US: Trump Administration unveils FY2027 budget, proposes reduction in non-defence funding

Japan and France have agreed to strengthen cooperation on rare earth supply chains, including securing materials for a new refining plant in France, as both countries seek to reduce reliance on China. The deal also includes joint initiatives in space technology.

Luxembourg’s CDC Law extends automatic information exchange to crypto-asset transactions. It imposes reporting obligations on service providers and updates key tax cooperation legislation.

Five European Union member states are urging Brussels to impose an emergency windfall tax on energy companies as fuel prices surge following the outbreak of conflict between the US-Israel alliance and Iran.

A new tariff structure will maintain 50% duties on raw metals while cutting rates on finished products to 15-25%, simplifying a complex system that has created significant compliance challenges for importers since last year's expansion. 

Belgium's three-month grace period for mandatory e-invoicing has officially ended, requiring all VAT-registered businesses—including those under small business exemptions—to use structured electronic invoices. However, companies implementing self-billing systems have been granted an extension until 30 June 2026.

The Italian Revenue Agency has outlined new repayment procedures for SMEs that previously claimed R&D tax credits but now wish to switch to the patent box incentive scheme for the same software development activities, clarifying timing requirements and IRAP treatment in response to 102/2026.