UK: Scotland presents 2026-27 budget, proposes new levies
Scotland’s Cabinet Secretary for Finance and Local Government presented the 2026-27 State Budget to the parliament on 13 January 2026. The Budget’s key proposals include higher personal income tax brackets and the introduction of new levies,
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Romania implements 2026 tax reforms: Limits deductions for IP, consulting fees
Romania has published Law No. 239/2025 and Emergency Ordinance No. 89/2025, which introduce a 1% cap on deductions for payments to non-resident related parties for intellectual property and management or consulting services. The limit applies to
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Uruguay updates rules on investment incentives for priority sectors
Uruguay issued Decree 329/025 on 13 January 2026, introducing updated rules for the investment incentive regime established under Law 16,906 of 1998 for promoted sectoral activities. The regulation establishes a merit-based system where companies
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Colombia expands scope of fiscal reconciliation report filing obligations
The Colombian tax authority (DIAN) has published Resolution No. 000246 of 30 December 2025, which modifies the rules governing the submission of the fiscal reconciliation report (reporte de conciliación fiscal) and expands the group of taxpayers
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Turkey: MoF issues guidance for domestic minimum top-up tax returns
The Turkish Ministry of Treasury and Finance (MoF) has released a technical guide detailing procedures for filing domestic minimum top-up tax (DMTT) returns, supporting the implementation of the minimum tax regime under Law No. 7524, which
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Australia: ATO publishes recap of November Pillar 2 information session
The Australian Taxation Office (ATO) published, on 9 January 2026, a recap of its November 2025 information session on implementing the global and domestic minimum tax under Pillar 2. The session was aimed at supporting multinational enterprise
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Turkey further extends 2024 local minimum supplementary corporate tax deadline
Turkey’s Revenue Administration has announced an extension for the Local Minimum Supplementary Corporate Tax returns for the 2024 accounting period under Tax Procedure Law Circular No. 195 (VUK-195/2026-1). Under the authority of Article 28
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Ireland enacts Finance Act 2025, enhances R&D tax credits
Ireland has enacted the Finance Act 2025, following its approval by parliament on 23 December 2025, delivering a wide-ranging package of tax measures that include enhanced corporation tax reliefs for construction and the creative industries, an
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Latvia: Parliament revises capitalisation rules, introduces individual-owned company tax relief
Latvia has published Amendments to the Corporate Income Tax Law on 18 December 2025, which were approved on 3 December 2025, introducing new provisions affecting port authorities, taxpayers composed only of natural persons, and interest payments on
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European Commission confirms application of side-by-side arrangement under the Pillar 2 Directive
The European Commission, in a notice on 12 January 2026, acknowledged the Side-by-Side arrangement on Safe Harbours and confirmed its application within the framework of Council Directive (EU) 2022/2523 (Pillar 2 Directive). Under Article 32 of
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Kenya: Tax tribunal rules pre-2025 losses unaffected by new carryforward limit
Kenya’s Tax Appeals Tribunal delivered its decision in Patel v Commissioner for Legal Services & Board Co-ordination Services on 28 November 2025, which addresses how the loss carryforward restriction introduced under the Finance Act 2025
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Argentina: Congress raises penalties for late, missing tax filings
Argentina’s Federal Congress has enacted Law 27,799, which raises penalties for formal tax violations under the Procedure Tax Law (Law 11,683). The law was published in the Official Gazette on 2 January 2026 and entered into force upon its
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Panama: DGI announces updated tax return forms
Panama’s tax authority (DGI) announced on 8 January 2026 several updates to the e-Tax 2.0 system, including the release of new versions of declaration forms. A new section has been added to Form F2 (Corporate Income Tax), which now
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Turkey: Revenue Administration extends 0% withholding tax on bonds, lease certificates
Turkey’s Revenue Administration has announced that Presidential Decision No. 10706, published in the Official Gazette on 19 December 2025, extends the 0% withholding tax rate on specific financial instruments. The decision, accepted on 18
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Ireland: MOF introduces corporation tax relief for unscripted productions
The Irish Ministry of Finance (MOF) has introduced a new corporation tax relief aimed at supporting the unscripted production sector, marking the first tax incentive in Europe dedicated exclusively to unscripted programming. Tánaiste and
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Ireland: Revenue updates TDM on Pillar 2 global minimum tax for multinationals, large domestic groups
Irish Revenue has published eBrief No. 010/26 on 8 January 2026, providing updates to Tax and Duty Manual (TDM) Part 04A-01-02 on the Global Minimum Level of Taxation for multinational enterprise groups and large domestic groups in the EU, covering
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Korea (Rep.): 2026 tax reforms introduce QDMTT, higher corporate tax
The Korea (Rep.)’s 2026 tax reforms, enacted following budget-related amendments approved in December 2025, introduce several changes to corporate and individual taxation. Corporate tax rates are increased by 1% in each of the four brackets,
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Luxembourg: Tax Authority publishes Pillar 2 online filing guidance
The Luxembourg Administration of Direct Tax has issued guidance on Pillar 2 global minimum tax filings, covering registration and submission of Global Information Returns (GIR) and Supplementary tax returns. The guidance includes links to XML
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