Tax News Daily
The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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Illinois Adds Taxes On Digital Ads, Crypto, Prediction Markets
Illinois has enacted legislation introducing new taxes targeting digital advertising, cryptocurrency transactions, and prediction markets. The measures expand the state's tax base into emerging digital and financial sectors. The digital advertising tax mirrors similar proposals debated at state and federal levels, while the crypto and prediction market levies reflect growing legislative interest in taxing alternative financial instruments. These changes signal Illinois's intent to capture revenue from technology-driven economic activity, joining a broader trend of U.S. states modernizing their tax codes to address digital commerce and novel asset classes.
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.
2nd Circ. Won't Let Man Reverse Tax Plea Over Bad Advice
The Second Circuit Court of Appeals denied a defendant's attempt to withdraw his tax-related guilty plea, rejecting his claim that he received ineffective legal counsel. The man argued that bad advice from his attorney induced him to plead guilty to tax charges he otherwise would have contested at trial. The appellate court upheld the lower court's ruling, finding insufficient grounds to reverse the plea. The case highlights the high legal bar defendants face when seeking to undo tax crime convictions based on ineffective assistance of counsel claims in federal court.
Va. Budget Deal Sets 2027 Launch For Retail Cannabis
Virginia's bipartisan budget agreement includes provisions setting a 2027 launch date for a retail cannabis market. While the article primarily concerns cannabis legalization policy, the budget deal is expected to incorporate tax and revenue frameworks governing cannabis sales, likely including excise and sales taxes on retail transactions. The delayed launch gives the state time to establish regulatory and tax infrastructure. The tax dimension is secondary to the broader legalization framework, but revenue considerations were a key factor in the budget negotiations.
The New Section 301 Tariff Regime
This article examines the updated Section 301 tariff regime in the United States, which allows the Office of the US Trade Representative to impose tariffs on imports from countries engaged in unfair trade practices. The piece analyzes the structure, legal basis, and economic implications of these tariffs, particularly focusing on how they affect trade flows, retaliatory measures from trading partners, and the broader customs and trade policy landscape. Section 301 tariffs represent a significant trade tool with direct customs and import duty consequences for businesses operating across US borders.
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.
Justices' Penalty Ruling Won't Sink Tax Case, 5th Circ. Told
A case before the Fifth Circuit involves arguments that a recent Supreme Court ruling on penalties should not derail an ongoing tax dispute. The government contends that the justices' penalty decision does not undermine the tax case at hand, suggesting the legal standards and findings remain intact despite the broader ruling. This appellate proceeding highlights the intersection of penalty jurisprudence and tax enforcement, with potential implications for how courts apply Supreme Court precedent to pending tax controversies in lower courts.
Maximizing Roth Conversions Through Strategic Timing and Residency Planning
This article explores strategies for maximizing Roth IRA conversions by carefully timing conversions during low-income years and leveraging state residency planning to minimize tax liability. It examines how individuals can reduce federal and state income tax burdens by converting traditional IRA funds to Roth accounts when in lower tax brackets, potentially relocating to no-income-tax states before executing large conversions. The piece highlights the long-term tax-free growth benefits of Roth accounts and addresses key considerations around Medicare surcharges, Social Security taxation, and the importance of coordinating conversion timing with broader retirement and estate planning goals.
Maryland Extends Income and Property Tax Incentives to Include U.S. Space Force Members
Maryland has expanded its income and property tax incentives to include members of the U.S. Space Force, bringing them in line with benefits previously available to other military branches. The extension covers state income tax exemptions and property tax relief for qualifying Space Force guardians stationed in or residing in Maryland. This legislative update reflects growing recognition of Space Force as an established military service branch deserving equal tax treatment under state law. The change ensures Space Force members are not disadvantaged compared to Army, Navy, Air Force, and other military counterparts when it comes to Maryland state tax obligations.
Insurance Premium Tax
HMRC's internal manual covering Insurance Premium Tax (IPT), a UK tax levied on general insurance premiums. The manual provides guidance on the mechanics of IPT, including rates, exemptions, and compliance requirements for insurers operating in the UK. IPT is a distinct indirect tax separate from VAT, applied to most general insurance premiums at standard and higher rates. The manual serves as a reference for HMRC staff and practitioners dealing with insurance taxation matters, covering registration, accounting, and enforcement aspects of this specialist UK tax.
Official Statistics: Scottish Income Tax Outturn Statistics: 2024 to 2025
Announcement of forthcoming official statistics on Scottish Income Tax outturn for the 2024 to 2025 tax year. Scotland has partial income tax devolution, with the Scottish Parliament setting its own rates and bands for non-savings, non-dividend income. These statistics will show actual tax revenues collected, enabling comparison against forecasts made by the Scottish Fiscal Commission. The data is critical for the fiscal framework settlement between the Scottish and UK governments, determining block grant adjustments and the net fiscal transfer between Edinburgh and Westminster.
Official Statistics: Welsh Income Tax Outturn Statistics: 2024 to 2025
Announcement of forthcoming official statistics on Welsh Income Tax outturn for the 2024 to 2025 tax year. Wales has partial income tax devolution, with the Welsh Government able to vary income tax rates. These outturn statistics will reveal actual revenues collected against forecasts, informing the fiscal framework between the Welsh Government and UK Government. The data supports the block grant adjustment mechanism and provides transparency on Welsh taxpayer contributions, helping assess the performance of devolved income tax policy and its impact on Welsh public finances.
Amend or cancel a Customs Declaration Service import declaration
UK HMRC guidance on how to amend or cancel an import declaration submitted through the Customs Declaration Service (CDS). The guidance covers the procedural steps traders and agents must follow to correct errors or withdraw declarations after submission, including timeframes, eligibility conditions, and the distinction between amendment and cancellation. Accurate customs declarations are essential for correct duty and VAT calculations on imports. This operational guidance is relevant to importers, customs agents, and freight forwarders managing post-submission corrections in the UK's post-Brexit customs environment.
FBR notifies fresh customs values of steel pipes vide VR No68/2026
Pakistan's Federal Board of Revenue (FBR) has issued fresh customs valuation ruling VR No. 68/2026, notifying updated customs values for steel pipes. The revision establishes new benchmark import values used to assess customs duties on steel pipe imports, a measure commonly used by Pakistani customs authorities to combat undervaluation and ensure accurate duty collection. Such valuation rulings are periodically updated to reflect current market prices and prevent revenue leakage at the border. The notification directly affects importers of steel pipes operating in Pakistan.
Govt targets Rs14b in mobile handset levy collections for FY 2026-27
The Pakistani government has set a revenue target of Rs14 billion from mobile handset levies for the fiscal year 2026-27. This levy, applied on mobile phone imports and local manufacturing, forms part of the government's broader strategy to boost non-tax and tax revenues. The mobile handset levy functions as a form of customs or regulatory duty on devices entering or produced in Pakistan. The target reflects anticipated growth in mobile penetration and device sales, with collections managed through Pakistan's tax and customs administration framework.
Karachi jewellers announce strike call over FBR actions
Karachi jewellers have announced a strike in response to actions taken by Pakistan's Federal Board of Revenue (FBR). The protest reflects growing tensions between the jewellery trade sector and tax authorities, likely stemming from enforcement measures such as raids, documentation requirements, or tax compliance drives targeting the sector. The strike signals significant resistance from traders to FBR's efforts to bring the informal jewellery market into the tax net, a recurring challenge for Pakistani tax authorities seeking to broaden the revenue base and improve compliance in traditionally cash-heavy, underdocumented industries.
Shuja unveils Rs5,903b Punjab budget 2026-27
Punjab Finance Minister Shuja has presented the provincial budget for 2026-27, totalling Rs5,903 billion. As Pakistan's largest province by population and economic activity, the Punjab budget carries significant fiscal weight, detailing expenditure priorities, revenue targets, and potentially new or revised tax measures. Provincial budgets in Pakistan typically outline allocations for development spending, public services, and local tax policy adjustments. The scale of the budget reflects Punjab's central role in national fiscal planning, with implications for provincial taxation, public finance, and intergovernmental revenue sharing arrangements under Pakistan's fiscal framework.
Philippines – VAT on Digital Services and Latest BIR Clarifications for Digital Service Providers 2026
The Philippines has enacted VAT on digital services supplied by foreign digital service providers, with the Bureau of Internal Revenue (BIR) issuing clarifications for compliance in 2026. The article details which digital services are subject to the 12% VAT, registration obligations for non-resident providers, withholding mechanisms, and the BIR's guidance on practical implementation issues. It addresses key questions around scope, invoicing requirements, and how foreign providers should handle VAT collection and remittance. The clarifications aim to provide certainty for digital platforms and service providers navigating the Philippines' expanding digital economy tax framework.
Transfer Pricing: International Controlled Transactions Schedule
HMRC is consulting on a new International Controlled Transactions Schedule (ICTS) for transfer pricing in the UK. The proposal requires businesses to report details of controlled transactions with related parties across borders, aimed at improving transparency and compliance with transfer pricing rules. This aligns with broader OECD initiatives and the UK's efforts to modernise its transfer pricing documentation and reporting framework. The consultation seeks input from businesses and advisers on the design, scope, and implementation of the schedule, including thresholds and data requirements, to ensure the rules are proportionate and effective.
Global VAT Guide: June 2026
A comprehensive global VAT guide covering regulatory updates and changes effective June 2026. The guide aggregates VAT and GST developments across multiple jurisdictions, providing businesses and tax professionals with an overview of rate changes, compliance requirements, filing obligations, and legislative updates worldwide. Such monthly or periodic global VAT guides typically address threshold changes, new invoicing rules, registration requirements, and cross-border transaction treatments, serving as a practical reference for multinational companies managing indirect tax compliance across diverse markets.
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