Scope: Caribbean
Status requires verification
IRS begins phasing in Automatic Exemption from Penalty (AEP) program
In August 2026 the IRS announced the Automatic Exemption from Penalty (AEP) program, which will **automatically** provide penalty relief for eligible taxpayers with due dates on or after January 1, 2027, replacing the former First Time Abate program for certain original returns, provided the taxpayer meets a history of timely filing and payment compliance. This change shifts from taxpayer-initiated relief to automatic eligibility.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Brazil
Status requires verification
CGSN Rules Update (Resoluções CGSN nº 190 e nº 191, de 2026): Adequação do Simples Nacional à Reforma Tributária do Consumo
The Simples Nacional regime now expressly includes CBS and IBS among its taxed contributions, fiscal oversight, and administrative proceedings. Introduces the 'Simples híbrido' option—remaining in Simples while treating CBS/IBS under the regular regime. Defines the window for opt-in to Simples Nacional or regime regular between 1-30 September 2026, with cancellations allowed until 30 November 2026, with effect from 1 January 2027.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
FIRE System Retiring; IRIS to Replace it for Information Returns
The IRS is retiring the FIRE system and requiring filers of information returns (such as 1099s, etc.) to transition to the IRIS platform. Key deadlines include Nov 1, 2026 for test through FIRE test system; Nov 9 for TCC changes; Nov 19, 2026 at 3pm ET as the final day to file through FIRE for those returns.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Corporation Tax — reform of the foreign permanent establishment exemption
UK-resident companies with foreign permanent establishments will lose the elective exemption for PE profits and losses; from 1 January 2027 the exemption becomes mandatory. Loss clawback rules will be removed and replaced with a transitional loss restriction; anti-avoidance rules apply from arrangements made on or after 13 July 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Crypto-Asset Reporting Framework Deferred to January 1, 2027
Legislative proposals related to the Crypto-Asset Reporting Framework and amendments to the Common Reporting Standard have a deferred application date of January 1, 2027, confirmed in the Spring Economic Update 2026 supplementary tax measures.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Notice of Ways and Means Motion to implement certain provisions of the Spring Economic Update 2026 – CPP contribution rate cut to 9.5%
A Ways and Means Motion replaces subsections of the Canada Pension Plan to reduce the base CPP contribution rate from 9.9 % to **9.5 %** for employees and employers (and proportionally for self-employed) **starting 2027 and subsequent years**, reducing payroll burdens and increasing take-home pay.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: EU / EEA
Status requires verification
Commission Implementing Regulation (EU) 2026/1869 — Single VAT Registration pillar changes
On 28 July 2026 the Commission adopted Regulation (EU) 2026/1869, amending Implementing Regulation (EU) 2020/194. It introduces rules under the Single VAT Registration (SVR) pillar of the ViDA package, including a new transfer-of-own-goods scheme and further harmonization of special schemes’ rules and electronic reporting across all VAT special schemes. Some registration data changes become effective 1 January 2027, while the major changes to schemes and reporting obligations apply from 1 July 2028.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: ASEAN
Status requires verification
Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) (Amendment) Regulations 2016 – Singapore
These Regulations incorporate requirements under the Amended Common Reporting Standard (CRS) into Singapore’s domestic law. Financial institutions will need to follow updated due diligence, reporting and TIN collection rules effective 1 January 2027.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: South Korea
Status requires verification
가상자산사업자 거래자료 제출 의무제도
Virtual asset service providers registered under the “특정 금융거래정보의 보고 및 이용 등에 관한 법률” are required, starting from transactions as of January 1, 2027, to submit transaction statements (거래명세서) and aggregated transaction tables (거래집계표) quarterly, by the latter end of the second month after the following quarter. For corporate tax purposes, certain transaction data submission obligations have been in place since January 1, 2023.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Guidance on the Common Reporting Standard (CRS) – Part XIX of the Income Tax Act
The Canada Revenue Agency published revisions to its Guidance under Part XIX of the Income Tax Act reflecting amendments announced in the May 2026 NWMM. The revisions clarify due diligence and reporting obligations for financial institutions under Canada’s Common Reporting Standard implementation. New requirements include reporting whether account holders (and controlling persons in entity accounts) have provided valid self-certification, indicating joint accounts and number of holders, classifying accounts as new or pre-existing, and including tax identification numbers where issued. Penalties for failure to comply are outlined. These changes come into force on January 1, 2027.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Common Reporting Standard (CRS) Schema Version 3.0 Update
The ATO has updated the Common Reporting Standard (CRS) specification to support Schema Version 3.0 to align with the OECD amended CRS, and introduced new validation rules. Production submissions under CRS Schema 3.0 will be mandatory from **1 January 2027**, after which Schema Version 2.0 will no longer be accepted. Reporting entities should prepare through testing via the External Vendor Testing Environment.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Guidance on the Common Reporting Standard amendments, Part XIX of the Income Tax Act
Revisions to Part XIX provide detailed rules under CRS for financial institutions to report foreign TINs, self-certifications, undocumented accounts, effective January 1, 2027. Obligations for financial institutions and account-holders updated.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Guidance on the Common Reporting Standard — Amendments to Part XIX of the Income Tax Act
Part XIX of the Income Tax Act is amended as per the May 2026 Notice of Ways and Means Motion. These amendments, including expanded reporting and due diligence requirements for financial institutions and entities, **come into force on January 1, 2027**. This impacts compliance obligations for international financial account reporting and the treatment of non-financial entities. ([canada.ca](https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/reporting-sharing-financial-account-information-other-jurisdictions/guidance-on-common-reporting-standard-part-income-tax-act.html?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Common Reporting Standard (CRS) Schema Version 3.0 mandatory from 1 January 2027
The OECD Amended CRS Schema Version 3.0 becomes mandatory for Australian reportable financial institutions from 1 January 2027; Version 2.0 will no longer be supported and older schema submissions will be rejected; new validation rules apply; testing is available now through External Vendor Testing Environment.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Common Reporting Standard (CRS) Schema Version 3.0 rollout
The ATO has updated its Common Reporting Standard (CRS) schema to Schema Version 3.0 to align with OECD Amended CRS. Reporting entities must prepare for a hard cutover: from **1 January 2027**, submissions using Schema Version 2.0 will be rejected. This update requires software and validation rule changes ahead of the deadline.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
UK Budget 2025: International Controlled Transactions Schedule requirement
Under the UK's Budget 2025, legislation will require multinationals to file an International Controlled Transactions Schedule (ICTS) starting for accounting periods beginning on or after 1 January 2027. The ICTS will strengthen transfer pricing reporting, increasing disclosure for related party cross-border transactions.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: South Korea
Status requires verification
Virtual Asset Gains Separate Taxation Starting Jan 1, 2027 for Residents
Under the amended Income Tax Act effective from January 1, 2027, residents’ gains from virtual asset disposals or lending are taxed separately as “other income”. Taxable income includes proceeds minus costs, though if acquisition costs cannot be established, a deemed cost of up to 50% may be applied. For assets held prior to 2027, taxpayers may use the higher of fair market value as of December 31, 2026, or original acquisition cost. The flat rate is about 20%. ([nts.go.kr](https://nts.go.kr/nts/cm/cntnts/cntntsView.do?cntntsId=238935&mi=40370&utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: South Korea
Status requires verification
가상자산사업자 거래자료 제출 의무 강화(Quarterly Submission from Jan 1, 2027)
Under the Specific Financial Transactions Information Act, registered virtual asset service providers in South Korea must submit detailed transaction statements and aggregate transaction summaries on a **quarterly basis**, starting from **January 1, 2027**. These reports are due by the end of the second month following each quarter. This strengthens transparency in crypto dealings and enables authorities to monitor income for eventual separate taxation of virtual asset gains. ([t.nts.go.kr](https://t.nts.go.kr/nts/cm/cntnts/cntntsView.do?cntntsId=238937&mi=40372&utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: Brazil
Status requires verification
CGSN Resoluções nº 190 e 191 de 2026 — Novas regras do Simples Nacional para adequação à Reforma Tributária do Consumo
Incorporates CBS and IBS into Simples Nacional’s scope, updates procedures for revenue recognition, redefines deadlines for option into Simples or regular regime for IBS/CBS, changes sublimite thresholds, and makes corresponding adjustments to fiscal credit rules.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source
Scope: South Korea
Status requires verification
거주자의 가상자산소득 과세 개요 (Outline of Resident Virtual Asset Income Taxation)
Effective January 1, 2027, South Korea will tax the disposal or leasing of virtual assets held by residents (as 기타소득, separate miscellaneous income). The regime imposes a 20% tax on net gains (after acquisition cost and allowable expenses), allows a basic deduction of KRW 2,500,000, provides a special transition rule for pre-2027 holdings (using the larger of actual acquisition cost or market value as of December 31, 2026), and excludes certain types of digital tokens under law definitions. Reporting via annual income tax return in May.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2027
- Verification
- Not recorded
Open cited source