2026

This article reports that tariff refunds exceeded gross customs collections, causing net customs receipts to turn negative for the month. The development shows how tariff refund administration following litigation over emergency tariffs can affect customs revenue and monthly government receipts data.

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Hong Kong announced a plan encourage more multinational corporations to establish treasury centers in Chinese territory by providing more favorable tax benefits and greater tax certainty.

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Brazil expects the OECD to decide whether it will be included in the side-by-side package in August after submitting a request in February. Inclusion would exempt multinational groups headquartered in Brazil from the global application of pillar 2 rules. The U.S. is the only country included in the side-by-side package. 

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The OBBBA, delivers the long-anticipated return of immediate deductibility of domestic Research & Experimental, or R&E, expenditures. While the baseline cash flow benefits are clear—including options to accelerate deductions for costs capitalized between 2022 and 2024—the restoration of R&E expensing triggers significant ripple effects across a company’s broader tax profile. Altering how and when R&E costs are deducted creates a chain reaction across other complex tax frameworks. This article discusses these interconnected impacts and outlines practical considerations for leadership. 

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Asian countries participating in the OECD’s tax transparency program were able to recover at least €1.6 billion ($1.8 billion) in additional revenue in 2025, according to a report released by the organization Tuesday. The report documents the progress of the Asia Initiative, a project to increase tax transparency in the region, with 18 members including Vietnam, Brunei, Indonesia, Korea, India, China, Hong Kong, and Pakistan.

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_{The EP’s proposal for three new EU levies on cryptoassets, online gambling, and digital services face pushback among EU ambassadors. This comes amid struggles to secure support for new own resources to finance the EU’s long-term budget. While there was pushback to cryptoassets and online gambling levy, a digital service levy seems stronger.}

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EU member states will discuss whether to take a common position during U.N. discussions on how the U.N. convention will interact with the convention’s protocols and other existing international agreements. This comes after a May 18 partial draft of the U.N. tax convention said that countries may need to interpret, apply, and renegotiate existing bilateral treaties to fulfill their obligations under the convention.

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The OECD published guidance on the GLOBE rules providing solutions for technical issues with the GIR XML schema and validation rules that taxpayers encounter as they file their initial returns. The guidance provides instructions on how to deal with mismatches between XML schema and the GIR template and how to handle missing, incorrectly placed, or redundant data fields.

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Singapore's Ministry of Finance started a public consultation on proposed legislation that would incorporate the age harbor and establish the exchange network information for information returns under the GLOBE rules.

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This official EU customs-and-tax development introduces a temporary €3 customs duty on low-value consignments from outside the EU and ends the prior duty exemption for such imports. The measure is part of the EU’s customs reform for e-commerce imports and is aimed at improving compliance, traceability, and equal treatment between import business models.

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