Scope: United States
Status requires verification
Taxpayers Can Now View and Submit Trump Account Elections in Their IRS Individual Account (IR-2026-68)
As of May 28, 2026, taxpayers may view and submit Trump Account elections through their IRS Individual Account online. Trump Accounts, created under the One, Big, Beautiful Bill Act, allow parents or guardians to elect an account for eligible minors (under age 18 at year-end) and receive a $1,000 federal seed contribution for those born in 2025-2028. This access streamlines the election process and ensures broader participation.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 28, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Release memo for tax year 2026 Modernized e-File schema and business rules for individual tax returns version 1.0
The IRS issued version 1.0 of the Modernized e-File schema and business rules for individual tax returns and extensions for tax year 2026, providing updated XML schema and business rules, effective immediately. Software developers, registered e-file providers and tax professionals must adopt these specifications for correct electronic filing under MeF (Modernized e-File).
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 28, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Millions to benefit from lower travel and food costs
Government has introduced uprated mileage rates (55p first 10,000 miles; 25p thereafter), frozen fuel duty, and temporarily cut VAT for children’s meals, tickets & family attractions during summer. Also published a list of 125 everyday essentials for possible tariff reductions; consultation open until 24 June 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 27, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
BEPS Action 5: Jurisdictions Make Further Progress in Addressing Harmful Tax Practices Under New Review Methodology
The OECD Forum on Harmful Tax Practices applied a revised peer review methodology for the first time in May 2026. It reviewed 13 preferential tax regimes: seven (from Azerbaijan, Fiji, Japan, Peru) were found “not harmful,” while six are “under review” (three in Azerbaijan, plus Malaysia, Peru, Serbia). Overall, over 40% of the 347 regimes reviewed since BEPS inception are now abolished or under review. These changes aim to strengthen international tax fairness and transparency.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 23, 2026
- Verification
- Not recorded
Open cited source
Scope: EU / EEA
Status requires verification
VAT in the Digital Age: 2026 Work Programme available
Work programme published 22 May 2026 for implementing the ViDA reforms. Key future effective dates include 1 January 2027 for expansion of One-Stop-Shop to e-charging B2C supplies; 1 July 2028 for ‘deemed supplier’ measures in accommodations and transport; 1 July 2030 for cross-border B2B digital reporting and mandatory e-invoicing; final alignment by 1 January 2035.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 22, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS announces tax relief for taxpayers impacted by Winter Storm Fern in Tennessee; various deadlines postponed to May 22, 2026
Under section 7508A, for taxpayers in all 95 Tennessee counties affected by Winter Storm Fern, federal deadlines for filing and paying taxes for individual, business, estate/income/partnership returns and certain payments due between Jan 22 & May 22, 2026 are postponed to May 22, 2026, with some relief for estimated payments; penalties abated when deposit deadlines met. Multiple tax returns and payments originally due during that period are delayed.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 22, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Revision to Canada SR&ED Capital Expenditures Policy — capital expenditures after December 15, 2024 qualify
Canada Revenue Agency updated the Scientific Research & Experimental Development tax incentive policy (SR&ED) revising that capital expenditures made after December 15, 2024 now qualify; expenditures before that date are no longer eligible. Reflects amended legislation and updates to qualifying dates in policy.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 22, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Global and Domestic Minimum Tax API product
The ATO has released an API product enabling lodging of the Combined Global and Domestic Minimum Tax Return (CGDMTR) for multinational enterprise (MNE) groups. Updated instructions include requirement that digital service providers supply transaction ID of most recent successful lodgment when reporting IIR/UTPR/DMT liabilities. This supports compliance with Pillar Two rules under OECD and Australia’s global minimum tax regime. The API product is active. | Enhances capacity for large and multinational entities to comply electronically with the new global/amendment minimum tax system.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 21, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
Foreign Permanent Establishment Exemption — policy paper
On 21 May 2026, the UK published proposed changes to the taxation of UK-resident companies with foreign Permanent Establishments (PEs). The policy seeks to introduce a Foreign PE Exemption, to reduce double taxation and simplify reporting for UK companies operating abroad through PEs. It aims to align the UK with international norms and make operating overseas more straightforward. Consultation is open following the announcement.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 21, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Chancellor protects drivers and businesses from rising fuel costs
In response to rising global fuel prices, the UK government extended the 5p-per-litre fuel duty cut for petrol and diesel until end of 2026, introduced a 12-month road tax holiday for heavy hauliers saving up to £912 per vehicle, and reduced red diesel duty rates to the lowest in 20 years. These measures are designed to lessen burden on transport-intensive businesses and individuals. ([gov.uk](https://www.gov.uk/government/news/chancellor-protects-drivers-and-businesses-from-rising-fuel-costs?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 20, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Chancellor protects drivers and businesses from rising fuel costs
UK Government extends the 5p per litre fuel duty cut through end of 2026; grants a 12-month road tax holiday for hauliers (up to £912 per vehicle); reduces red diesel duty to its lowest in 20+ years—measures aimed at easing operating costs for motorists and haulage firms.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 20, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Chancellor protects drivers and businesses from rising fuel costs
Announced 20 May 2026, the UK extends the 5p per litre fuel duty reduction until end of 2026; introduces a 12-month road tax holiday for hauliers (saving up to £912 per vehicle); and slashes red diesel duty to its lowest in over 20 years through year-end. Intended to relieve fuel price pressures for motorists, businesses, and red diesel users amid inflation concerns and global supply shocks.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 20, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
Plastic Packaging Tax — mechanically recycled plastic packaging consultation
Published 18 May 2026, HMRC opened a **consultation** on introducing a **mandatory certification requirement** for plastic packaging containing mechanically recycled plastic. This explores strengthening evidential requirements, tackling false or misleading recycled content claims, and evaluating how certification could operate in practice including the scale, timing, and impact on businesses. It does not yet represent enacted law but signals potential upcoming compliance obligations for manufacturers and importers of plastic packaging.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Tax advisers: check if you need to register under new rules
From **18 May 2026**, any paid tax adviser who interacts with HMRC on behalf of clients will need to register under the Modernising and Mandating Tax Adviser Registration (MMTAR) scheme. The registration process is phased out through stages between May 2026 and March 2027. This aims to improve standards, protect taxpayers, and create a more transparent tax advice market. Advisers who fail to register by their group’s deadline may lose the right to interact with HMRC or face sanctions.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Tax advisers: check if you need to register under new rules
HMRC is implementing a new mandatory registration system (MMTAR) for tax advisers who are paid to interact with HMRC on clients’ behalf. Starting 18 May 2026, advisers must register for an Agent Services Account, with phased deadlines through to 31 March 2027. The changes aim to raise professional standards, protect taxpayers, and harmonize adviser-client interactions.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
UK mandates registration for tax advisers under new rules (MMTAR)
From **18 May 2026**, HMRC’s Modernising and Mandating Tax Adviser Registration requires all paid tax advisers who interact with UK tax authorities on behalf of clients to register via a digital system. Roll-out occurs in stages through **March 2027**. Aims to raise standards and ensure consistency.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Global minimum tax: Release of a common understanding of implementing jurisdictions and further administrative guidance to support compliance
OECD/G20 Inclusive Framework released guidance on 18 May 2026 clarifying how jurisdictions implementing the Global Minimum Tax (GMT) from 2024 should handle central filing of GloBE Information Return (GIR), waiver or non-enforcement of local filing obligations where central filing is used, updates to Central Record for QIIR and QDMTT status. Implications: uncertainty reduction for MNEs with delayed filings/portal readiness; pressure on jurisdictions to implement portals; need to align local laws to avoid penalties.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
HMRC’s Modernising and Mandating Tax Adviser Registration (MMTAR) requirement rollout
From **18 May 2026**, HMRC in the UK requires tax advisers who are paid to interact with HMRC on behalf of clients to register under **new mandatory rules**. Registration happens in stages between **18 May 2026 and 31 March 2027**, via the digital Agent Services Account (ASA). The goal is to raise standards, protect taxpayers, and reduce administrative burdens. Applicable also to overseas advisers who work on UK taxpayer affairs.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Status requires verification
Modernising and Mandating Tax Adviser Registration (MMTAR) rollout from 18 May 2026
New mandatory registration requirement for every tax adviser paid to interact with HMRC on behalf of clients. Online registration opens **18 May 2026** and proceeds in phases through **31 March 2027**. This national policy aims to raise standards in the tax advice market, streamline administration, and protect taxpayers. It imposes obligations on identity and registration credentials, applicable to UK-based and certain overseas tax advisers.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Common understanding and guidance for jurisdictions implementing Global Minimum Tax
Jurisdictions implementing the Global Minimum Tax (GMT, Pillar Two) from 2024 have issued a **common understanding** on central filing of the GloBE Information Return (GIR) to mitigate delays in portals or exchange relationships. New administrative guidance clarifies application of Safe-Harbour rules and updates to the Central Record listing jurisdictions completing Qualified Income Inclusion Rules (QIIR) and Qualified Domestic Minimum Top-up Tax (QDMTT).
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- May 18, 2026
- Verification
- Not recorded
Open cited source