UAE: FTA revises excise tax rules for taxable entities
The UAE Federal Tax Authority has issued an updated guide, Taxable Persons Guide for Excise Tax - ETGTP1, on 2 January 2026. This guide is the main reference guide to Excise Tax in the UAE. It provides you with: an overview of the main
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Colombia enacts several tax reforms amid economic emergency
Colombia’s government issued Legislative Decree No. 1474 on 29 December 2025, introducing several temporary tax measures to fund the national budget in response to the state of emergency declared earlier under Decree No. 1390 of 22 December
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Malaysia: MoF revises SST policies, announces lower rental tax, raw material exemptions, and extended construction relief
Malaysia’s Ministry of Finance released updated policy notices on sales and services tax (SST) on 5 January 2026. The key updates are as follows: Effective 1 January 2026, the service tax on rental and leasing services will be revised to
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Zimbabwe: President assents 2026 national budget, maintains gold royalty rate
Zimbabwe’s President has formally approved both the Finance Act and the Appropriation Act, giving legal effect to the measures outlined in the 2026 National Budget. Together, these laws implement the government’s fiscal and tax policy agenda for
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Malaysia enacts key measures under 2026 budget
Malaysia gazetted the Finance Act 2025 and the Measures for the Collection, Administration and Enforcement of Tax Act 2025 on 31 December 2025. These laws give effect to selected measures announced in the 2026 Budget and additional tax
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Malawi: President assents to Value Added (Amendment) Act 2025, raises VAT rate as part of 25-26 budget
Malawi’s President has signed the Value Added (Amendment) Act 2025, raising the VAT rate from 16.5% to 17.5%. The Act received presidential assent on 20 December 2025 and was gazetted on 30 December 2025, entering into force the next day, 31
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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
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Italy: 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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Belgium raises annual tax on credit institutions
Belgium’s Federal Public Service (FPS) Finance 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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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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Israel: MoF to impose additional 15% tax on banks’ excess profits, approves higher tax-free import threshold
Israel’s Ministry of Finance has proposed a temporary tax on banks’ excess profits and approved a higher tax-free import threshold in an announcement on 23 December 2025. The initiative is aimed at easing pressure on consumers but was
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UK: Government scales back farm inheritance tax
The UK government announced on Tuesday, 23 December 2025, that it will ease its planned inheritance tax on farms, following months of nationwide protests since the 2024 announcement. From April, the threshold for individual inheritance tax relief
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Belgium: Parliament passes tax bill on withholding refunds, bank taxes
Belgium’s parliament passed legislation on 18 December 2025, proposed by multiple Members of Parliament, to introduce changes to the refund of withholding tax and to raise the tax on credit institutions. The legislation aims to update the 1992
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US: Treasury, IRS offers safe harbour for taxpayers claiming carbon capture credit
The US Department of the Treasury and the Internal Revenue Service provided guidance on 19 December 2025 for taxpayers claiming the tax credit for carbon capture and sequestration, which was expanded and modified in the One, Big, Beautiful
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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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Lithuania: VMI allows companies to register for sweetened beverage excise duty
Lithuania’s tax authority, the State Tax Inspectorate (VMI) announced on 17 December 2025 that companies producing or importing non-alcoholic sweetened beverages or their concentrates from other EU countries must register as excise duty payers
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