Belgium: Government reaches deal on multi-annual budget for 2026, raises corporate tax
Belgium’s government reached a budget agreement for 2026 on 24 November 2025 after months of tense negotiations, Prime Minister Bart De Wever announced. Following a Christmas deadline he set for his five-party coalition, he reached a deal that
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Italy: MoF presents draft budget plan for 2026-28
Italy’s 2026 budget introduces a new three-year tax credit for businesses in SEZs, extends plastic, sugar, and tourist tax exemptions until 2026, allocates EUR 100 million for SLZs, and refinances the Nuova Sabatini incentive. Italy’s
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Colombia: MoF proposes major tax reforms for 2026 budget
The proposed 2026 budget legislation introduces significant reforms to corporate surtax, VAT, personal income tax, net wealth tax, and capital gains tax, with new tax rules for crypto-asset transactions. Colombia’s Ministry of Finance submitted
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Iceland issues guidance on cruise ship tax, infrastructure fees
Operators must submit passenger reports within seven days of departing Iceland, with an ISK 400 lodging tax for domestic voyages and an ISK 2,500 infrastructure charge for international docked vessels. Iceland’s Revenue and Customs issued
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Italy: Council of Ministers approves draft decree on local taxes and fiscal federalism
Italy’s Council of Ministers has approved a draft Legislative Decree on 9 May 2025, introducing measures on local taxes and regional fiscal federalism as part of a tax reform. The Decree introduces greater fiscal autonomy for territorial
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Netherlands releases draft tax plan measures for 2026
The Netherlands State Secretary for Finance has sent a list of tax measures on 25 April 2025, which are expected to be included in the annual Tax Plan and other tax legislation planned for the year, to the lower house of parliament. The Tax Plan
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Chile halts corporate tax cut, advances support for small businesses and tourism
Chile's Ministry of Finance released a statement on the first meeting of the High-Level Council for Strategic International Economic and Financial Policy, led by President Gabriel Boric. The release noted that income tax reform plans, including a
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Norway plans tourist accommodation tax
Norway’s government has proposed introducing a new tourism tax on 10 April 2025. The proposed tourism tax is designed to equip municipalities with a reliable funding mechanism to support tourism-related public services and infrastructure. The
See MoreUN Tax Committee: Extractive Industries Taxation
On 25 March 2025 the Subcommittee on the Extractive Industries taxation presented to the UN Tax Committee a draft supplement to Chapter 5 (tax incentives) of the UN Handbook on Selected Issues for Taxation of the Extractive Industries; draft
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UN Tax Committee: Transfer Pricing Subcommittee Discusses Future Guidance
On 26 March 2025 the UN Tax Committee discussed their transfer pricing work. Since the previous session of the Committee, the Subcommittee on Transfer Pricing has gathered feedback from members on possible future workstreams that could be pursued by
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UN: New Article 12AA on Taxation of Services Presented for Approval
The 30th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 24 to 27 March 2025. On 25 March 2025 the Subcommittee on Taxation Issues Related to the Digitalized and Globalized Economy presented
See MoreOECD: Report on Simplified Peer Review of Iceland under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Iceland under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
See MoreOECD: Report on Simplified Peer Review of Peru under BEPS Action 14
On 4 March 2025 the OECD issued a stage one simplified peer review report on Peru under BEPS action 14. The report sets out the results of Stage 1 of the simplified peer review of the implementation of the minimum standard on making dispute
See MoreWTO Working Paper: Evolution of Preferential Trade Under Regional Trade Agreements
A WTO working paper of 7 February 2025, written by Rohini Acharya and Thakur Parajuli has the title The Evolution of Preferential Trade Under Regional Trade Agreements: Has Anything Changed? The paper looks at the question of whether the share of
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World Bank: Survey of Corporate Tax Incentives for Green Growth
A World Bank blog published on 13 February 2025, written by Hania Kronfol, Eduardo Antonio and Jimenez Sandoval, assesses the use of corporate tax incentives to encourage environmentally friendly investment. The blog refers to a World Bank
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IMF: Revenue and Spending Measures for Developing Countries to Reduce Debt Levels
An IMF Public Finance Management (PFM) Blog, written by Talal Rafi (a Director at EY Sri Lanka) and published on 27 January 2025, looked at the measures developing countries can take to reduce public debt levels. The author notes that more than 3
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IMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
See MoreWTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
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