Policy updates

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Canada Groceries and Essentials Benefit replacing GST/HST credit

Canada is introducing a new benefit, the Canada Groceries and Essentials Benefit (CGEB), replacing the GST/HST credit. Eligible Canadians receive a one-time top-up on June 5, 2026, and larger quarterly payments begin July 3, 2026. The change is aimed to offset rising costs in groceries & essentials and improve affordability.

Editorial impact label: Medium

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Jun 5, 2026

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Proposed

Notice 2026-36: Proposed regulations for excise tax on excess compensation under OBBB

Treasury and IRS issue Notice 2026-36 announcing intent to issue proposed regulations under section 4960 to address tax on excess compensation and excess parachute payments for employees of Applicable Tax-Exempt Organizations (ATEOs) expanded under the One, Big, Beautiful Bill. The definition of “covered employee” is broadened beyond the top 5 compensated. Allows certain exceptions (limited hours, nonexempt funds) until future guidance issued. Comments requested by August 4, 2026.

Editorial impact label: Medium

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Jun 5, 2026

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One-time GST/HST credit top-up payment & transition to Canada Groceries and Essentials Benefit

Starting June 5, 2026, eligible Canadians began receiving a one-time top-up payment equal to approximately 50% of their total GST/HST credit for the July 2025-June 2026 period. From July 2026, the new Canada Groceries and Essentials Benefit replaces the GST/HST credit with increased quarterly payments (25% higher) over five years, using eligibility based on the January 2026 family situation.

Editorial impact label: High

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Jun 5, 2026

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Proposed

IRS issues Notice 2026-36: Proposed regulations on excise tax for excess executive compensation under One, Big, Beautiful Bill

Notice 2026-36 announces intent of Treasury and IRS to issue proposed regulations under section 4960 concerning new rules on excess compensation and excess parachute payments for employees of tax-exempt organizations under One, Big, Beautiful Bill. It expands the definition of covered employee to include any individual paid over $1 million or receiving excess parachute payments and provides certain exceptions (limited hours, nonexempt funds) during transition until final regulations issued.

Editorial impact label: High

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Jun 5, 2026

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Canadians to Begin Receiving Enhanced Canada Groceries and Essentials Benefit Starting Today

Effective June 5, 2026, Canada began issuing a one-time top-up payment equal to a 50% increase over the annual 2025-26 GST Credit to eligible recipients. The Canada Groceries and Essentials Benefit will also provide a 25% increase over the GST Credit base, with quarterly payments starting July 2026 and additional support through 2031. This reduces financial burdens for 12 million+ Canadians and expands eligibility to approximately 500,000 more individuals and families. Immediate impact high, recurring relief over several years.

Editorial impact label: High

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Jun 5, 2026

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Proposed

Notice 2026-36 – Regulations for excise tax on excess compensation for tax-exempt executive compensation expanded under OBBB

Treasury and IRS issued Notice 2026-36 to propose expanded rules under Section 4960 post-OBBBA: any employee of an applicable tax-exempt organization earning over $1 million or receiving parachute payments may be a covered employee. Notice solicits comments by August 4, 2026, and provides transitional relief/exceptions such as limited hours and nonexempt funds until further guidance is issued.

Editorial impact label: Medium

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Jun 5, 2026

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One-time GST/HST credit top-up payment

As part of the transition to the new Canada Groceries and Essentials Benefit (CGEB) replacing the GST/HST credit in July 2026, Canada is issuing a one-time top-up payment starting June 5, 2026 to eligible individuals worth 50% of their 2025-26 GST/HST credit amount. This is intended to provide immediate support to over 12 million Canadians with low or modest incomes during the transition period.

Editorial impact label: Medium

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Jun 5, 2026

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Canada Groceries and Essentials Benefit Act (Bill C-19) passes; CGEB replaces GST/HST credit

Bill C-19, An Act to amend the Income Tax Act, received Royal Assent on February 12, 2026, creating the Canada Groceries and Essentials Benefit (CGEB), replacing the GST/HST credit. Key changes: a one-time top-up equal to 50 % of the 2025-26 GST/HST credit amount (issued starting June 5, 2026); thereafter, a 25 % increase to the benefit amount for five years beginning with the July 2026 payment; enhanced quarterly payments; expanded support for low and modest income families. This affects benefit-eligible individuals and families nationwide.

Editorial impact label: High

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Jun 5, 2026

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Canada Groceries and Essentials Benefit one-time top-up payment/transition replacing GST/HST credit

Eligible Canadians will receive a one-time top-up GST/HST credit payment on June 5, 2026 equal to 50% of their 2025-26 benefit year GST/HST credit. Beginning July 3, 2026, the Canada Groceries and Essentials Benefit replaces the GST/HST credit with higher quarterly payments increasing by 25% annually for five years, maintaining eligibility structure.

Editorial impact label: High

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Jun 5, 2026

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Proposed

Notice 2026-36: Intent to issue proposed regulations under section 4960 for excess tax-exempt organization executive compensation

Notice issued June 5, 2026 under the One, Big, Beautiful Bill Act (OBBB) expanding the definition of “covered employee” to include any employee of an applicable tax-exempt organization with compensation exceeding **$1 million** or receiving excess parachute payments. Establishes that regulations will address exceptions for limited hours or nonexempt funds, and clarifies temporal scope for tax years beginning after December 31, 2025.

Editorial impact label: Medium-High

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Jun 5, 2026

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Proposed

Treasury, IRS issue intent to issue proposed regulations for excise tax on excess tax-exempt organization executive compensation under the One, Big, Beautiful Bill

Notice 2026-36: the definition of “covered employee” under section 4960 is expanded so that any employee with compensation over US$1 million or excess parachute payments may fall under the excise tax, not just the top five highest-compensated employees. Exceptions for limited hours/non-exempt funds provided until final regulations issued.

Editorial impact label: Medium

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Jun 5, 2026

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Reduced corporate tax rate of 12.5 % for producers and agricultural entities

Under the same Law No. 7582, enacted 4 June 2026, entities with a valid industry registration certificate and engaged purely in production activities or agricultural production are eligible for a lowered corporate tax rate of **12.5 %** on income from those activities.

Editorial impact label: Medium

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Jun 4, 2026

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Law No. 7582 Some Amendments to Various Laws (Turkey)

This amendment law adds multiple changes: extends instalment/timelimit (tecil) under Turkish taxpayer debt law from 36 to **72 months** for certain debts without collateral; creates a 20-year exemption for foreign-source income and revenues for individuals who had no Turkish residence/tax liability in last three calendar years; alters employee shares-based compensation thresholds; establishes tax incentives including under transit trade, corporate tax for certain production, and bringing undisclosed assets into formal economy under notification with limited review risk. Many provisions of Law 7582 become effective June-2026 (publication 04/06/2026 in Resmî Gazete).

Editorial impact label: High

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Jun 4, 2026

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Yurt dışından elde edilen kazanç ve iratlar için vergi istisnası (Foreign-source income exemption)

Turkey’s Law No. 7582 (enacted 4 June 2026) added Article mükerrer 20/D to the Income Tax Law: individuals who become tax resident in Turkey and had no tax residence or habitual abode in Turkey for the previous three calendar years are exempt from income tax on foreign-source income or gains for **20 years**. Domestic source income remains taxable. This applies if they meet the non-residency prior condition, and exempt income need not be declared in the annual tax return.

Editorial impact label: High

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Jun 4, 2026

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Revenue Memorandum Circular No. 60-2026: Exclusion of Lifeline Subsidy & Green Energy Allowance from Output VAT & Creditable Withholding

Under RMC 60-2026, the Philippines BIR clarifies that Lifeline Subsidy and Green Energy Auction Allowance are not subject to Output VAT nor Creditable Withholding Tax on VAT and Income, amending RMC 116-2024, under Ease of Paying Taxes Act (RA 11976).

Editorial impact label: Medium

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Jun 4, 2026

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Clarification of VAT Treatment for Government-Mandated Charges under EOPT Act

Through Revenue Memorandum Circular No. 60-2026, the Philippines’ BIR clarified that certain government-mandated charges (e.g. Lifeline Subsidy, Green Energy Auction Allowance, Universal Charges etc.) are not subject to output VAT and are not creditable withholding tax under VAT and income tax rules, effective June 2026.

Editorial impact label: Medium

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Jun 4, 2026

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Sri Lanka

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Circular No. SEC/PN/IT/2026/02 – Revised Capital Gains Tax Rates & Enhanced Capital Allowance (Sri Lanka)

Sri Lanka’s Inland Revenue Department via circular SEC/PN/IT/2026/02 updated **Capital Gain Tax rates** across individuals, partnerships, trusts, unit trusts and NGOs effective **3 June 2026**, and introduced **100 % Enhanced Capital Allowance** (ECA) for new business undertakings investing over USD 250,000 in depreciable assets. Also provided interest waiver on late/underpayments for AY 2024/25 if principal is paid by 2 December 2026. These changes provide incentives for investment and clearer tax treatment for disposal of assets.

Editorial impact label: High

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Jun 3, 2026

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Sri Lanka

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Sri Lanka — Revision of Capital Gain Tax Rates, Enhanced Capital Allowances & Interest Waiver (Notice SEC/PN/IT/2026/02)

Under SEC/PN/IT/2026/02 published 3 June 2026, Sri Lanka revised capital gain tax rates (15% for individuals/partnerships; 30% for trusts, unit trusts etc.), introduced 100% Enhanced Capital Allowance for new business investment exceeding USD 250,000, and waived interest on late/under-payments up to AY 2024-25 provided principal paid by 2 December 2026.

Editorial impact label: Medium

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Jun 3, 2026

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Sri Lanka

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Circular SEC/PN/IT/2026/02 – Sri Lanka: Capital Gains & Enhanced Capital Allowances & Interest Waiver

Revises capital gains tax rates (15% for individuals/partnerships; 30% for trusts & funds), grants 100% Enhanced Capital Allowance (for investment > USD 250,000 in depreciable assets) for new business, and waives interest on late/underpaid tax up to Y/A 2024-25 subject to full principal payment by 2 December 2026.

Editorial impact label: High

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Jun 3, 2026

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Proposed

Government launches consultations on extending the Canadian Journalism Labour Tax Credit to audio and audiovisual news production

Finance Canada proposes expanding the Journalism Labour Tax Credit—originally for written-news organizations—to include audio and audiovisual news production; seeking stakeholder consultation by July 31, 2026, to design effective, targeted rules.

Editorial impact label: Medium

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Jun 3, 2026

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