Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Tariff Refunds May Reshape Loan Covenant Calculations
Tariff refunds arising from customs duty drawbacks or reclassifications may have significant implications for loan covenant calculations. When companies receive unexpected tariff refunds, these cash inflows and balance sheet adjustments can affect financial ratios embedded in debt covenants, such as EBITDA, leverage ratios, and liquidity metrics. Lenders and borrowers need to carefully assess how such refunds are recognized and classified under accounting standards, as misclassification could trigger covenant breaches or require renegotiation. This intersection of customs/trade policy and corporate finance presents both opportunities and compliance risks for businesses navigating volatile tariff environments.
New Mexico Gross Receipts Tax (GRT) Guide for Businesses
This guide explains New Mexico's Gross Receipts Tax (GRT), which functions differently from a traditional sales tax. Unlike most states, New Mexico imposes the GRT on sellers rather than buyers, applying to the privilege of doing business in the state. The guide likely covers GRT rates, which vary by location due to local add-ons, taxable receipts, exemptions, deductions, registration requirements, and economic nexus considerations for remote businesses. Understanding the GRT's unique structure is critical for businesses operating in New Mexico to ensure accurate compliance.
West Virginia Sales Tax Guide
A comprehensive guide to West Virginia sales tax, covering the state's tax framework, rates, nexus rules, taxable goods and services, exemptions, filing requirements, and compliance obligations. The guide is aimed at businesses operating in or selling into West Virginia, helping them understand their sales tax responsibilities. Key topics likely include economic nexus thresholds following South Dakota v. Wayfair, registration requirements, applicable tax rates, and how to manage compliance effectively within the state's sales tax system.
Recent ECJ and General Court VAT Jurisprudence and Implications for EU Compliance – June 2026
A review of recent European Court of Justice (ECJ) and General Court VAT jurisprudence from June 2026, analyzing key rulings and their implications for EU VAT compliance. The article examines how recent case law shapes VAT obligations for businesses operating across EU member states, covering areas such as input tax deduction, supply classifications, and cross-border transactions. Tax professionals and in-house counsel can use these insights to assess litigation risks and ensure alignment with evolving judicial interpretations of EU VAT Directive provisions.
House Ways and Means in Early Stages of Tackling Sports Taxation
The House Ways and Means Committee is in early stages of examining how sports franchises and related entities are taxed, signaling potential legislative activity around sports taxation. The committee is exploring issues such as tax treatment of team ownership structures, player contracts, stadium financing, and related income. This represents a nascent but significant policy discussion that could reshape how professional sports organizations and investors interact with the U.S. tax code. No specific legislation has been introduced yet, but the committee's attention suggests sports taxation reform could become part of broader tax deliberations in Congress.
Briefing document & Podcast: Germany E-Invoicing & E-Reporting
This briefing document and podcast covers Germany's B2B e-invoicing mandate, outlining the timeline and compliance requirements for businesses operating in Germany. Germany introduced a phased mandatory structured e-invoicing regime, with large businesses required to issue compliant e-invoices from 2025 and smaller businesses following in subsequent years. The content explains the technical standards required, including EN 16931-compliant formats such as XRechnung and ZUGFeRD, and provides practical guidance for businesses to prepare their systems and processes ahead of the deadlines.
UK Government Launches Call for Evidence on Modernising the Customs Regime
The UK government has launched a formal call for evidence seeking input on modernising its customs regime. This initiative aims to gather views from businesses, customs intermediaries, and trade stakeholders on how the current customs framework can be reformed to reduce administrative burdens, improve efficiency, and better support post-Brexit trade. The consultation reflects broader efforts to streamline import and export procedures and update legacy customs rules, with potential implications for duty treatment, customs declarations, and compliance obligations for traders operating across UK borders.
Mandatory Registration for Customs Intermediaries
New regulations are being introduced requiring mandatory registration for customs intermediaries, such as customs agents and brokers who act on behalf of importers and exporters. This measure aims to improve oversight and professionalism within the customs intermediary sector, ensuring that those facilitating customs declarations and trade compliance meet defined standards. The registration requirement has direct implications for businesses relying on third-party customs agents, as unregistered intermediaries may no longer be permitted to operate, potentially disrupting supply chains and customs clearance processes.
A Debit Entry in a Client Account Does Not Constitute Receipt for VAT Purposes
A tax ruling or court decision has determined that a debit entry made in a client account does not constitute receipt of payment for VAT purposes. This has significant implications for businesses, particularly those in professional services or financial sectors, where funds may be recorded in client accounts before actual transfer. The decision clarifies the VAT tax point rules around payment receipt, meaning VAT may not become due at the point of a debit entry, potentially affecting cash accounting, VAT return timing, and compliance obligations for affected businesses.
UK E-Invoicing Mandate Set for 2029: Businesses Urged to Prepare for Structured Digital Invoicing
The UK government has signalled that a mandatory e-invoicing regime will be introduced by 2029, requiring businesses to adopt structured digital invoicing formats for B2B transactions. Businesses are being urged to begin preparations early, assessing their current invoicing systems and upgrading ERP and accounting platforms to support compliant structured formats. The mandate is expected to improve tax compliance, reduce the VAT gap, and align the UK with international e-invoicing standards. Early engagement with technology providers and understanding of the forthcoming technical requirements will be critical for a smooth transition.
New Norwegian Regulations Allow Accounting Data Storage Across the EEA, UK, and Switzerland
New Norwegian regulations expand the permissible geographic scope for storing accounting data, allowing businesses to keep records not only domestically but also across the European Economic Area, the United Kingdom, and Switzerland. This change modernizes Norway's bookkeeping rules, reflecting cross-border business realities and cloud-based accounting practices. The update has direct implications for companies operating in Norway that use foreign-based accounting systems or shared service centers, reducing administrative burdens around data localization while maintaining compliance with Norwegian bookkeeping legislation. Businesses should review their current data storage arrangements to ensure alignment with the updated regulatory framework.
Denmark Moves to Peppol-Based Nemhandel e‑Invoice
Denmark is transitioning its e-invoicing infrastructure to a Peppol-based Nemhandel framework, modernizing the country's existing electronic invoicing system. This shift aligns Denmark with the broader European Peppol network standard, facilitating interoperability for businesses trading domestically and across borders. The Nemhandel platform will adopt Peppol's standardized document exchange protocols, impacting both public procurement and potentially broader B2B transactions. Danish businesses and their technology providers will need to update their invoicing systems to comply with the new Peppol-based requirements, ensuring seamless integration with the updated national e-invoicing infrastructure.
Mandatory Direct Debit for VAT and PAYE Return Liabilities
New rules are being introduced to make direct debit mandatory for settling VAT and PAYE return liabilities, requiring businesses and employers to pay these tax obligations automatically via direct debit rather than manual payment methods. This change aims to streamline tax collection, reduce late payments, and improve compliance rates for these significant revenue streams. Affected businesses will need to set up or update their direct debit mandates with the relevant tax authority. The policy affects both VAT-registered entities and employers operating payroll, with implications for cash flow management and payment scheduling processes.
Digitisation of the Option to Tax (OTT) Process
The Option to Tax (OTT) process for land and property in the UK is being digitised, replacing the current paper-based notification system with an online digital process. HMRC is modernising how taxpayers notify and manage their VAT options to tax on commercial property and land transactions. The digitisation aims to improve efficiency, reduce processing times, and create a more accurate central register of opted properties. This change is significant for property developers, investors, and businesses involved in commercial real estate transactions, who must adapt their internal processes to use the new digital notification system.
Bernie Moreno and Elizabeth Warren: Our Plan to Save Social Security
Senators Bernie Moreno and Elizabeth Warren have jointly proposed a bipartisan plan to address Social Security's long-term funding shortfall. The plan likely involves payroll tax adjustments or changes to the taxable wage base, which are central mechanisms for Social Security financing. Proposals to save Social Security typically engage payroll tax policy, affecting both employers and employees. This cross-partisan effort signals potential legislative movement on a significant fiscal issue impacting American workers and retirees, with direct implications for payroll tax contributions and benefit structures under the U.S. Social Security system.
Right to Deduct VAT and Compliance with Formal Conditions
This article addresses the right to deduct input VAT and the importance of compliance with formal conditions required by tax authorities. It examines the legal framework governing VAT deduction rights, exploring how businesses can defend their entitlement to reclaim VAT even when formal documentary or procedural requirements have not been perfectly met. The analysis likely references EU VAT Directive principles and relevant case law establishing that substantive rights to deduction should not be denied solely on formal grounds, provided the underlying transaction is genuine. Businesses facing VAT deduction disputes will find guidance on asserting their rights.
What 250 Years of Tax History Reveal About the US Tax Code
Drawing on 250 years of American fiscal history, this Tax Foundation piece examines the evolution of the US tax code from the nation's founding to the present day. It traces major milestones including early tariff reliance, the introduction of the federal income tax via the 16th Amendment, the expansion of payroll taxes, and successive waves of tax reform. The article uses this historical lens to highlight how complexity, political compromise, and shifting economic priorities have shaped the current code, offering context for ongoing debates about fundamental tax reform in the United States.
Section 8
Section 8 of the UK Valuation Office Agency's Capital Gains and other taxes manual provides detailed technical guidance on specific valuation methodologies and rules relevant to capital gains tax and related taxes. As part of HMRC's official guidance framework, this section helps tax agents, valuers, and taxpayers understand how property and asset valuations should be conducted for tax compliance purposes in the UK, supporting accurate reporting of gains and other taxable events involving property assets.
Valuation Office - Capital Gains and other taxes manual
The UK Valuation Office Agency's Capital Gains and other taxes manual provides official HMRC guidance on property valuation methodologies used for capital gains tax, inheritance tax, and other tax purposes. The manual assists tax practitioners, agents, and taxpayers in understanding how property values are assessed for tax calculations. It covers valuation principles applicable to residential and commercial property, helping ensure accurate tax reporting and compliance with UK tax law. This is a key reference resource for professionals dealing with property-related tax matters in the United Kingdom.
Marketplace Facilitator Laws Explained for Amazon, Etsy and eBay Sellers
This article explains marketplace facilitator laws as they apply to sellers on major platforms like Amazon, Etsy, and eBay. Marketplace facilitator legislation requires platforms to collect and remit sales tax on behalf of third-party sellers, shifting the compliance burden from individual sellers to the marketplace. The article covers how these laws work across US states, what sellers need to understand about their remaining obligations, nexus considerations, and how platform-based selling affects overall sales tax liability. It provides practical guidance for e-commerce sellers navigating multi-state tax compliance when selling through major online marketplaces.
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