Quarterly trade intelligence report: Q1 2026 | January-March

The Canadian government plans a temporary suspension of federal fuel excise taxes from 20 April to 7 September 2026, cutting rates to zero to ease price pressures caused by global oil disruptions, with an estimated CAD 2.4 billion in relief for consumers.

Italy’s Revenue Agency has released multilingual VAT return forms for the 2026 filing season, enabling taxpayers to submit their 2025 returns online between 1 February 2026 and 30 April 2026 with improved accessibility for linguistic minorities.

The 2026 Economic Report of the President, released on 13 April, outlines the Trump Administration’s policy agenda across 14 key areas—from tax reform and trade to AI, energy, and housing—assessing their economic impact and setting the outlook for future growth. 

India has increased windfall taxes on aviation turbine fuel (ATF) and diesel exports following further rises in global oil prices, marking a second revision since the levy was introduced on 26 March. The Special Additional Excise Duty (SAED) and related export duties have been raised in line with continued volatility in international fuel markets.

Iceland rolls out emergency measures, including a dramatic fuel tax cut from 24% to 11% and enhanced price controls to shield consumers from oil price spikes caused by Persian Gulf tensions, with all measures running through 1 May 2026 through 31 August 2026. 

The extension is intended to ease the compliance burden on taxpayers and reduce the risk of non-compliance.