Zambia: Government presents 2026 budget, proposes VAT refund incentives for energy sector
The national budget for 2026 proposes amendments to key tax laws to enhance revenue, provide targeted relief, promote equity, support economic formalisation, and align with international standards. Zambia’s Minister of Finance and National
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Portugal: Parliament grants VAT relief for farmers affected by rural fires
Portugal approves six-month VAT exemption on animal feed for farmers in fire-affected areas. Portugal's parliament approved Law no. 57-A/2025 on 25 September 2025, amending Decree-Law no. 98-A/2025, to introduce a temporary VAT exemption on the
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Paraguay unveils new tax incentives for local, foreign investors
Key incentives include exemptions on customs duties, VAT, nonresident income tax, and dividend/profit tax for substantial investments in capital goods, industrial or agricultural production, and large-scale tourism or entertainment projects, subject
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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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Poland: Government adopts 2026 budget law, increases corporate tax for banks
The draft 2026 budget law increases the corporate tax rate for the banking sector, a rise in the VAT exemption threshold from PLN 200,000 to PLN 240,000, and a 15% hike in excise rates on alcoholic beverages. Poland's government has adopted the
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Turkey: Revenue Administration issues guidance on sports sponsorship tax
The guide outlines sponsorship expenses, eligible areas, agreement essentials, distinctions from advertising, documentation, tax deductions, professional versus amateur sports, and VAT applications. Turkey's Revenue Administration announced the
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Chile: SII issues rules on VAT exemption for low-value imports purchased via remote sellers, online platforms
The new rules exempt low-value imports (CIF value under USD 500) from VAT at import when purchased from non-resident remote sellers or DPIs registered under the simplified VAT regime, ensuring VAT is only charged at the sale stage, not at the time
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China: Finance Ministry consults on draft VAT law regulations
The new draft VAT law aligns with existing VAT policies while introducing key adjustments, organised into six chapters covering provisions, rates, payable taxes, incentives, administration, and supplementary rules. China's Ministry of Finance has
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Argentina eases advance VAT collection rules for select sectors
General Resolution 5738 exempts certain economic activities from advance VAT collection on transactions under ARS 10 million, effective 1 August. Argentina has issued General Resolution 5738/2025 amending General Resolution 2126 on 29 July
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Venezuela updates VAT exemptions, designations of withholding agents
Venezuela’s Decree No. 5.145 suspends VAT exemptions on essential goods like food, medicines, and books, effective 30 June 2025, while Administrative Ruling SNAT/2025/000054 designates special taxpayers as VAT withholding agents from 16 July
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Turkey consults amendments to VAT refunds, exemptions, and procedures
The draft communiqué provides clarification on VAT exemptions, fraud-related loss, property sales rules, special consumption tax, and proportional VAT refunds on assets. The Turkish government issued a draft Communiqué on 31 July 2025 to amend
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France publishes revised VAT exemption lists for overseas departments
France updates VAT exemption lists for overseas departments with region-specific measures effective from March 2025 to December 2027. The French tax authorities released updated guidance (BOFiP, ACTU-2025-0010) on 23 July 2025, establishing
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Belgium: Chamber of Deputies approve participation exemption changes, exit tax rules, other tax reforms
From 2026, Belgium's tax changes include stricter participation exemption rules, exit tax on cross-border reorganisations, a permanent 6% VAT for residential demolition/reconstruction, and higher VAT on coal and fossil fuel boilers. The Belgian
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Hungary updates tax rates on retail, financial entities, and insurance sectors
Act LIV of 2025 introduces updated tax rates, increased VAT thresholds, and new regulations across retail, financial, insurance, and energy sectors, along with enhanced R&D deductions. Hungary has published Act LIV of 2025 in the Official
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Italy clarifies VAT split-payment exemption effective date for listed companies
Italy has abolished the VAT split-payment system for FTSE MIB-listed companies, effective 1 July 2025. Italy has abolished the VAT split-payment system requirement for companies listed on the FTSE MIB index, as per Decree-Law No. 84 of 17 June
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Poland gazettes Act increasing VAT exemption threshold
The Act increases the VAT exemption threshold from PLN 200,000 to PLN 240,000 from 2026. Poland published the Act of 24 June 2025 in the Official Gazette on 7 July 2025, raising the VAT exemption threshold from PLN 200,000 to PLN 240,000,
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Vietnam extends VAT reduction until 2026
The National Assembly has extended the 2% VAT cut for eligible goods and services from 1 July 2025 to 31 December 2026. Vietnam’s National Assembly passed Resolution No. 204/2025/QH15 on 17 June 2025, extending the reduced VAT rate of 8% (down
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Ukraine considers extending VAT exemption for electric vehicles until 2027
Ukraine’s parliament is reviewing a draft law to extend the VAT exemption on electric vehicles by one year, through to 1 January 2027. Ukraine’s parliament is reviewing draft Law No. 13351, submitted on 6 June 2025, which proposes to extend
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