Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Guidance: Cross-border arrangement reporting: service availability and issues
UK HMRC guidance on service availability and issues for the cross-border arrangement reporting service, which relates to the UK's mandatory disclosure rules (MDR) aligned with the OECD DAC6 framework. This service is used by intermediaries and taxpayers to report potentially aggressive or abusive cross-border tax arrangements. The guidance alerts users to technical outages or disruptions affecting the reporting portal, helping ensure timely compliance with mandatory disclosure obligations that target tax avoidance structures involving multiple jurisdictions.
EU Council extends VAT split‑payment derogation to June 2029
The EU Council has extended a VAT split-payment derogation through to June 2029, allowing a member state (likely Poland, which has historically operated a mandatory split-payment mechanism) to continue applying this VAT collection method. Under split payment, the VAT portion of a transaction is paid directly into a dedicated VAT account rather than to the supplier, reducing fraud risk. The extension reflects the mechanism's effectiveness in combating VAT fraud while acknowledging it deviates from standard EU VAT Directive rules. Businesses operating in the relevant jurisdiction must continue maintaining compliant split-payment account procedures.
Governing the Exchange of Tax Data in Digital Public Infrastructure: Law, Rights, and the Protection of Citizens in Data-Driven Systems
This publication examines the legal and rights-based frameworks governing the exchange of tax data within digital public infrastructure systems. It explores how governments collect, share, and use citizen tax data in increasingly automated, data-driven environments, raising questions about privacy, legal protections, and citizen rights. The paper analyzes the intersection of tax administration modernization with data governance principles, highlighting risks of inadequate legal safeguards when tax data flows through digital public infrastructure. It calls for robust regulatory frameworks to protect citizens from potential misuse of sensitive tax information in government-operated digital systems.
Public finance is feminist terrain
This article from the Tax Justice Network argues that public finance and taxation are fundamentally feminist issues. It explores how tax policy shapes gender equality outcomes, examining how revenue systems and public spending decisions disproportionately affect women. The piece contends that progressive taxation, adequate public funding for care infrastructure, and fair redistribution are essential tools for advancing gender justice. It challenges the notion that tax policy is gender-neutral, highlighting how austerity measures and regressive tax structures entrench inequality. The article frames feminist advocacy as inseparable from demands for fairer, more transparent public finance systems.
CBDT Mandates Upload of Foreign Assets and Income Data in AIS and Form 26AS Under AEOI
India's CBDT has mandated the upload of foreign assets and income data into the Annual Information Statement (AIS) and Form 26AS under the Automatic Exchange of Information (AEOI) framework. This directive enhances transparency by ensuring foreign financial data received through international tax cooperation agreements is reflected in taxpayer-facing portals. The move aims to improve compliance monitoring for Indian residents holding overseas assets or earning foreign income, enabling tax authorities to cross-verify self-reported disclosures against internationally sourced data, thereby strengthening India's efforts to combat tax evasion involving offshore assets.
86% know what ViDA is — only 22% are ready for it
A survey reveals that while 86% of tax and finance professionals are aware of the EU's VAT in the Digital Age (ViDA) initiative, only 22% feel prepared for its requirements. ViDA introduces significant changes including digital reporting requirements, deemed supplier rules for platforms, and single VAT registration reforms. The large preparedness gap signals that many businesses have yet to translate awareness into actionable compliance strategies, raising concerns about readiness ahead of ViDA's implementation deadlines across EU member states.
Senate sub-committee asks FBR to devise legal mechanism for sharing tax data with Parliament
Pakistan's Senate sub-committee has directed the Federal Board of Revenue (FBR) to create a legal framework enabling the sharing of tax data with Parliament. The committee emphasized the need for transparency and parliamentary oversight of tax collection and compliance data. FBR was tasked with identifying appropriate legal mechanisms to facilitate this data sharing while maintaining taxpayer confidentiality safeguards. The move reflects growing legislative demand for greater accountability from Pakistan's tax authority and could shape future tax administration reforms, particularly around data governance and institutional transparency within the country's revenue collection framework.
Senate panel seeks action on tax exemptions, questions FBR over Rs154 billion textile imports
Pakistan's Senate panel is pressing the Federal Board of Revenue (FBR) to act on tax exemptions linked to Rs154 billion worth of textile imports. Lawmakers are scrutinizing whether these exemptions are being properly monitored and enforced, raising concerns about revenue leakage in the textile sector. The panel's intervention highlights broader questions about the integrity of Pakistan's customs and tax exemption framework, with legislators demanding accountability from FBR officials over the scale of import activity and associated fiscal concessions granted to the textile industry.
Auto policy talks with IMF remain unresolved, Pakistan extends current policy
Pakistan has extended its current auto sector policy after talks with the IMF over a new automotive policy framework remain unresolved. The negotiations touch on fiscal and trade measures governing the auto industry, including tariffs and import duties, which have significant tax and customs implications. The IMF's involvement suggests pressure to reform existing incentive structures and tax concessions in the auto sector as part of broader fiscal consolidation efforts under Pakistan's IMF program.
Judge Rules Trump IRS Immunity Deal Has No ‘Basis in Law’
A federal judge has ruled that a deal brokered by the Trump administration granting IRS immunity has no basis in law. The ruling challenges the legal foundation of the arrangement, which had implications for how the IRS conducts enforcement and accountability. The decision represents a significant development in tax administration and oversight, potentially affecting IRS operations and its legal protections. The case highlights tensions between executive authority and judicial review in the context of federal tax agency governance, with broader consequences for taxpayer rights and IRS enforcement practices in the United States.
New York City’s Pied-à-Terre Tax: What Property Owners Need to Know
New York City's proposed pied-à-terre tax targets non-primary residences valued above a certain threshold, imposing an annual surcharge on luxury properties owned by non-residents. The article outlines who would be affected, including foreign nationals and out-of-state owners using NYC properties as secondary homes. Key considerations include how the tax is calculated based on property value, potential exemptions, and planning strategies for affected owners. Property owners should assess their exposure and consider structuring options before any enactment. The piece provides practical guidance for high-net-worth individuals navigating this emerging local property tax obligation.
Law360: State and Local Tax Midyear Updates & Second Half Preview
Law360 covers state and local tax midyear updates and previews the second half of the year, examining key developments in U.S. state and local taxation. The article likely reviews significant legislative, regulatory, and judicial changes across various states in areas such as sales tax, income tax, and other state-level levies, while offering analysis of trends and issues expected to dominate the remainder of the year. This provides practitioners and businesses with a comprehensive overview of the SALT landscape and emerging compliance challenges heading into the latter part of the fiscal year.
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.
Ill. Conforms Property Tax Law With High Court Takings Case
Illinois has conformed its property tax law following a significant U.S. Supreme Court takings case. The legislative change aligns state property tax procedures with constitutional requirements established by the high court's ruling, which addressed government seizure of property value beyond tax debts owed. This update affects how Illinois handles property tax enforcement and surplus proceeds from tax sales, ensuring compliance with the Fifth Amendment's Takings Clause. The conforming legislation represents a direct state-level response to the Supreme Court's decision, impacting property owners and local tax authorities across Illinois.
Illinois Enacts First-of-Its-Kind Cryptocurrency Transaction Tax
Illinois has enacted a first-of-its-kind cryptocurrency transaction tax, marking a significant legislative development in digital asset taxation at the state level. The law introduces a tax on cryptocurrency transactions conducted within the state, positioning Illinois as a pioneer in this emerging area of tax policy. The measure raises important questions about the treatment of digital assets, compliance obligations for crypto traders and exchanges, and potential constitutional challenges. It may also signal a broader trend of states moving to capture tax revenue from growing cryptocurrency markets, with implications for federal and international digital asset tax frameworks.
CIAT presenta estudio sobre tributación y género durante la 34.ª Conferencia de IAFFE
CIAT (Inter-American Center of Tax Administrations) presented a study on taxation and gender at the 34th IAFFE (International Association for Feminist Economics) Conference. The study examines how tax systems interact with gender equality, analyzing how fiscal policies can either reinforce or reduce gender-based economic disparities. This research highlights the importance of gender-sensitive tax policy design, exploring areas such as how VAT, income tax, and other fiscal instruments disproportionately affect women versus men, and how tax administrations can incorporate gender perspectives into policy development and revenue collection strategies.
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.
Policy paper: Cryptoasset loans and liquidity pools
HMRC policy paper clarifying the tax treatment of cryptoasset loans and liquidity pools in the United Kingdom. The guidance addresses how existing tax rules apply when individuals or businesses lend cryptoassets or participate in decentralised finance (DeFi) liquidity pools, including whether disposal events are triggered, how income versus capital gains distinctions apply, and the treatment of returns received. The paper aims to provide certainty for taxpayers engaged in DeFi activities, covering implications for both Capital Gains Tax and Income Tax purposes, reflecting HMRC's evolving approach to digital asset taxation.
More on NYC’s Pied-à-Terre Tax
The article discusses New York City's proposed pied-à-terre tax, which would impose a levy on non-primary residences owned by non-residents in NYC. This tax targets luxury second homes and investment properties held by wealthy individuals who do not use them as their primary residence. The pied-à-terre tax has been a recurring legislative proposal aimed at generating revenue from high-value properties while addressing housing affordability concerns. The piece likely examines the latest developments, legal or legislative updates, and the tax's potential fiscal and policy implications for the city.
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.
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