Tax

Countries Improve Tax Systems Through National Reforms: Key Findings from 2025 Index

Tax Foundation analysis examines the 10-year trajectory of the International Tax Competitiveness Index (2016-2025), identifying Greece (+12), the United States (+10), and Hungary, Canada, and Mexico (+5 each) as the largest overall improvers. The paper argues that national legislative reforms—lower tax penalties on new investment, simpler rate structures, broader consumption taxes, and cleaner cross-border rules—delivered more reliable improvements than multilateral approaches such as the OECD BEPS project and Two-Pillar Solution.

Proposed Regulations on New 1% Remittance Transfer Tax Under One, Big, Beautiful Bill

The Department of the Treasury and IRS have issued proposed regulations clarifying the application of the new 1% excise tax on remittance transfers under the One, Big, Beautiful Bill. The tax, effective January 1, 2026, applies to cash, money orders, cashier's checks, and similar physical instruments sent from the US to foreign recipients. Remittance transfer providers are required to collect the tax from senders, make semimonthly deposits, and file quarterly returns on Form 720.

Final Regulations List 70+ Occupations for Tip Deduction Under No Tax on Tips Provision

The Department of the Treasury and IRS issued final regulations implementing the 'No Tax on Tips' provision from the One, Big, Beautiful Bill. The regulations provide a list of more than 70 occupations where workers customarily receive tips and define 'qualified tips' that eligible taxpayers may claim as a deduction. The final regulations expand the occupation list to include visual artists, floral designers, and gas pump attendants.

Set Up a Limited Company Step by Step Guide

HMRC published a step-by-step guide on gov.uk explaining how to set up a limited company in the UK. The 10-step guide covers choosing a company type, appointing directors and shareholders or guarantors, identifying People with Significant Control (PSC), preparing formation documents, and registering with Companies House. The guidance is informational and does not create new legal obligations.

Economic Crime Levy Insolvency Process for Insolvency Practitioners

HMRC has published Insolvency Practitioner Bulletin 1 (2026) establishing a new digital process for submitting Economic Crime Levy returns and deregistering entities when businesses become insolvent. The bulletin provides guidance specifically for insolvency practitioners on complying with Economic Crime Levy obligations through HMRC's online services. The guidance was published on 10 April 2026.

Cancel Economic Crime Levy Registration After Insolvency

HMRC published guidance enabling insolvency practitioners to cancel Economic Crime Levy registrations for entities that have become insolvent. The guidance applies to trustees in bankruptcy, liquidators, and administrators. The online process requires specific entity details, and HMRC states it will process forms within 28 working days.

Economic Crime Levy Insolvency Guidance for Practitioners

HMRC published guidance for insolvency practitioners on procedures when an entity liable for the Economic Crime Levy becomes insolvent. The guidance directs practitioners to follow specific reporting procedures to HMRC and provides a link to detailed instructions on GOV.UK. This affects insolvency practitioners handling cases involving entities registered for the Economic Crime Levy.

Ready, Steady, File! HMRC Newsletter Edition 4

HMRC has published the fourth and final edition of its 'Ready, Steady, File!' newsletter for participants of the Making Tax Digital for Income Tax 2025 testing programme. The newsletter provides updates on latest news, resources, and milestones in the beta testing journey. This edition marks the conclusion of the testing programme newsletter series.

Michigan 24% Wholesale Marijuana Tax Effective January 2026

The Michigan Department of Treasury announces a new 24% wholesale tax on recreational marijuana sales and transfers effective January 1, 2026. The tax applies to the wholesale price of marijuana sold or transferred in Michigan's adult-use market. Revenue from the tax will be deposited into the neighborhood road fund for infrastructure improvements. Treasury has published formal guidance to help cannabis businesses understand compliance requirements.

Recreational Marijuana Taxes Across US States, 2026

The Tax Foundation published its 2026 analysis of recreational marijuana excise tax rates across US states that have legalized cannabis. The report catalogs state-by-state tax structures including weight-based taxes (e.g., Alaska's $50/oz. mature flowers), ad valorem taxes (e.g., Arizona's 16% on retail sales), and THC-content-based taxes (e.g., Connecticut's $0.00625 per mg THC in plants). Tax structures vary significantly, with some states using hybrid approaches combining multiple tax bases.