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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Brazil: RFB opens registration for special asset update regime, corporate asset revaluation subject to 4.8% tax
The Federal Revenue Service (RFB), has opened the Declaration of Option for the Special Asset Update Regime (Deap), allowing individuals and legal entities to update asset values acquired with legally sourced funds up to 31 December 2024, with
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Argentina: Congress approves 2026 budget, introduces no new taxes
Argentina’s Congress approved the 2026 budget bill on 26 December 2025, marking the first budget passed since President Javier Milei took office in late 2023. The measure, which passed with 46 votes in favour, 25 against, and one abstention,
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Italy gazettes state budget for 2026
Italy’s government has gazetted Law No. 199 of 30 December 2025 on the State Budget for 2026. The main tax measures include: The financial sector will face higher taxation, with new levies on banks, insurers, and financial operators
See MoreItaly: Senate approves 2026 budget, increases taxes on banks
Italy’s government secured a decisive vote of confidence in the Senate on 30 December 2025 for its 2026 budget, winning 113 votes to 70, keeping it on track for final approval by parliament before year-end. The budget now moves to the lower
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Cyprus: Parliament passes tax reform package, introduces 120% R&D deductions
The Cyprus parliament passed a major tax reform package on 22 December 2025, introducing higher corporate taxation, expanded personal tax relief, new rules for crypto-asset income, and strengthened compliance mechanisms, alongside targeted
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Ukraine raises corporate tax rate for banks in 2026
Ukraine has enacted Law No. 4698-IX, published in the Official Gazette on 26 December 2025, introducing significant amendments to the country’s Tax Code and related legislation. Under the new law, banks will face a corporate income tax rate of 50%
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Belgium raises annual tax on credit institutions
Belgium’s Federal Public Service (SPF Finances) has gazetted the Law of 19 December 2025 on 30 December 2025, introducing amendments to the Income Tax Code (CIR 92), which includes changes to the annual tax on credit institutions. The law
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Iceland: Revenue and Customs announce corporate tax, VAT rates for 2026Â
Iceland’s tax authority, the Revenue and Customs, has released the key rates and amounts for 2026, detailing changes to corporate tax, VAT, and personal income tax. The rate changes are as follows: Corporate tax rate changes Income
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Portugal gazettes 2026 state budget law, updates income tax brackets
Portugal has gazetted the State Budget Law for 2026 (Law No. 73-A/2025) on 30 December 2025, introducing a series of fiscal recalibrations aimed at balancing social relief with targeted economic incentives. While maintaining several extraordinary
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France gazettes special budget law for 2026, ensures uninterrupted functioning of government operations
France’s government has published Law No. 2025-1316 of 26 December 2025 in the Official Gazette on 27 December 2025, authorising the State to continue collecting existing taxes to ensure the uninterrupted functioning of government operations until
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Luxembourg implements 2026 Budget Bill
Luxembourg has enacted the 2026 budget bill following its adoption by parliament. The full budget bill was published in the Official Gazette on 19 December 2025. The government has finalised the Law of 19 December 2025, introducing targeted
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Finland: Parliament adopts budget for 2026
Finland’s parliament concluded its deliberations and voting on the 2026 Budget on 19 December 2025. The key tax measures, including the reduced corporate tax rates and the 2026 income tax schedule, have been adopted. The single reading of the
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Luxembourg: Parliament adopts 2026 Budget Bill, reduces corporate income tax
Luxembourg’s Chamber of Deputies adopted the 2026 Budget on 17 December 2025 in its first reading, setting out a broad package of tax measures aimed at strengthening household purchasing power, bolstering economic competitiveness, and accelerating
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Netherlands: Senate approves 2026 Tax Plan package
The Netherlands Senate approved the legislative proposals contained in the 2026 Tax Plan package on 16 December 2025. The measures will enter into force once they receive royal assent and are published in the Official Gazette. The Ministry of
See MorePortugal: Parliament publishes 2026 state budget law, expands scope of reduced VAT rate
Portugal’s parliament has published the final text of the 2026 State Budget Law on 12 December 2025, after it was approved by the parliament on 27 November 2025. ​​The final version of the budget law largely mirrors the initial proposals;
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Norway: Parliament approves 2026 budget bill, corporate tax rate unchanged
Norway’s parliament passed the proposed 2026 Budget bill on 5 December 2025. This follows Norway’s government's presentation of its 2026 state and national budget proposals on 15 October 2025. The bill boosts welfare, defence, and climate
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