Bulgaria amends tax procedure code to implement DAC8 and DAC9, revise transfer pricing rules

22 October, 2026

Bulgaria has published a law amending its Tax and Social Security Procedure Code to transpose two EU tax transparency directives and update its transfer pricing rules, after missing the EU transposition deadline.

🇱🇹 Lithuania

Lithuania: 2027 Budget prioritises national defence, social protection with no changes to tax rates

22 October, 2026

Lithuania’s government presented its 2027 state budget draft to the Seimas on 20 October 2026, proposing increased spending on defence, public sector salaries, pensions and social benefits. The draft projected state budget revenue of EUR 22.2 billion and expenditure of EUR 27.9 billion, without proposing changes to tax rates or substantive tax rules.

OECD releases Version 2.0 of GIR XML Schema

22 October, 2026

The OECD has released Version 2.0 of the Pillar Two GloBE Information Return XML Schema, incorporating Side-by-Side Package changes and technical updates, with mandatory use for international exchanges from June 2028.

Heavy machinery trade defence and nomenclature restructuring lead UK tariff activity

EU: Agricultural pipeline expansion and metals trade defence drive tariff adjustments

UK overhauls Iran controls, rolls over steel quotas in quarter-end surge

EU unleashes major agri-food trade defence action, hitting Chinese pea protein with heavy duties

🇧🇬 Bulgaria

Bulgaria proposes 33% windfall tax in 2027 draft budgetary plan

22 October, 2026

Bulgaria’s Draft Budgetary Plan for 2027 proposes a one-off windfall profits tax, tighter VAT registration rules for real estate, higher excise duties and increased social security contribution thresholds, alongside targeted...

🇬🇧 UK

UK: HMRC publishes draft default values for carbon border adjustment mechanism

22 October, 2026

HMRC has set out draft emissions values for imported goods in five sectors, to apply from 1 January 2027 for importers without verified emissions data.

🇸🇦 Saudi Arabia

Saudi Arabia: ZATCA reminds businesses of September, Q3 2026 VAT return deadline

22 October, 2026

ZATCA urged VAT-registered businesses to submit their September and Q3 2026 tax returns by 31 October 2026, warning that late filing could attract penalties of 5% to 25% of the tax due to be declared.

🇦🇪 UAE

UAE launches AI-powered digital platform for tourist VAT refunds

22 October, 2026

The UAE’s Federal Tax Authority has launched an AI-powered, paperless VAT refund platform for tourists at Abu Dhabi, Dubai, and Sharjah airports, using facial recognition and automated verification to streamline refunds and reduce manual intervention.

🇺🇸 US

US extends tax deadlines for disaster-affected taxpayers in eight jurisdictions

22 October, 2026

The IRS has postponed tax filing and payment deadlines to January and February 2027 for individuals and businesses affected by natural disasters across seven states and Guam.

🇨🇦 Canada

Canada to table Budget 2026 on 5 November

22 October, 2026

Canada will present Budget 2026 on 5 November, outlining measures to boost investment, improve affordability, create jobs and strengthen economic resilience.

🇭🇰 Hong Kong

Hong Kong: IRD extends 2025-26 profits tax filing deadlines

22 October, 2026

Hong Kong’s Inland Revenue Department has extended the filing deadlines for 2025/26 Profits Tax returns with Accounting Date Code ‘M’ to 30 November 2026 for paper filings and 30 December 2026 for electronic filings.