Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Calif. Lawmakers OK Extending Tax Credits For Job Creation
California lawmakers have approved legislation extending tax credits designed to incentivize job creation within the state. The measure continues existing credit programs that provide businesses with tax relief tied to hiring and employment growth targets. Supporters argue the credits are essential for keeping California competitive and retaining employers amid concerns about the state's high tax burden. Critics question the cost-effectiveness of such incentives. The extension reflects ongoing legislative efforts to use targeted tax policy tools to stimulate economic activity and workforce development in California's diverse industrial sectors.
IRS Unveils Portal For Claiming Late-Filed COVID-Era Refunds
The IRS has launched a new online portal enabling businesses to file late claims for COVID-era tax refunds, particularly relating to the Employee Retention Credit (ERC). The portal streamlines the process for eligible employers who missed earlier filing windows to submit retroactive refund claims. The IRS tool aims to balance accessibility for legitimate claimants while incorporating safeguards against the widespread fraud and improper claims that have plagued the ERC program. The development comes as the agency continues processing a backlog of ERC claims and pursuing compliance actions against fraudulent filings.
Accredited official statistics: Insurance Premium Tax (IPT) Bulletin
The UK government's HMRC is publishing an accredited official statistics bulletin on Insurance Premium Tax (IPT). IPT is a tax levied on general insurance premiums in the United Kingdom, and this bulletin provides official statistical data on IPT receipts and trends. Such publications offer key insights into revenue performance and the insurance sector's tax contributions, serving as a reference for policymakers, analysts, and industry stakeholders monitoring the UK's indirect tax landscape.
Bloomberg: North Carolina Targets Prediction Markets, Sports Betting Taxes
North Carolina is moving to expand its tax regime to cover prediction markets and sports betting revenues. The state is targeting these emerging gambling platforms to capture tax income from their growing activity. As prediction markets gain mainstream traction alongside established sports betting operations, lawmakers are examining how existing and new tax frameworks can apply to operators and potentially winnings. This reflects a broader trend of US states seeking to maximize revenue from legalized gambling sectors, ensuring that novel market formats do not escape taxation that traditional sports betting operators already face.
5.6 million taxpayers check their pay in the HMRC app an average of 18 times a year
HMRC reports that 5.6 million UK taxpayers use the HMRC mobile app to check their pay and tax details, averaging 18 visits per year. The app enables users to view PAYE tax codes, income and tax paid, and National Insurance records. This development highlights growing digital engagement with personal tax administration in the UK, reducing reliance on paper correspondence and phone inquiries. The data underscores HMRC's push toward self-service digital tools as part of its broader modernisation strategy for personal income tax management.
Famed Chef Hit With $1M Judgment In Boston Tax Case
A celebrated chef has been hit with a $1 million judgment in a Boston tax case, following legal proceedings related to tax obligations tied to their culinary business operations. The judgment reflects unpaid taxes and associated penalties assessed against the high-profile defendant. The case highlights the personal tax liability exposure that prominent restaurant and hospitality entrepreneurs face, including issues around income reporting, payroll compliance, or sales tax remittance. The ruling serves as a cautionary example of the financial consequences of unresolved tax disputes for individuals in the food and beverage industry.
Session 2b: Competitiveness and tax
A Bruegel session examining the relationship between tax policy and European competitiveness. The discussion likely addresses how tax structures across EU member states affect business investment, economic growth, and the broader competitive positioning of Europe in the global economy. Topics may include corporate tax harmonization, the impact of Pillar Two global minimum tax rules on EU competitiveness, and whether current tax frameworks support or hinder innovation and capital allocation. The session reflects ongoing debate about balancing fiscal revenues with the need to attract and retain businesses in an increasingly competitive global environment.
Indictment Charges Drug Addiction Treatment Center CEO with Trying to Resell Millions of Dollars Worth of ERCs
A CEO of a drug addiction treatment center has been indicted for allegedly attempting to resell millions of dollars in Employee Retention Credits (ERCs). The case highlights ongoing federal enforcement actions targeting fraudulent ERC claims, a pandemic-era payroll tax relief program that has been widely abused. The indictment signals continued IRS and DOJ scrutiny of improper ERC transactions, including the secondary market resale of credits, which raises serious legal and tax compliance concerns. This follows a broader crackdown on ERC fraud that has resulted in numerous criminal charges across the United States.
VAT Line Drawn Between Own-Account Invoice Trading and Fintech Intermediation
A VAT distinction is being drawn between businesses trading invoices on their own account versus fintech platforms acting as intermediaries in invoice financing arrangements. The classification matters significantly for VAT purposes, as own-account trading may trigger different VAT treatment compared to intermediation services, which often qualify for VAT exemption under financial services provisions. This distinction has practical implications for fintech companies and invoice trading platforms seeking clarity on their VAT obligations and whether their services constitute exempt financial intermediation or taxable trading activities.
Delegated Regulation Aligns UCC Rules with the New €3 Duty on Low-Value Imports
A new EU Delegated Regulation amends the Union Customs Code to align procedural rules with the recently introduced €3 flat-rate duty on low-value imports, replacing the previous customs duty exemption for consignments valued below €150. The regulation addresses the operational and administrative framework needed to implement the new duty, impacting e-commerce importers and customs authorities across the EU. This change is part of broader EU efforts to level the playing field between EU and non-EU sellers and reduce customs fraud associated with undervalued low-value shipments.
Split Payment Regime to Continue Without Interruption After 1 July 2026
Italy's split payment VAT regime, which requires public administrations and certain large companies to pay VAT directly to the tax authorities rather than to suppliers, will continue without interruption beyond 1 July 2026. The extension ensures no compliance gap for businesses and public entities subject to the mechanism. Split payment has been a key anti-fraud tool in Italy's VAT collection system, shifting the obligation to remit VAT from suppliers to the purchasing entity, thereby reducing the risk of VAT fraud in transactions involving public sector buyers.
Corporate report: HMRC Transformation Roadmap — Progress Update 2026
HMRC has published its 2026 Transformation Roadmap Progress Update, detailing advances in modernising the UK tax authority. The update covers digital service improvements, Making Tax Digital rollout, compliance enhancements, and operational efficiency gains. It outlines progress on simplifying tax administration for individuals and businesses, improving HMRC's technology infrastructure, and reducing the tax gap. The roadmap signals ongoing investment in automation and digital-first approaches across multiple tax regimes, reflecting the UK government's commitment to reforming tax administration for the modern economy.
VATupdate presents: Revo
VATupdate is presenting Revo, appearing to be a product, service, or tool related to VAT compliance or updates. Without sufficient detail on the substantive tax content of this announcement, the article appears to be primarily a promotional or product-launch post rather than a substantive tax news article.
Customs Adds 1.6M Phase 2 Imports To Tariff Refund System
U.S. Customs has expanded its tariff refund system by adding 1.6 million Phase 2 imports, allowing importers to seek refunds on tariffs paid. This development is significant for businesses engaged in international trade, as it broadens the scope of eligible imports for tariff exclusions or refunds. The move reflects ongoing adjustments to U.S. trade policy and customs administration, potentially providing relief to companies that have borne increased costs due to tariffs. Importers should review their Phase 2 import classifications to determine eligibility and file appropriate refund claims through the updated system.
VAT Expert Group 43rd Meeting Mirrors GFV Agenda
The VAT Expert Group held its 43rd meeting, with an agenda closely mirroring that of the Group on the Future of VAT (GFV). The alignment of agendas between these two EU advisory bodies suggests coordinated discussions on forthcoming VAT policy developments at the European level. Topics likely include ongoing EU VAT reform initiatives such as the VAT in the Digital Age (ViDA) package, e-invoicing mandates, and platform economy rules. The meeting reflects continued expert-level engagement in shaping EU VAT legislation and guidance.
The 2026 Accountant Technology Survey: Turning Data Revelations into a Firm of the Future
The 2026 Accountant Technology Survey explores how accounting firms are leveraging technology to transform their practices. The survey examines adoption rates of tax and accounting software, automation tools, and AI-driven solutions among CPA firms. It highlights how data analytics and emerging technologies are reshaping tax compliance, client advisory services, and firm operations. Key findings address the gap between technology awareness and implementation, with insights into how firms can use digital tools to improve tax workflows, enhance accuracy in filings, and build more future-ready practices. The results serve as a strategic guide for accountants modernizing their tax and financial service delivery.
Greece / EU — CFD Settlement Payments Fall Outside VAT Scope
A Greek/EU ruling clarifies that settlement payments arising from Contracts for Difference (CFDs) fall outside the scope of VAT. CFD settlements are financial transactions where the difference between opening and closing prices is exchanged, and the determination confirms these payments do not constitute consideration for a taxable supply. This has practical implications for financial services firms operating in Greece and across the EU, particularly those dealing in derivative instruments, as it affects their VAT recovery positions and compliance obligations under the EU VAT Directive's treatment of financial services.
GFV 52nd Meeting: Financial Services Study, VAT Beyond ViDA & DRR Explanatory Notes
The 52nd meeting of the EU's Group on the Future of VAT (GFV) covered several significant topics including a study on the VAT treatment of financial services, discussions on VAT reform beyond the ViDA (VAT in the Digital Age) package, and explanatory notes on the Digital Reporting Requirements (DRR). The meeting signals ongoing EU-level deliberations on modernising VAT rules for financial services and expanding digital reporting obligations, providing insight into the direction of future EU VAT policy developments beyond currently enacted legislation.
Tax Inspectors Without Borders strengthening tax systems through new South-South co-operation
Tax Inspectors Without Borders (TIWB), a joint OECD and UNDP initiative, is expanding its South-South cooperation model to strengthen tax systems in developing countries. The programme deploys experienced tax officials from one developing country to assist another, building local audit capacity and improving tax administration. This approach enhances skills in areas such as transfer pricing, international tax, and tax audit practices. By fostering peer-to-peer knowledge sharing among Global South nations, TIWB aims to boost domestic revenue mobilisation, reduce illicit financial flows, and help countries meet sustainable development funding needs through more effective tax enforcement.
Cabinet Approves E-Invoicing Regulation for VAT
A cabinet has approved new e-invoicing regulations linked to VAT compliance, mandating the use of electronic invoices for VAT purposes. The regulation represents a formal legislative step toward digitising the invoicing process, requiring businesses to issue and receive VAT invoices in a prescribed electronic format. This move aligns with broader global trends of tax authorities implementing e-invoicing frameworks to improve VAT collection, reduce fraud, and enhance real-time reporting. Businesses operating in the jurisdiction will need to update their invoicing systems and processes to achieve compliance.
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