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Singapore: Singapore GST: Compensatory Payments Guidance Updated with Examples

Singapore /

On 16 October 2026, IRAS enhanced the GST guidance on Compensation, reframing the introductory explanation to clearly distinguish compensatory payments (non-taxable) from consideration for a supply (taxable). The update includes new practical examples illustrating payments for breach of contract, late delivery penalties, and goodwill gestures that are compensatory in nature. This clarification is critical for

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Sri Lanka: Sri Lanka SSCL Payment Deadlines for September 2026 Announced

Sri Lanka /

The Inland Revenue Department issued a notice on 15 October 2026 specifying the payment deadlines for the Social Security Contribution Levy (SSCL) for the month of September 2026. The SSCL, governed by the Social Security Contribution Levy Act No. 25 of 2022, is imposed on the liable turnover of specified businesses at a rate of

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Bangladesh：Customs Operations Continue Uninterrupted During Durga Puja 2026

Bangladesh /

On 15 October 2026, the National Board of Revenue directed customs houses to maintain import-export clearance operations during the upcoming Durga Puja festival. The notice ensures that trade facilitation remains uninterrupted during the holiday period, supporting supply chain continuity for importers and exporters. Key Takeaways Holiday Operations: Customs stations will operate on a rotational basis

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Sri Lanka: Sri Lanka VAT on Financial Services: September 2026 Payment Notice

Sri Lanka /

On 15 October 2026, the IRD released a specific notice regarding the Value Added Tax on Financial Services (VAT on FS) for the month of September 2026. VAT on Financial Services is levied under the Value Added Tax Act No. 14 of 2002 (as amended) on the value addition attributable to financial services supplied by

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Nepal：Nepal IRD Issues Invoice Entry Rules for Taxpayer Incentive Program

Nepal /

On 15 October 2026, the Inland Revenue Department published a critical operational notice mandating specific invoice entry protocols within the Taxpayer Incentive Gift Program system. This directive, issued under the Economic Act 2083, requires all registered taxpayers participating in the incentive scheme to accurately record sales invoices in the designated digital portal within prescribed timelines.

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Sri Lanka: Sri Lanka VAT Payment and Return Filing for September 2026

Sri Lanka /

The IRD published a notice on 15 October 2026 outlining the procedures for making Value Added Tax (VAT) payments and furnishing VAT returns for the month of September 2026. Under the VAT Act, registered persons with a taxable turnover exceeding the threshold must file monthly returns and remit the net tax liability by the last

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Taiwan: Taiwan 2026 Corporate Interim Tax: File by Oct 31 to Reduce Interest

Taiwan /

On 15 October 2026, the NTBT reminded profit-seeking enterprises that the 2026 (115th year) interim income tax payment is due by 31 October 2026. Enterprises that have not yet filed and paid are encouraged to do so immediately, as late payment incurs daily interest at the statutory rate (currently 1.8% per annum). The interim payment

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Mainland China: Belt and Road Tax Forum Ends in Jakarta with Six Digital Outcomes

Mainland China /

The 7th Belt and Road Tax Administration Cooperation Forum concluded in Jakarta on 15 October 2026, yielding six concrete outcomes aimed at deepening digital tax cooperation among member economies. Co-hosted by the STA and Indonesia’s Directorate General of Taxes, the forum brought together tax authorities from 38 countries and 12 international organizations. The outcomes include:

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Bangladesh: Customs Operations to Continue Uninterrupted During Durga Puja

Bangladesh /

On 15 October 2026, the NBR issued a directive to all customs houses and stations to ensure that import-export activities remain operational during the upcoming Durga Puja holidays. The notice mandates that necessary staffing and clearance procedures be maintained to prevent disruption to trade flows. This is a routine trade facilitation measure during major festivals

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Taiwan: Taiwan Tax Bureau: Correct Classification of Business Costs vs Expenses

Taiwan /

On 15 October 2026, the NTBT issued a compliance reminder to profit-seeking enterprises regarding the proper distinction between “business costs” (cost of goods sold) and “operating expenses” in annual tax returns. The Bureau noted frequent misclassification during audits, such as recording selling expenses as production costs or capitalizing repair expenditures that should be expensed. Correct

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