Policy updates

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IRS creates new Tax Professional Management Office (TPMO) to modernize interactions with tax professionals

Effective June 28, 2026, the IRS established the Tax Professional Management Office to simplify and modernize how it interacts with tax professionals. The new office aims to improve communication, digital services, and reduce burden and confusion for tax preparers.

Editorial impact label: Medium

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Jun 28, 2026

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Proposed

Government pre-publishes regulations to prevent fraud and facilitate the next phase of consumer-driven banking

Canada is introducing proposed regulations under Bill C-15 (Consumer-Driven Banking Act) to strengthen fraud detection, require express consent for enabling certain banking capabilities, allow consumers to disable features, adjust transaction limits, and mandate reporting to the Financial Consumer Agency of Canada. These regulations were pre-published in the Canada Gazette, Part I on June 26, 2026, initiating a 30-day comment period. They are designed to operationalize amendments to the Bank Act enacted through Bill C-15, as part of the National Anti-Fraud Strategy. These rules will come into force in stages, including accreditation, common rules, assessment fees, and more. Implications include increased compliance obligations for banks, more control for consumers over account features, and strengthened oversight via FCAC and the Bank of Canada. “Source details the obligations, timelines, and legal basis.”

Editorial impact label: High

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Jun 26, 2026

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New Tax Agreement with the Kyrgyz Republic will Enter into Force

Japan has signed a new tax convention with Kyrgyz Republic, which will enter into force, affecting withholding rates, treaty-based reliefs for income such as dividends, interest, royalties, and addressing double taxation and tax information exchange. This opens opportunities for tax treaty planning for entities or individuals earning cross-border income between Japan and Kyrgyzstan.

Editorial impact label: Medium

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Jun 26, 2026

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Pakistan

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Finance Act, 2026 – Enhancements in Withholding and New Taxes on Social Media Income (Pakistan)

Pakistan’s Finance Act, 2026 raises the turnover threshold for small-trader exemption from withholding from Rs. 100 million to Rs. 200 million; introduces withholding tax on revenue from social media platforms where banks/financial institutions must deduct tax on payments to influencers/content creators; and rationalizes service withholding rates, among other clarifications.

Editorial impact label: High

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Jun 26, 2026

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Proposed

Pre-publication of proposed regulations to prevent fraud and enable the Consumer-Driven Banking Framework

Regulations pre-published mid-2026 require banks to obtain express consumer consent for various electronic funds‐transfer capabilities, allow consumers to disable certain transaction functions, enforce reporting requirements for fraud cases, and set timelines for fee and limit changes. These regulations support new banking laws and will be phased in after final publication.

Editorial impact label: Medium

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Jun 26, 2026

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Отмена штрафов за непредставление “нулевых” деклараций и упрощённый порядок ответственности за 3-НДФЛ

Federal Law № 201-ФЗ (26 June 2026) removes penalties under Article 119 of the Tax Code for late filing of zero tax returns and for individuals who fail to submit 3-НДФЛ when disposing of property so long as the transaction is reported by third parties. From 27 July 2026, a simplified mechanism to challenge fines will be in force for declarations submitted from that date forward.

Editorial impact label: Medium

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Jun 26, 2026

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Принят Федеральный закон № 201-ФЗ об упрощении ответственности налогоплательщиков

Федеральный закон от 26 июня 2026 г. № 201-ФЗ вносит изменения в часть первую Налогового кодекса РФ, отменяя штрафы за несвоевременную подачу «нулевых» деклараций и за непредставление декларации 3-НДФЛ при продаже или дарении недвижимости; новые правила вступили в силу с момента официальной публикации (26 июня 2026), с применением к отчетности, представляемой с 27 июля 2026 года.

Editorial impact label: Medium

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Jun 26, 2026

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Proposed

Temporary reduced rate of VAT for children’s meals, tickets and family attractions

From 25 June to 1 September 2026 the UK Government reduces the VAT rate to 5% (from 20%) for certain supplies: children’s meals, children’s admission to theatres, cinemas, exhibitions and shows, and family tickets or admission to qualifying attractions. Intended to ease cost-of-living for families over summer and requires statutory instrument to enact. Impacts businesses in hospitality, leisure and entertainment.

Editorial impact label: Medium

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Jun 25, 2026

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Temporary reduced rate of VAT for children's meals, tickets and family attractions

From 25 June 2026 to 1 September 2026 (inclusive), the UK government reduced the standard VAT rate from 20% to 5% for eligible supplies, including children’s meals in restaurants, children’s and family tickets for performances and cinemas, and admission tickets to family attractions. This includes supplies where admission is for a date falling within the relief period, even if payment was made in advance. The measure aims to ease the cost of summer activities for families under cost-of-living pressures. ([gov.uk](https://www.gov.uk/government/publications/revenue-and-customs-brief-5-2026-temporary-reduced-rate-of-vat-for-childrens-meals-tickets-and-family-attractions/temporary-reduced-rate-of-vat-for-childrens-meals-tickets-and-family-attractions?utm_source=openai))

Editorial impact label: Medium

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Jun 25, 2026

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Proposed

Great British Summer Savings: VAT slashed to save families money

From 25 June to 1 September 2026, the UK government will temporarily reduce VAT on eligible activities such as children’s meals, cinema and theatre tickets, and attraction entries to help families during the summer and to support businesses. It’s a seasonal relief targeting consumer spending amid cost-of-living pressures.

Editorial impact label: Low

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Jun 25, 2026

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Great British Summer Savings: VAT slashed to save families money on days out

UK government is temporarily cutting VAT on certain meals, children’s tickets, and attraction entries from 25 June to 1 September 2026 to ease cost-of-living pressures. It also includes a 10p per mile increase for tax-free mileage rates for 2026-27, backdated to April 2026, and extension of fuel duty cuts. Significant seasonal relief for families and businesses in hospitality and leisure sectors.

Editorial impact label: Low

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Jun 25, 2026

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Great British Summer Savings 2026: Family activities VAT relief fact sheet

Temporary reduced VAT rate from 20% to 5% for children’s meals, family tickets (cinema, theatre etc), and admission to attractions from 25 June to 1 September 2026; also increased tax-free mileage rates for 2026-27 backdated to 6 April 2026.

Editorial impact label: Medium

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Jun 25, 2026

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Great British Summer Savings scheme temporary VAT reductions

From 25 June to 1 September 2026, the government reduces VAT from 20% to 5% on eligible children’s meals, family tickets to cinemas/theatres, and admission to various attractions. Also includes free bus travel for children aged 5-15 in England during August. Temporary relief aimed at increasing affordability and supporting businesses.

Editorial impact label: Low

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Jun 25, 2026

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Great British Summer Savings: Tax cut on kids’ meals and days out goes live

From 25 June 2026, the UK government cut VAT from 20% to 5% on eligible children’s meals and day-out activities across the four nations. The relief aims to reduce household cost pressures and stimulate spending in tourism and hospitality sectors.

Editorial impact label: Medium

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Jun 25, 2026

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Great British Summer Savings: Tax cut on kids’ meals and days out goes live

From 25 June 2026 HM Treasury reduced VAT from 20% to 5% on eligible children’s meals and certain ‘days out’ activities across the UK, and introduced free bus travel for children in England for August. The measure aims to support families amid cost-of-living pressures and encourage spending in hospitality and leisure sectors.

Editorial impact label: Medium

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Jun 25, 2026

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Great British Summer Savings: VAT cut from 20% to 5% on children’s meals and days-out

In the UK, from **25 June 2026**, VAT rate on eligible children’s meals, restaurant meals, and ‘days out’ has been reduced from **20% to 5%** under the Great British Summer Savings scheme. This measure is intended to give families tax relief, support the hospitality sector, and stimulate domestic consumption. Businesses must update pricing and compliance systems to reflect new rates.

Editorial impact label: Low

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Jun 25, 2026

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Temporary reduced rate of VAT for children’s meals, tickets and family attractions

From **25 June to 1 September 2026**, the UK government will apply a reduced VAT rate of **5%** on eligible supplies of children’s meals, children’s admissions to cultural and entertainment venues, and family-attraction tickets. Intended to support families during summer and help businesses in related sectors, it temporarily lowers operating costs for businesses and lowers prices for consumers. The reduced rate requires compliance with criteria (e.g. meals from children’s menu, properly marketed, and ticket eligibility).

Editorial impact label: Medium

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Jun 25, 2026

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Current year tax rates and income brackets (2026)

For taxable income earned in 2026, the lowest federal marginal rate is 14 % on the first $58,523 of taxable income (federal portion). Provincial/territorial brackets also listed. Reflects reductions legislated in recent budgets (Bill C-4 and subsequent indexing, affecting non-refundable tax credits’ appropriate percentage rate).

Editorial impact label: High

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Jun 25, 2026

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Great British Summer Savings: VAT slashed to save families money on days out

The Government has temporarily reduced VAT from 20% to 5% from 25 June to 1 September 2026 for eligible children’s meals, meals from children’s menus, tickets to attractions, cinema/theatre entry and other qualifying ‘days-out’ items. Additionally, the tax-free mileage rate for business travel using own vehicles has been increased by 10p per mile for the 2026-27 tax year, backdated to April 2026. There is also a change to reform the foreign branches exemption so companies can’t offset overseas losses to lower UK tax.

Editorial impact label: Medium

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Jun 25, 2026

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VAT cut to 5% on kids’ meals and days out (Great British Summer Savings)

From 25 June 2026, VAT on eligible children’s meals in restaurants and certain ‘days out’ activities across England, Wales, Scotland and Northern Ireland is cut from 20% to 5%. The aim is to reduce costs for families during summer while boosting the hospitality and leisure sectors.

Editorial impact label: High

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Jun 25, 2026

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