Morocco: Government presents 2026 Finance Bill to the parliament
The 2026 Finance Bill introduces broad tax reforms, including expanded corporate and personal income tax withholding, new VAT exemptions for specific goods and investments, the launch of a petroleum product marking system, and the introduction of a
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Brazil: National Congress nullifies provisional measures on equity interest, financial entities taxes
Proposed tax changes under PM No. 1.303 will not take effect after the required approval is not secured by the deadline. Brazil's National Congress issued Declaratory Act No. 67 on 15 October 2025, which officially confirmed that Provisional
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Australia: Victoria government presents Omnibus state tax bill to parliament, seeks to refine existing frameworks for property taxes
The bill proposed various changes, including adjustments to the Commercial and Industrial Property Tax Reform Act 2024, refining the criteria for transactions eligible under the commercial and industrial property tax scheme. The Victorian
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UK: Welsh government unveils 2026-27 draft budget, proposes landfill disposal tax rate increase
For 2026–27, Wales will keep existing LTT rates but revise Multiple Dwelling Relief and introduce a new refund rule for certain leased properties, while the LDT standard rate will rise in line with RPI. Wales’ Cabinet Secretary for Finance
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Norway: Government presents 2026 Budget Bill, corporate income tax to remain at current levels
The 2026 Budget Bill prioritises welfare, health, defence, reducing electric car subsidies, cutting income and electricity taxes to boost purchasing power, and closing tax loopholes. Norway’s government has presented its proposal for the state
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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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Brazil: Chamber of Deputies rejects higher taxes on equity interest, financial entities
Proposed tax changes under PM No. 1.303 will not take effect after failing to secure the required approval by the deadline. Brazil's Chamber of Deputies did not approve Provisional Measure (PM) No. 1.303 issued on 11 June 2025, which proposes
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EU: Council to reduce or eliminate customs duties for several agri-food products for Ukraine
The Council approved the EU’s position in the EU-Ukraine Association Committee to reduce or remove customs duties on various agri-food products, including dairy, meat, and produce destined for Ukraine. The EU Council has adopted a decision on
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Lithuania adopts excise tax on sweetened drinks from 2026
Lithuanian Parliament approved an excise tax on sweetened drinks from 1 January 2026 to promote healthier consumption and fund the State Defence Fund. The Lithuanian Parliament (Seimas) has adopted amendments to the Law on Excise Duty,
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Hungary initiates authorisation process for Carbon Border Adjustment Mechanism (CBAM)
The application window for CBAM authorised declarant status has opened on 1 September 2025. The National Climate Protection Authority of Hungary has announced that the application window for becoming an authorised CBAM (Carbon Border Adjustment
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Brazil issues updated rules for indirect tax reporting
The updated guideline requires taxpayers to include IBS, CBS, and IS amounts in the total value reported on fiscal documents. Brazil has published new guidelines on the reporting of indirect taxes for the 2026 fiscal year, titled, Practical Guide
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Australia: ATO releases updated excise tax guidelines for duty-free shops
The revised guidelines align with recent legislative reforms introduced to simplify and modernise the overall excise administration process. The Australian Taxation Office (ATO) has updated its excise tax guidelines for the duty-free shops. These
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Australia: ATO releases updated excise tax guidelines for tobacco sector
The revised guidelines align with recent legislative reforms introduced to simplify and modernise the overall excise administration process. The Australian Taxation Office (ATO) has updated its excise tax guidelines for the tobacco industry.
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Latvia: Finance minister outlines key priorities in 2026 draft budget, initiates discussions with social partners
The 2026 budget proposes diversifying revenue sources through higher gambling and excise taxes, while supporting investment and easing living costs with tax law amendments and a temporary VAT cut on basic foods starting July 2026. Latvia's
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US: IRS, Treasury issues guidance to streamline interest capitalisation for property improvements
The guidance includes final regulations for eliminating the associated property rule and related provisions for interest capitalisation on improvements to designated property. The US Treasury and the Internal Revenue Service (IRS) have released
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Malaysia: RMCD updates sales tax exemptions for motorcycles, soya beans, machinery
RMCD updates sales tax exemptions on motorcycles, soya beans, and machinery. The Royal Malaysian Customs Department (RMCD) has issued updated guidance on sales tax exemptions granted by the Minister of Finance. Under Sales Tax Policy 1/2025,
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Chile: SII revises 2026 luxury tax values for aircraft, yachts, vehicles
Resolution Ex. SII No. 121-2025 updates the fair market values for helicopters, airplanes, yachts, and vehicles subject to the 2% luxury goods excise tax for 2026. Chile’s tax administration (SII) has published Resolution Ex. SII No. 121-2025
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Slovak Republic: Parliament approves third consolidation package of tax reforms, includes higher corporate taxes
Key tax changes include higher corporate and investment taxes, along with increased consumption taxes, including higher VAT on specific food products, and increased tax on online gaming. The Slovak Republic’s National Council gave its approval
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