Poland: Senate passes transfer pricing, business tax reporting reforms

Chile’s proposed capital market reform would expand capital gains exemptions, remove withholding and registration barriers for foreign investors, and introduce VAT and stamp tax relief for selected financial services and securities.

Proposed Tax Code amendments would introduce a 0% federal CIT rate, property and land tax exemptions, and other incentives for residents of the Unified Territory of Advanced Development (UTAD), while also providing an alternative investment tax deduction for qualifying projects.

Switzerland will extend the corporate loss carryforward period from seven to ten years from 1 January 2028, applying to losses from 2020 onward and providing additional relief for companies affected by the COVID-19 pandemic, including rules for losses incurred by foreign permanent establishments.

The Philippines’ Bureau of Internal Revenue has issued Revenue Memorandum Circular No. 098-2026, setting out requirements for electronic invoicing, including taxpayer coverage, Permit to Issue and system certification requirements, technical standards, and procedures for corrections and system downtime, with mandatory adoption required by 31 December 2026.

Austria will expand its fuel price cap from October 2026, combining a mineral oil tax cut, limits on refinery and distributor margins, and a corresponding VAT reduction to lower fuel costs by more than EUR 0.12 per litre through 30 November 2026.

Greece’s Council of State has ruled that interest on loans used to finance shareholder dividends is not tax deductible, confirming that such costs fall outside ordinary business operations under Article 22 of the Income Tax Code and aligning with previous court decisions.