Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Can’t pay your tax debt right away? We have options to help you – including the Manage balance service
The Canada Revenue Agency (CRA) highlights options available to taxpayers who cannot immediately pay their tax debt. The agency promotes its 'Manage balance' service, which allows individuals to view their balance owing and set up payment arrangements online. The CRA emphasizes that contacting them early can help avoid penalties and interest accumulation. Options include payment plans, pre-authorized debit, and other flexible arrangements. The article encourages taxpayers to use My Account on the CRA portal to manage outstanding balances, underscoring the agency's efforts to make tax debt resolution more accessible and digitally streamlined for Canadian taxpayers.
Orbitax Announces Partnership with Diligent to Streamline Legal Entity Data for Tax
Orbitax has announced a partnership with Diligent to integrate legal entity data management into tax workflows. The collaboration aims to streamline the flow of corporate structure and entity data from Diligent's entity management platform into Orbitax's tax technology solutions. This integration is designed to reduce manual data entry, improve accuracy, and enhance efficiency for tax teams managing complex multinational legal entity structures. By connecting entity governance data directly with tax compliance and reporting processes, the partnership addresses a key operational challenge for corporate tax departments handling large volumes of intercompany and structural information.
Your questions about how to use AI in audit workflows answered
This article addresses common questions about integrating AI into audit workflows, focusing on practical applications for tax and accounting professionals. It explores how AI tools can streamline audit processes, improve accuracy, and enhance efficiency in tax-related audit tasks. The content covers implementation challenges, best practices, and how AI assists in data analysis, anomaly detection, and documentation review within audit contexts. Thomson Reuters provides guidance on leveraging AI capabilities to modernize traditional audit approaches, helping tax professionals handle larger data volumes and complex compliance requirements more effectively.
Choose the right software for Pillar 2 Top-up Taxes
HMRC guidance helps multinational groups select appropriate software for reporting Pillar 2 top-up taxes in the UK. The page outlines compatible software options that meet HMRC's requirements for filing the Pillar 2 top-up tax return, which applies to large multinationals with consolidated revenues exceeding €750 million. It assists compliance officers and tax teams in identifying tools that integrate with HMRC's digital reporting service, ensuring accurate calculation and submission of the income inclusion rule and undertaxed profits rule liabilities under the UK's implementation of the OECD global minimum tax framework.
HMRC tools and calculators
HMRC provides a suite of online tools and calculators to help UK taxpayers and employers meet their tax obligations. These tools cover a broad range of tax areas including income tax and National Insurance calculations, VAT, payroll, capital gains, and more. Designed to assist individuals, businesses, and agents, the calculators simplify compliance by automating complex tax computations. The page serves as a central resource hub on GOV.UK, enabling users to estimate liabilities, check entitlements, and prepare accurate returns across multiple UK tax regimes without requiring specialist software.
Guidance: Report Pillar 2 top-up taxes: service availability and issues
HMRC publishes service availability and known issues updates for the Pillar 2 top-up taxes reporting service in the UK. This guidance page provides real-time status information for multinational groups required to file Pillar 2 top-up tax returns, covering planned maintenance windows, unplanned outages, and workarounds for technical problems. It supports large multinationals navigating the UK's implementation of the OECD global minimum tax rules, ensuring filers are aware of any disruptions to the digital submission service and can plan their compliance activities accordingly.
Kazakhstan Launches Pre-Filled VAT Return Service for Form 300.00
Kazakhstan's tax authority has introduced a pre-filled VAT return service for Form 300.00, streamlining the compliance process for VAT-registered businesses. The service automatically populates return data based on information already held by the tax administration, including data from electronic invoices and prior filings. This initiative aims to reduce administrative burdens, minimise filing errors, and improve overall VAT compliance rates. Taxpayers will be able to review, adjust, and confirm pre-filled data before formal submission. The move reflects Kazakhstan's ongoing investment in digital tax administration tools and its efforts to modernise its tax infrastructure.
Your ONESOURCE platform just got smarter
Thomson Reuters announces enhancements to its ONESOURCE platform, a leading tax compliance and management software suite. The updates aim to improve functionality and intelligence across the platform, helping tax professionals manage compliance workflows more efficiently. ONESOURCE serves corporate tax, indirect tax, and transfer pricing functions, and the new capabilities leverage technology to streamline data handling and reporting. The article highlights how the platform improvements support tax departments in managing increasing regulatory complexity and workload demands.
The 5-phase AI implementation roadmap: Why your audit firm can’t skip the pilot
This article outlines a five-phase roadmap for implementing AI within audit firms, emphasizing that skipping the pilot phase is a critical mistake. While focused primarily on audit practice management and AI adoption strategy, it touches on how AI tools can enhance accuracy and efficiency in compliance-related workflows including tax audits. The guidance covers readiness assessment, piloting, scaling, and governance. The tax relevance is incidental rather than central, as the article is broadly about AI in audit firms rather than tax-specific technology.
Scaling your audit practice with AI: 3 real-world CoCounsel Audit case studies
Thomson Reuters presents three real-world case studies demonstrating how its CoCounsel AI tool is helping audit firms scale their practices. The article showcases practical applications of AI in audit workflows, including research, document review, and compliance tasks. While the focus is on audit efficiency broadly, the use of AI in tax-related audit processes gives it a tax-technology angle. The case studies illustrate measurable productivity gains and how AI assists professionals in handling higher volumes of work without proportional increases in staffing.
Gusto Rolls Out Suite of AI Agents That Help Accountants Develop and Evolve Their Practice
Gusto has launched a suite of AI agents designed to help accounting professionals grow and manage their practices. The tools automate client-facing and internal workflows, including tasks related to payroll processing and advisory services. By embedding AI into payroll and HR workflows, the platform aims to reduce manual effort for accountants, surface actionable insights, and support business development activities. The release reflects broader adoption of AI-driven automation in accounting technology, with direct implications for payroll administration efficiency and the delivery of tax and compliance services by CPA firms.
Orbitax Pillar Two readiness: 24+ returns filed and accepted, 55 jurisdictions covered, 180+ forms live
Orbitax highlights its Pillar Two compliance capabilities, reporting that it has successfully filed and had accepted 24+ GloBE (Global Minimum Tax) returns across 55 jurisdictions, with over 180 forms live on its platform. This positions Orbitax as a significant provider of Pillar Two compliance technology, supporting multinationals in meeting their obligations under the OECD's global minimum tax framework. The milestone underscores growing real-world implementation of Pillar Two rules as jurisdictions activate local filing requirements, and demonstrates the increasing role of specialist tax technology platforms in managing complex cross-border minimum tax compliance at scale.
10 Practical Ways Practices Are Using AI Today (No Tech Skills Required)
This article explores ten practical applications of AI that accounting and tax practices are adopting today, requiring no advanced technical skills. Use cases include automating client communication, drafting tax memos, reviewing documents, summarizing financial statements, and streamlining compliance workflows. The piece highlights how AI tools are reducing manual effort in tax preparation and advisory services, enabling practitioners to focus on higher-value work. It targets CPAs and tax professionals seeking accessible entry points into AI adoption without needing coding or IT expertise, reflecting broader trends in tax technology transformation across professional services firms.
Banks must upload account data to FBR Hub under FY27 Bill
Pakistan's FY27 Finance Bill introduces a mandatory requirement for banks to upload customer account data directly to the Federal Board of Revenue (FBR) Hub. This measure aims to enhance tax compliance and broaden the tax base by giving tax authorities real-time or periodic access to financial account information. The provision represents a significant expansion of third-party data reporting obligations for financial institutions, enabling the FBR to cross-reference declared income against actual banking activity. Tax professionals should note the compliance burden this places on banks and the implications for taxpayer privacy, data security, and potential audit triggers for individuals and corporates with undisclosed income.
The Challenges of the Last-Minute VAT Form and VAT Rate Change in Austria
Austria implemented last-minute VAT changes that present significant compliance challenges for businesses. The article examines the administrative and operational difficulties arising from late-notice VAT form updates and VAT rate modifications in Austria. Tax professionals must navigate updated filing requirements and rate adjustments with limited preparation time, creating pressure on accounting systems, ERP configurations, and compliance workflows. The piece highlights practical implications for businesses operating in Austria, including the need to rapidly update invoicing systems, reconfigure tax codes, and ensure accurate VAT reporting under the revised framework. Such eleventh-hour regulatory changes underscore the importance of agile tax compliance infrastructure for multinational and domestic businesses alike.
Customs CDS Volume 3 Tariff, Step-by-Step Guide
HMRC has published a comprehensive step-by-step guide for the Customs Declaration Service (CDS) Volume 3 Tariff, providing detailed technical guidance for completing customs declarations in the UK. The guide assists traders and agents in accurately populating data elements within the CDS system, replacing the older CHIEF platform. It covers tariff commodity codes, duty calculations, customs procedures, and declaration requirements under the UK Global Tariff. This resource is essential for import/export professionals navigating post-Brexit customs compliance, ensuring correct classification and valuation of goods moving into and out of Great Britain and Northern Ireland under current UK customs legislation.
Guidance: Filing your Company Tax Return online
HMRC has published guidance on filing Company Tax Returns online, including a list of approved commercial software suppliers for Corporation Tax submissions. The guidance assists UK businesses in selecting compliant software for submitting CT600 returns electronically via HMRC's systems. It covers the requirements for online filing, which is mandatory for most companies, and lists third-party software providers whose products are recognised for use with HMRC's Corporation Tax online service. This is essential for tax professionals advising UK companies on their compliance obligations and software selection for accurate and timely Corporation Tax return submissions.
Digital autonomy at the Tax and Customs Administration leads to delay in new VAT refund system
The Dutch Tax and Customs Administration (Belastingdienst) is experiencing delays in implementing a new VAT refund system due to issues surrounding digital autonomy within the organization. The administration's approach to managing its own IT infrastructure and digital systems has created complications that are pushing back the rollout of the updated VAT refund mechanism. This delay has practical implications for businesses expecting to utilize the new system for reclaiming VAT. Tax professionals handling Dutch VAT compliance and refund claims should be aware of the postponed timeline and monitor official communications from the Belastingdienst for updated implementation schedules and transitional arrangements.
FeRD Publishes ZUGFeRD 2.5 / Factur-X 1.09 (Two-Step Release)
The Forum Elektronische Rechnung Deutschland (FeRD) has published ZUGFeRD 2.5 / Factur-X 1.09 in a two-step release, representing the latest iteration of the joint German-French structured e-invoicing standard. ZUGFeRD and Factur-X are hybrid PDF/XML invoice formats widely used for B2B and B2G electronic invoicing compliance across Germany and France. This update introduces technical refinements and expanded functionality to the standard, which underpins mandatory e-invoicing obligations in both jurisdictions. Tax professionals operating in Germany or France, or supplying to counterparties there, should review the updated specification to ensure their invoicing systems and ERP integrations remain compliant with the revised format requirements.
PSW, NTC ink accord to automate Tariff System
Pakistan's Pakistan Single Window (PSW) and the National Tariff Commission (NTC) have signed an agreement to automate the tariff system, aimed at streamlining customs and trade processes. The accord will integrate NTC's tariff-related functions into the PSW platform, enhancing efficiency in tariff classification, trade remedy investigations, and duty determination. This digitalization initiative seeks to reduce manual intervention, improve transparency, and accelerate trade facilitation for importers and exporters. The automation aligns with Pakistan's broader efforts to modernize its customs infrastructure and comply with international trade standards, potentially impacting how anti-dumping, countervailing, and safeguard duties are administered.
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