Romania gazettes modernised advance pricing agreement, transfer pricing documentation rules

A week of immense regulatory volume saw the UK implement key tariff preferences for Mexico under the CPTPP, while undertaking a vast administrative restructuring of steel tariffs and agricultural quotas, all with no new trade defence measures.

The EU imposed major anti-dumping duties on chemicals from the US, China, and Saudi Arabia, while simultaneously loading over 5,000 future-dated regulatory controls, signalling a significant tightening for industrial and cultural goods. 

The State Duma has approved, in the first reading, a Ministry of Finance bill that would extend existing tax exemptions on income from employee incentive programmes to programme administrators.

The UK Supreme Court ruled on 17 June 2026 in HMRC v HFFX LLP [2026] UKSC 17 that deferred payments made to partners through the firm's Capital Allocation Plan are taxable as miscellaneous income under section 687 of ITTOIA 2005, dismissing appeals from both HMRC and the individual partners. 

Small-scale businesses exempt from issuing uniform invoices must still withhold and report tax on salaries, rent and other income payments, with the Kaohsiung National Taxation Bureau warning that non-compliance may result in penalties.

Chile's tax authority rules that carbon credits bought to cover a company's own emissions count as a deductible expense, but credits bought for resale must be booked as intangible assets and written off only when sold.