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General framework of the 2026 Budget

Introducing a structural tax into a historically atypical system

Meta Platforms, Inc. is currently involved in one of the most significant tax disputes in recent U.S. history, following a challenge by the Internal Revenue Service (IRS) to the group’s transfer pricing arrangements concerning the licensing and transfer of intangible assets to foreign affiliates. The case is being heard by the U.S. Tax Court and reflects the increasing scrutiny applied to the international tax structures of major digital corporations.

Belgium has adopted a broad set of tax measures with phased implementation, with several key changes scheduled around 2026 while certain components apply earlier (and, for specific items, are described as applicable from 2025 in specialist commentary). The package includes revisions to the inbound expat regime, company-car deductibility rules, family-related allowances, tax procedure time limits, crypto reporting under DAC8, and a major new framework for taxing capital gains

From financial accounts to legal structures: the next stage of transparency

A strict tax framework within a pioneering regulatory environment

Singapore’s rise as a global centre for family offices and wealth management

A leading financial centre seeking renewed credibility in a changing global landscape

Real estate as the last frontier of opacity in an increasingly transparent global tax system

How the U.S. tax system works and the role of digital platforms

For decades, the term “tax haven” evoked a familiar image: jurisdictions offering minimal taxation, strict financial secrecy and corporate structures designed to attract international capital with virtually no economic activity attached. That model dominated global tax planning from the 1980s through the early 2010s. But over the past decade —and especially in the last five years— the world has entered a fundamentally different era. Under the combined pressure of the OECD, th

Switzerland has announced that it will postpone until 2027 the implementation of automatic tax information exchange on crypto-assets under the OECD’s emerging CRS-Crypto framework. The decision extends the period during which investors, financial intermediaries and digital asset platforms operating in Switzerland will not yet be required to automatically report crypto-related information to foreign tax authorities. This represents a notable development in the evolving landsca

Malta has developed one of the most unique and sophisticated tax systems within the European landscape. Although the statutory corporate income tax rate stands at 35 %, the country operates a refund mechanism that significantly reduces the effective tax burden for many types of activities. This structure, fully compliant with EU law, has positioned Malta as an attractive hub for international holding structures, cross-border trading operations and global service companies.

The European Union has strengthened its fiscal transparency framework by updating its tax cooperation agreements with five non-EU European countries: Switzerland, Liechtenstein, Andorra, Monaco and San Marino. The decision, adopted by the Council of the EU (ECOFIN configuration), aims to modernise information-sharing practices and reinforce joint efforts to combat tax evasion and cross-border financial opacity.

Estonia has brought renewed momentum to the European tax policy debate by proposing that the implementation of the 15 % global minimum tax —the “Pillar Two” framework— be made voluntary for smaller EU Member States. The proposal, presented by the Estonian Ministry of Finance, argues that the European directive transposing this global standard should allow countries with smaller economies to decide whether and when to adopt the system, rather than imposing a uniform and bindin

France has initiated an urgent nationwide investigation after identifying a substantial shortfall in value-added tax revenue —a discrepancy approaching €10 billion. Initial fiscal projections for 2025 estimated VAT receipts at €101.4 billion, but updated forecasts have revised this figure down to roughly €96.5 billion. The magnitude of this gap has raised significant concerns within the French government, prompting immediate scrutiny by the Ministry for Public Accounts.

On 14 November 2025, the European Commission unveiled a legislative proposal that could significantly reshape VAT oversight and anti-fraud cooperation across the European Union. The initiative would allow Member States to grant the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office (EPPO) direct access to VAT data, marking a major step toward a more unified and proactive enforcement framework capable of addressing increasingly sophisticated forms of

Canada has unveiled its 2025 Federal Budget, introducing a comprehensive fiscal package designed to stimulate private investment, accelerate clean-technology adoption, and modernise the country’s tax framework. Presented on 4 November 2025 by Prime Minister Mark Carney and Finance Minister Chrystia Freeland, the plan marks one of the most investment-oriented budgets in recent years, projecting up to CAD 1 trillion in combined public and private investment over the next five y

The United Kingdom is preparing to overhaul its vehicle taxation framework with the introduction of the new “VED+ Tax”, a pay-per-mile system that will replace part of the current Vehicle Excise Duty (VED) structure. The measure, expected to enter into force in early 2026, aims to adapt the tax system to an era of growing electric vehicle (EV) adoption and declining fuel tax revenues.

A new report by the Organisation for Economic Co-operation and Development (OECD) reveals that tax revenues in Latin America and the Caribbean remain among the lowest in the world, averaging just 21.3 % of GDP in 2024. The findings, published this week in Paris, show that despite a decade of reforms and digitalisation efforts, the region’s overall fiscal capacity continues to lag behind advanced economies, where the average tax-to-GDP ratio exceeds 34 %.