UK: HMRC issues transitional guidance on Pillar Two GIR filing, exchange

The UK government announced on 21 May 2026 that exemption of profits and losses attributable to foreign permanent establishments (PEs) will become mandatory for UK-resident companies, effective for accounting periods beginning on or after 1 January 2027, with an earlier start date of 1 September 2026 for oil and gas exploration and extraction activities, in order to prevent foreign PE losses from offsetting UK taxable profits.

The Austrian government approved a draft bill on 20 May 2026 introducing amendments to various tax laws aimed at improving tax fairness, combating tax fraud, reducing the tax burden on workers, and simplifying administrative procedures.

SARS issues GMT Registration and Notification – External Guide (GMT-REG-01-G01) on 15 May 2026, outlining eFiling registration requirements for the Global Minimum Tax under the Global Anti-Base Erosion (GloBE) framework, including use of the RAV01 form for subscription, amendments, notifications, and related updates.

Malawi has formally enacted its 2026–27 Budget legislation, introducing sweeping tax reforms that take effect from 15 April 2026 — most notably requiring foreign digital service providers such as Netflix, YouTube, and Facebook to charge and remit VAT at the standard 17.5% rate for the first time, alongside tighter transfer pricing rules, new levies on hybrid vehicles and motor insurance, and relief measures for small businesses.

Poland plans to levy a 75% tax on fuel sector windfall profits generated between March and December 2026, as the government moves to recoup the cost of consumer protection measures triggered by the Middle East conflict's impact on global oil prices.

Jamaica's tax authority has delayed the planned increase in the Environmental Protection Levy from 0.5% to 0.85%, which was due to take effect on 1 May 2026, after the enabling legislation needed to enforce the new rate failed to be finalised in time.