Saturday, August 08, 2026
Belgium’s Financial and Economic Committee of Parliament has adopted an individual income tax reform bill (Bill No. 56 1243/005) on 16 June 2026, introducing several key changes, including higher tax-free thresholds, a gradual elimination of income splitting benefits for non-working spouses, and a new deduction for self-employed entrepreneurs. The primary focus of the legislation is...
Saudi Arabia’s Council of Ministers has approved amendments to the GCC Unified VAT Agreement on covering cross-border supplies within the Gulf, VAT recovery mechanisms, import VAT collection, and the sharing of tax information between member state authorities. The GCC Unified VAT Agreement establishes a common legal framework for VAT across Gulf Cooperation Council states, covering...
The Cyprus Department of Taxation has issued guidance on implementation deadlines for Law 151(I)/2024 on 15 June 2026, which enforces the OECD’s global minimum taxation framework across Cyprus. The directive addresses Cypriot constituent entities and joint ventures within multinational enterprise groups for the first reporting period spanning 31 December 2023 to 31 December 2024. Central...
President Donald Trump has cast doubt on the value of the US-Mexico-Canada Agreement (USMCA), suggesting the country would perform better without it. Speaking in France on Wednesday, 17 June 2026, Trump indicated he would “rather not have the agreement,” though he remains willing to sign a renewal if negotiations proceed. The trio of nations faces...
The Dutch State Secretary for Finance has informed Parliament, via a letter, of a provisional outline of measures expected to be included in the 2027 Tax Plan package on 10 June 2026. The complete package is scheduled to be presented on Prinsjesdag, 15 September 2026. It is expected to consist of four bills: the Tax...
Romania’s National Agency for Fiscal Administration has issued a draft order of the President regarding the thresholds of transactions, deadlines for preparation, content and conditions for requesting the transfer pricing file, and the procedure for adjusting/estimating transfer prices. The primary objective of the draft order is to align national legislation with the 2022 OECD Guidelines,...
Portugal has published Ordinance No. 255/2026/1 in the Official Gazette on 12 June 2026, approving the official GloBE Information Return (GIR) for the country’s global minimum tax regime. The ordinance adopts the standardised GIR form and establishes the reporting framework for entities required to comply with the global minimum tax rules. This regulation transposes EU...
The UK’s His Majesty’s Revenue and Customs (HMRC) has launched a technical consultation regarding cross-border related party transactions on 16 June 2026, inviting views on the details of a draft International Controlled Transactions Schedule (ICTS) reporting requirement. At Budget 2025, the government announced its decision to implement the ICTS. Finance Act 2026 gave the Commissioners...
Poland’s government has introduced emergency legislation targeting fuel companies that have reaped unusually large profits from Middle East-driven energy turmoil, according to a release on 16 June 2026. The temporary windfall tax, set to take effect on 1 August 2026, aims to recoup some of the billions in subsidies the state has poured into keeping...
Bolivia’s National Tax Service (SIN) announced on 12 June 2026 that it has slashed the financial barriers for taxpayers seeking to defer their tax obligations. Under Board Resolution (RND) 102600000020, effective 12 June 2026, the agency has unified down payment and guarantee requirements at a flat 5% across all debt levels. The measure represents a...