Recent News

At the Latin American Initiative meeting in Lima, Peru, the OECD dropped its latest 2026 tax transparency report. The numbers speak volumes: thanks to the Automatic Exchange of Information (AEOI/CRS) and voluntary disclosure schemes, regional tax authorities successfully recovered over €576 million.Key takeaways from the report:Offshore accounts are fully visible. Tax authorities worldwide have gotten highly efficient at cross-referencing foreign bank data with domestic tax returns.Beneficial owners (UBOs) are under the microscope. The OECD explicitly stated that Latin American countries need to tighten the screws on beneficial ownership registries. This means shell companies and nominal setups without real substance will be the first to face audits.A Quick Take from FBS Experts: Latin America is just a case study here—the exact same shift is happening across Europe and Asia. The days of opening an offshore account and keeping it completely off the radar are gone. Tax authorities see more than ever, and sitting on non-compliant structures will inevitably lead to massive fines. The only way to protect your capital today is through clean, transparent, and compliant...

The legislative agenda unveiled in the King's Speech 2026 officially triggers a major overhaul of the UK financial services landscape. At the center of this transformation is the Enhancing Financial Services Bill, the primary legal vehicle chosen to deliver the highly anticipated Leeds Reforms.The UK Government is making a clear pro-business move, aiming to strip away redundant red tape, supercharge economic growth, and upgrade consumer protection mechanisms for the digital age.Five Major Shifts for the Financial MarketsRegulatory Consolidation: The Payment Systems Regulator (PSR) will be abolished as an independent body, transferring all its powers to the Financial Conduct Authority (FCA). This delivers a single point of accountability for businesses and guarantees faster regulatory decision-making.Light-Touch SMCR: The strict individual accountability framework is getting a practical reality check. Mandatory certification for mid-level staff will be removed from primary legislation, and the list of senior functions requiring regulatory pre-approval will be trimmed down to cut corporate administrative costs.FOS Predictability: The Financial Ombudsman Service framework will be...

The UK Government has launched a comprehensive Fraud Strategy that fundamentally redefines the regulatory landscape for companies and professionals. Backed by a £250 million investment running until 2029, the strategy is built upon three core pillars: disrupt, safeguard, and respond.For business owners and corporate officers, this initiative signals a shift from treating fraud as a back-office compliance issue to a critical, board-level responsibility.Key Frameworks and Regulatory ShiftsDirector Scrutiny and Enforcement. Operating under the Economic Crime and Corporate Transparency Act (ECCTA), the government has introduced mandatory identity verification for company directors. Furthermore, a newly established Abusive Phoenixism Taskforce within the Insolvency Service will actively prosecute rogue directors who repeatedly cycle through corporate entities to evade debts or cover up fraudulent activity.Corporate Liability and Civil Penalties. The criminal offence of "failure to prevent fraud" requires large organisations to have robust, proactive measures in place. To complement this, the government is exploring expanded civil financial penalties for fraud and money laundering...

The U.S. Securities and Exchange Commission (SEC) has officially proposed a rule change that would allow public companies to move from quarterly financial reporting to a semiannual schedule. This move marks one of the most significant shifts in American corporate disclosure requirements in decades.According to SEC Chair Paul Atkins, the current quarterly system often forces executives to focus on immediate profit targets at the expense of sustainable, long term growth. The proposal introduces a flexible framework where companies can elect to file a new Form 10-S twice a year instead of the traditional Form 10-Q every three months. Businesses would be allowed to make or revoke this election on an annual basis.While the primary goal is to reduce "short-termism" and lower compliance costs for smaller firms, the plan faces scrutiny. Institutional investors express concerns that less frequent updates could lead to increased market volatility and a lack of transparency during periods of economic...

On April 30, 2026, the OECD released a comprehensive "Implementation Toolkit" designed to assist jurisdictions in the practical rollout of the 15% Global Minimum Tax. This document provides a standardized framework for the GloBE (Global Anti-Base Erosion) rules, marking a seismic shift in international taxation.OECD officials emphasize that the toolkit aims to provide certainty for MNEs (Multinational Enterprises) during the transition. The core principle remains firm: if a subsidiary’s effective tax rate falls below 15% in any jurisdiction, the parent company’s home country will levy a "top-up tax" to bridge the gap, effectively neutralizing low-tax havens.Critical Takeaways for MNEs:GIR Filing Deadline: Groups with consolidated revenues exceeding €750M must file their first GloBE Information Return (GIR) by June 30, 2026.Substance-Based Income Exclusion: Companies with significant physical operations (tangible assets and payroll) may qualify for a reduction in the top-up tax amount.Side-by-Side Package: A crucial 2026 agreement allows US-based groups to remain compliant through their internal GILTI regime, avoiding international tax...

International businesses in Belgium received some welcome news this month. The Belgian tax authorities finally acknowledged the immense complexity of the new global minimum tax rules. Consequently, officials decided to push back the filing deadlines for the first Pillar Two returns. This move provides much-needed breathing room for multinational enterprises (MNEs) struggling with data collection.Originally, firms had to submit their domestic reports by June 2026. However, the authorities have now officially moved this date to September 30, 2026. This extension applies specifically to the Qualified Domestic Minimum Top-up Tax (QDMTT) and the Income Inclusion Rule (IIR).The recent update includes several critical points for your compliance team:The new September deadline covers all fiscal years ending between December 2024 and September 2025.The authorities still expect the global GloBE Information Return (GIR) by the original June 30 deadline.Officials are currently finalizing the official electronic filing platform for these new tax forms.Each Belgian entity must now settle its own tax liability via the MyMinFin portal using specific communication codes.In conclusion, this...

The UK tax landscape is undergoing a massive transformation this April. Consequently, business owners must adapt to a new set of rules from HMRC. The authorities designed this reform to boost immediate private investment across the country. However, these changes also demand a higher level of digital transparency from every taxpayer.First, the government introduced a permanent 40% First-Year Allowance for plant and machinery. This specific measure directly supports the leasing and service sectors. Therefore, you can now deduct almost half of your capital costs from taxable profits in the very first year.Furthermore, the new regime includes the following key pillars:HMRC expanded access to 40% allowances for a broader range of industrial equipment.The state reduced the standard Writing Down Allowance for the main asset pool from 18% to 14%.Officials extended 100% tax breaks for electric vehicle charging infrastructure until March 2027.The government implemented mandatory Making Tax Digital (MTD) reporting for high-income self-employed individuals.In conclusion, these incentives provide great opportunities but require careful management. You should consult with our experts to...

Verkhovna Rada, Ukrainian government, supported Bill No. 15111-d in its first reading. This legislation introduces the DAC7 standard into Ukrainian law, fundamentally changing how income from digital platforms is taxed and reported.Scope of the ReformThe law applies to digital platform operators providing services for:Sale of goods (E-commerce);Provision of personal services (freelancing, delivery, etc.);Rental of real estate or transport.Core Changes:1. Platforms as Tax Agents Digital platform operators will now act as tax agents. They will be responsible for automatically withholding taxes from users' earnings and reporting this data to the State Tax Service.2. 5% Preferential Tax Rate To encourage legalization, the government introduced a preferential 5% Personal Income Tax (PIT) rate for income earned through digital platforms. This applies to self-employed individuals who are not registered as "Individual Entrepreneurs" (FOPs).3. €2,000 Reporting Threshold Occasional sales of used personal items are protected. Income up to €2,000 per yearfrom the sale of goods remains non-taxable and exempt from reporting, ensuring that non-commercial peer-to-peer transactions are not...

In 2026, the Malta Permanent Residence Programme (MPRP) maintains its status as one of the most structured tools for obtaining permanent residency in the EU for third-country nationals.The program involves clear financial and property requirements. Applicants must confirm assets of at least €500,000 (of which at least €150,000 must be financial assets) or €650,000 (with a minimum of €75,000 in financial assets). Additionally, they must invest in real estate on Malta or Gozo—either through a purchase starting from €375,000 or a lease starting from €14,000 per year.The financial component also includes:An administrative fee of €60,000;A government contribution of €37,000;A fee for dependents (€7,500 per person);A mandatory charitable donation of €2,000.The program allows for the inclusion of family members-spouses, children, and financially dependent parents-and grants the right to long-term residence without minimum stay requirements. At the same time, it provides the opportunity for short-term travel within the Schengen Area (up to 90 days within any 180-day period).Key features include mandatory due diligence for applicants, the necessity to maintain...