Rwanda establishes formal APA framework under new transfer pricing rules
Rwanda has introduced new transfer pricing rules establishing a clearer tax framework for controlled transactions, replacing the 2020 rules, which ceased to apply in October 2023 under the amended Income Tax Law No. 027/2022. The updated transfer
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Moldova: STS introduces electronic transfer pricing information form ahead of June deadline
Moldova’s State Tax Service (STS) has announced the rollout of an electronic transfer pricing information form within the Electronic Declaration system, accessible through taxpayers' Personal Cabinets on 12 May 2026. This new platform will handle
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Colombia revises tax decree, reinforces transfer pricing compliance rules
The Colombian Ministry of Finance and Public Credit published a revised edition of Decree No. 1625 of 2016 on 8 May 2026. The decree consolidates rules covering income tax, occasional gains tax, transfer pricing, withholding tax, VAT, national
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Italy: Supreme Court exempts certain gratuitous intragroup guarantees from transfer pricing rules
Italy’s Supreme Court has clarified the circumstances in which domestic transfer pricing rules apply to intragroup transactions, confirming that transactions conducted without consideration may remain outside the scope of transfer pricing where
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Hungary gazettes permanent suspension of advertisement tax
Hungary has gazetted the Act XIV of 2026 on 9 May 2026, introducing various amendments and measures that entered into force on 14 May 2026. The Act also elevates certain provisions of government decrees to a statutory level, including those of
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UK: HMRC introduces advance tax certainty service from July 2026
The UK tax authority, His Majesty’s Revenue and Customs (HMRC) has published guidance on 12 May 2026 regarding the Advance Tax Certainty Service, which is scheduled to be launched on 1 July 2026. The Advance Tax Certainty Service is designed to
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US: Tax refunds fuel retail sales surge, but inflation threatens to stall spending
US retail sales posted a solid gain for the third consecutive month in April 2026, though economists warn that rising inflation and depleted savings could dampen consumer spending in the coming months. According to the Commerce Department's
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Russia gazettes various tax relief measures for SMEs
Russia has published the Federal Law No. 104-FZ of 25 April 2026 in the Official Gazette, which introduces several significant amendments to the Russian Federation Tax Code, particularly regarding Value Added Tax (VAT) and the Simplified Tax Regime
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Hong Kong: IRD updates GloBE return exchange framework
The Hong Kong Inland Revenue Department 9IRD) has updated its guidance on the Global minimum tax and Hong Kong minimum top-up tax for multinational enterprise (MNE) groups by adding a new section on the exchange of GloBE Information Returns. The
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Singapore: IRAS revises guidance on refundable investment credits (RIC)
The Inland Revenue Authority of Singapore (IRAS) has revised its guidance on the Refundable Investment Credit (RIC). Earlier, Singapore issued the Income Tax (Refundable Investment Credits) Regulations 2025, which came into force on 1 September
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Australia: ATO announces first public CbC report deadline
The Australian Taxation Office (ATO) has issued a notice on 15 May 2026, reminding entities with a reporting period ending on 30 June 2025 that the deadline for lodging the public CbC report is 30 June 2026. The ATO is continually updating its
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Egypt updates unified VAT refund rules with new addendum
Egypt has issued a fourth addendum to Executive Instructions No. 90/2021 governing the “Unified Procedures for Value Added Tax (VAT) Refunds”, introducing updated rules intended to streamline and standardise VAT refund administration across the
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Pakistan: Court declares Section 7E property tax unconstitutional
The Federal Constitutional Court of Pakistan has struck down Section 7E of the Income Tax Ordinance, 2001, ruling that the controversial tax on deemed rental income is unconstitutional and void from the beginning. In a Short Order issued on 7 May
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Venezuela overhauls mining sector with sweeping new mining law
Venezuela has enacted a sweeping new mining regime with the publication of the Ley Orgánica de Minas (2026) in the Official Gazette on 16 April 2026, replacing two cornerstone laws that had governed the country’s mineral sector for
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Bulgaria introduces new Pillar Two tax return forms ahead of Euro transition
Bulgaria has introduced new tax return forms for reporting top-up taxes under the OECD Pillar Two global minimum tax framework, replacing templates approved only months earlier as the country prepares for the transition to the euro in 2026. Order
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Switzerland considers extending accommodation VAT rate to 2035
The Swiss Federal Council published a dispatch on 7 May 2026 concerning a draft amendment to extend the reduced VAT rate of 3.8% for the accommodation services sector, including hotels. Under current legislation, the reduced VAT rate of 3.8% is
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Austria: Parliament considers VAT cut on essential food items
The Austrian Parliament is reviewing a draft bill amending the Value Added Tax Act 1994 (Umsatzsteuergesetz 1994) to introduce a reduced VAT rate of 4.9% on selected basic foodstuffs. The measure was approved by the Finance Committee on 12 May 2026
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Peru updates electronic invoicing rules, delays Machupicchu entry fee rollout
Peru has issued Superintendency Resolution No. 000075-2026/SUNAT of 30 April 2026 in the Official Gazette, introducing changes to the timing for mandatory electronic invoicing and the use of the Integrated System of Electronic Records (Sistema
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