Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Don’t Miss Out on Potential Tariff Opportunities
This article highlights tariff-related opportunities that businesses may be overlooking amid evolving US trade policy. It encourages companies to proactively review their supply chains and customs classifications to identify potential savings or refund opportunities. Key strategies likely include first sale valuation, tariff exclusions, duty drawback, free trade zone utilization, and classification reviews. With ongoing tariff changes affecting imports, businesses are urged to engage customs and trade specialists to audit their current positions and capture available benefits before opportunities lapse. Proactive tariff planning can yield significant cost reductions and competitive advantages in an uncertain trade environment.
Pakistan notifies Finance Act 2026-27 ahead of July 1 budget rollout
Pakistan has officially notified the Finance Act 2026-27 ahead of its July 1 budget implementation date. The act introduces a range of fiscal measures affecting taxation across multiple segments of the economy. Early notification allows businesses, tax professionals, and government agencies to prepare for the incoming changes before the new fiscal year commences. The Finance Act typically amends income tax, sales tax, customs duties, and other federal levies, making it a comprehensive legislative update with broad implications for taxpayers across Pakistan.
8 Best IOSS Solutions for Non-EU E-Commerce Sellers
This article reviews the eight best Import One-Stop Shop (IOSS) solutions for non-EU e-commerce sellers, helping them comply with EU VAT regulations on low-value goods sold to EU consumers. IOSS, introduced in July 2021, simplifies VAT collection and remittance for sellers shipping goods valued under €150 into the EU. The article evaluates platforms and intermediary services based on ease of registration, compliance support, pricing, and integration capabilities, providing non-EU merchants with guidance on selecting the right IOSS intermediary to avoid customs delays and ensure VAT compliance across all EU member states.
Statutory guidance: Notices made under the Customs (Bulk Customs Declaration and Miscellaneous Amendments) (EU Exit) Regulations 2020
Statutory guidance covering notices made under the Customs (Bulk Customs Declaration and Miscellaneous Amendments) (EU Exit) Regulations 2020. This guidance addresses customs declaration procedures for bulk shipments following the UK's departure from the EU, outlining the regulatory framework for simplified customs declarations. It is relevant to businesses engaged in cross-border trade with the EU, detailing compliance requirements and procedural rules for customs declarations under post-Brexit arrangements.
Import VAT Payment Deadline Aligned with Customs Rules
Lithuania has aligned its import VAT payment deadlines with customs rules, harmonising the timing of VAT obligations for imported goods with existing customs duty payment schedules. This regulatory change simplifies compliance for importers operating in Lithuania by creating consistency between customs and VAT payment timelines, reducing administrative complexity. Businesses engaged in importing goods into Lithuania should review their cash flow and compliance processes to ensure they meet the updated deadlines, which now mirror the customs framework rather than operating under a separate VAT-specific payment schedule.
Apply to import multiple low value parcels on one declaration
HMRC guidance outlines a scheme allowing importers to consolidate multiple low-value parcels onto a single customs declaration, streamlining the import process for goods below the standard declaration threshold. This is particularly relevant for e-commerce and parcel operators handling high volumes of low-value consignments. The process aims to reduce administrative burden and improve customs efficiency, while ensuring VAT and customs duties are still correctly accounted for. Applicants must meet eligibility criteria and register with HMRC to use the consolidated declaration approach.
Managing Post-IEEPA Tariff Refunds, Replacements And Risks
This article provides guidance on managing the complexities arising from tariff refunds, replacements, and associated risks following measures imposed under the International Emergency Economic Powers Act (IEEPA). It addresses strategic considerations for importers and businesses navigating refund claims, duty drawback opportunities, supply chain restructuring, and compliance risks in the post-IEEPA tariff environment. Companies face significant challenges in tracking refund eligibility, managing replacement sourcing, and mitigating exposure to ongoing trade enforcement actions, making careful customs planning and documentation essential for businesses affected by the evolving U.S. tariff regime.
Seattle Judge Merges Amazon IEEPA Tariff Refund Suits
A Seattle federal judge has consolidated multiple lawsuits filed against Amazon seeking tariff refunds related to duties imposed under the International Emergency Economic Powers Act (IEEPA). The merging of these suits streamlines litigation challenging the legality or application of IEEPA-based tariffs and Amazon's handling of related charges passed on to marketplace sellers or customers. The consolidated proceedings could have broad implications for e-commerce platforms and importers seeking to recover tariff costs, as well as for the legal framework governing IEEPA tariff authority and refund obligations in U.S. trade law.
Customs Enforcement destroys contraband, hazardous goods worth Rs1.18b
Pakistan's Customs Enforcement conducted a major operation destroying contraband and hazardous goods valued at Rs1.18 billion. The destruction exercise targeted illegally imported items seized by customs authorities, underscoring enforcement efforts to combat smuggling and protect legitimate trade channels. Such operations reflect customs authorities' broader mandate to enforce import regulations, protect domestic industries from unfair competition via illicit goods, and prevent revenue leakage from duties and taxes that would otherwise apply to legally imported merchandise.
CAPE Phase II Is Live: Most IEEPA Duties Are Now Refund-Eligible — Here’s How to Claim Yours
CAPE Phase II has launched, making most IEEPA (International Emergency Economic Powers Act) duties refund-eligible. The article explains how importers can claim duty refunds through the CAPE (Customs Automated Processing Engine) system. This represents a significant development for businesses that have paid tariffs under IEEPA authority, providing a procedural pathway to recover duties previously assessed. The piece outlines the claims process, eligibility criteria, and practical steps importers must follow to secure refunds, making it directly relevant to companies managing customs duty exposure and cash flow implications from recent U.S. trade enforcement actions.
De Minimis, Codified: CBP Finalizes the Postal Suspension Rule — July 24 Comment Deadline
U.S. Customs and Border Protection (CBP) has finalized a rule suspending de minimis treatment for postal shipments, with a July 24 comment deadline. The de minimis exemption historically allowed imports valued under $800 to enter the U.S. duty-free. By codifying the postal suspension, CBP closes a widely used loophole, particularly affecting low-value e-commerce shipments from international retailers. The rule has significant customs duty implications for cross-border sellers and consumers relying on postal channels. Stakeholders are urged to submit comments before the deadline to influence final implementation of this consequential trade and customs policy change.
FBR restricts green channel for importers without digital integration
Pakistan's Federal Board of Revenue (FBR) has restricted green channel access for importers who have not integrated with its digital systems. The green channel allows low-risk importers to clear goods without physical examination, and the new requirement ties this privilege to digital compliance. The move is part of FBR's broader push to modernise customs administration, improve data-driven risk management, and reduce opportunities for duty evasion by ensuring all importers are connected to FBR's digital infrastructure.
FBR suspends nine Faceless Customs officials in major crackdown
Pakistan's Federal Board of Revenue (FBR) has suspended nine officials from its Faceless Customs Assessment system in a significant disciplinary crackdown. The Faceless Customs initiative was introduced to reduce human interaction and curb corruption in import duty assessments. The suspensions suggest irregularities or misconduct within the system, raising questions about the integrity of customs valuations and duty collection. The action signals FBR's intent to enforce accountability within its reformed customs framework.
FBR issues new cargo transportation framework for trade with Iran
Pakistan's Federal Board of Revenue (FBR) has issued a new cargo transportation framework governing trade with Iran. The regulatory update sets out rules for the movement of goods between the two countries, with implications for customs procedures, documentation requirements, and compliance obligations for traders and transporters. The framework is intended to bring greater order and oversight to cross-border trade flows, addressing concerns around informal commerce and ensuring proper customs clearance. Businesses engaged in Pakistan-Iran trade will need to align their operations with the updated FBR guidelines.
Finland Explores Simplification of VAT and Customs Procedures for Åland Trade Flows
Finland is examining ways to simplify VAT and customs procedures for trade flows involving Åland, an autonomous region with a unique fiscal status outside the EU VAT area. Current rules create administrative complexity for businesses trading between mainland Finland and Åland, as transactions are treated similarly to imports and exports. The Finnish government's exploration of simplification measures aims to reduce compliance burdens while respecting Åland's special status. Any changes would need to align with EU VAT and customs legislation, making this both a domestic and EU-level regulatory challenge.
EU Parliament greenlights the “Turnberry Deal” — 15% US tariffs on EU exports, duty-free access for US goods
The EU Parliament has approved the 'Turnberry Deal,' a trade agreement establishing 15% US tariffs on EU exports to the United States while granting duty-free access for US goods entering the EU. The deal represents a major shift in transatlantic trade relations with significant customs and trade tax implications for EU exporters across sectors including automotive, agriculture, and manufacturing. Businesses will need to reassess supply chain structures, customs duty costs, and tariff classification strategies. The agreement's duty-free provisions for US imports also raise competitive concerns for EU domestic industries.
Customs Modernisation: Call for Evidence on Future Trade and Digital Practices
A Call for Evidence has been launched on customs modernisation, focusing on future trade and digital practices. The initiative seeks input on how customs processes can be updated to reflect evolving digital trade environments, streamlined procedures, and modern regulatory frameworks. This is relevant to businesses engaged in cross-border trade, as responses will likely shape future customs legislation and digital reporting requirements. The consultation signals a broader effort to align customs operations with contemporary trade flows and technological capabilities, impacting importers, exporters, and customs intermediaries.
Trump Threatens 100% Tariffs in Response to European DSTs
President Trump has threatened to impose 100% tariffs on European goods in direct retaliation against European Union member states that have enacted or proposed Digital Services Taxes (DSTs) targeting large US technology companies. The move escalates transatlantic trade and tax tensions, framing European DSTs as discriminatory measures against American firms. The threat intersects both trade/customs policy and the ongoing international debate over digital taxation, with implications for broader negotiations around Pillar One of the OECD's global tax reform framework.
FBR revises customs valuation for auto parts vide VR No2092/2026
Pakistan's Federal Board of Revenue (FBR) has revised customs valuation for auto parts through Valuation Ruling No. 2092/2026. The ruling establishes updated reference values for auto parts used in customs duty assessments, a standard mechanism employed by FBR to combat undervaluation and ensure accurate duty collection at the import stage. Such valuation rulings are periodically issued to reflect current market prices and prevent revenue leakage in the automotive components import sector, which is a significant area of customs activity in Pakistan.
FBR designates Taftan Railway Station as Customs Station
Pakistan's Federal Board of Revenue (FBR) has officially designated Taftan Railway Station as a customs station, expanding the country's formal customs infrastructure. Taftan, located on the Pakistan-Iran border in Balochistan, is a key trade crossing point. This designation enables formal customs processing, duty collection, and trade documentation at the railway station, bringing cross-border rail trade under regulatory oversight and potentially improving customs revenue collection and trade facilitation along the Pakistan-Iran corridor.
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