSTs with broader global tax reform efforts under Pillar One. The analysis considers whether DSTs represent sound tax policy or a problematic revenue-raising mechanism for EU fiscal needs.
OECD: Consultation launched on digital platform reporting rules
The OECD has launched a consultation on digital platform reporting rules, targeting the growing gig and sharing economy. These rules require digital platforms to collect and report seller data to tax authorities, enabling cross-border information exchange to ensure income earned through platforms is properly taxed. The consultation seeks stakeholder input on implementation details, compliance burdens, and international coordination. This initiative builds on the OECD's Model Rules for Reporting by Platform Operators, which many jurisdictions are already adopting into domestic legislation, with significant implications for VAT/GST compliance and personal income tax reporting across member and non-member countries.
Treasury Department Says Expect Guidance Soon on New Scholarship Tax Credit
The U.S. Treasury Department has announced that guidance is forthcoming on a new scholarship tax credit, likely introduced as part of recent tax legislation. The credit is expected to provide tax relief related to educational scholarships, and Treasury's upcoming guidance will clarify eligibility requirements, calculation methods, and compliance obligations for taxpayers and institutions. The announcement signals regulatory activity around the new provision, with practitioners and affected parties awaiting formal rules to implement the credit correctly in tax filings and planning strategies.
Pritzker OKs $56 Billion Illinois Budget with New Taxes on Social Media, Crypto, Digital Ads
Illinois Governor Pritzker has signed a $56 billion state budget introducing several new tax measures targeting digital activities. The package includes new levies on social media platforms, cryptocurrency transactions, and digital advertising services. These measures are designed to broaden Illinois's tax base and address revenue needs within the state budget. The digital advertising tax mirrors similar initiatives debated at state and federal levels across the US. The crypto tax provision reflects growing state-level efforts to capture revenue from digital asset activity. The budget represents a significant expansion of Illinois's tax policy into emerging digital economy sectors.
ViDA: Implementation ”Single EU VAT Registration” in the Member States
This article examines the implementation of the Single EU VAT Registration (SVR) mechanism across EU Member States as part of the VAT in the Digital Age (ViDA) package. SVR aims to reduce the burden on businesses operating cross-border within the EU by allowing them to register for VAT in a single member state. The piece analyzes how individual member states are approaching the transposition and practical rollout of this reform, including timelines, technical infrastructure, and remaining compliance obligations for businesses trading across multiple EU jurisdictions.
Fla. Creates Special District With Power To Levy Property Tax
Florida has enacted legislation creating a new special district granted the authority to levy property taxes. Special districts in Florida are local governmental units established to provide specific services, and the power to impose property taxes represents a significant fiscal tool for funding district operations and infrastructure. This development reflects ongoing use of special district mechanisms in Florida for local governance and revenue generation. Property owners within the district's boundaries will be subject to the new levy, raising questions about the tax burden and accountability structures governing such entities.
Hong Kong Tightens Bank Rules For Tax Info Exchanges
Hong Kong has introduced tightened regulations for banks regarding the exchange of tax information with foreign jurisdictions. The updated rules strengthen compliance obligations under international tax transparency frameworks, including the Common Reporting Standard (CRS). Financial institutions must now adhere to more rigorous procedures for collecting, verifying, and reporting account holder information to tax authorities. This move reinforces Hong Kong's commitment to global tax information exchange standards and combating tax evasion, while placing greater due diligence burdens on the banking sector to ensure accurate and timely reporting of financial account data.
Quadrupling the Stock Buyback Tax: What Are the Implications?
This article examines the implications of quadrupling the stock buyback tax in the United States from 1% to 4%. It analyzes how the increased excise tax on corporate share repurchases would affect corporate behavior, investment decisions, and capital allocation. The piece explores potential consequences including reduced buybacks, shifts toward dividend distributions, and impacts on corporate financing strategies. It also considers broader economic effects such as implications for capital formation, shareholder returns, and whether the tax achieves its stated policy goals of encouraging productive corporate investment over financial engineering.
Policy paper: Increase in the rate of the Electricity Generator Levy
UK policy paper detailing an increase in the rate of the Electricity Generator Levy (EGL), a temporary tax on exceptional revenues generated by low-carbon electricity producers. The paper outlines the rationale for the rate increase, its fiscal impact, and the affected generators. The EGL was introduced to capture windfall profits arising from elevated electricity prices. The rate change affects nuclear, renewable, and biomass generators whose revenues exceed a specified benchmark price, with implications for energy sector tax planning and investment decisions in the UK.
Policy paper: 12 month Vehicle Excise Duty (VED) holiday for heavy goods vehicles (HGVs)
UK policy paper outlining a 12-month Vehicle Excise Duty (VED) holiday for heavy goods vehicles (HGVs). The measure temporarily exempts HGV operators from paying VED, providing financial relief to the road haulage sector. This follows previous freezes on HGV VED rates. The policy has direct tax implications for logistics and transport businesses operating HGVs in the UK, reducing their tax burden over the relief period. The paper details eligibility criteria, the fiscal cost to the Treasury, and the policy rationale amid pressures on the freight and supply chain industry.
FCC declares property tax regime ‘confiscatory’
The Federal Chamber of Commerce (FCC) has declared a property tax regime 'confiscatory,' signaling significant opposition to the current property tax structure. The characterization suggests the tax burden imposed on property owners is deemed excessive or punitive, potentially violating principles of fair taxation. This development indicates growing pushback from business and commerce stakeholders against the existing property tax framework, which could prompt legislative or regulatory review. The FCC's strong language reflects concerns about the economic impact on property owners and businesses, and may lead to calls for reform or legal challenges to the tax regime.
Punjab proposes higher sales tax on restaurant payments via cards
Punjab province in Pakistan is proposing to impose a higher sales tax rate on restaurant payments made via credit or debit cards compared to cash payments. This differential tax treatment aims to encourage documentation and digital payment adoption while increasing revenue from card-based transactions. The proposal has drawn attention from the restaurant industry and consumers, raising concerns about creating a disincentive for cashless payments. The measure reflects provincial tax policy efforts to broaden the tax base, though critics argue it could undermine financial digitization goals by penalizing electronic transactions over cash.
Here’s Why DeSantis’ Property Tax Plan Could Be Unconstitutional
Florida Governor Ron DeSantis has proposed a property tax plan that legal experts suggest could face constitutional challenges. The plan's structure may conflict with constitutional provisions governing how property taxes are assessed, levied, or limited at the state level. Critics argue the proposal could violate equal protection principles or state constitutional requirements around uniform taxation of property. The debate highlights tensions between tax relief initiatives popular with voters and the legal constraints imposed by constitutional frameworks, with potential implications for Florida homeowners, local government funding, and the broader feasibility of the governor's tax reform agenda.
RCCI holds post-budget session to review Federal Budget 2026
The Rawalpindi Chamber of Commerce and Industry (RCCI) held a post-budget session to review Pakistan's Federal Budget 2026. Business representatives and stakeholders gathered to analyze key fiscal measures, tax proposals, and their implications for trade and industry. The session focused on evaluating changes to tax rates, duties, and economic policies introduced in the budget. Participants likely discussed the impact of new taxation measures on businesses, investment climate, and economic growth. The RCCI's review reflects the private sector's engagement with government fiscal policy and efforts to advocate for business-friendly amendments.
Get the Friday Digest
Every Friday, a curated summary of the week's tax news delivered to your inbox. Choose what you want to hear about — no noise, no spam, unsubscribe anytime.
Tax heads you care about(select all that apply)
Regions you care about(select all that apply)
Your email is never shared or sold. You can unsubscribe at any time. Built in compliance with GDPR.