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United Kingdom: CIOT Urges Safeguards for Welsh Holiday Let Business Rates

United Kingdom /

On 26 October 2026, the Chartered Institute of Taxation (CIOT) responded to Welsh Government proposals to reform business rates for self-catering holiday let properties. The Institute acknowledges the need for fairness but warns that the draft rules contain loopholes that could be exploited by property owners seeking to avoid higher rate liabilities. CIOT emphasizes that

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Italy: Italy Trust Taxation: Transparent Foreign Trusts Trigger Immediate Income Attribution

Italy /

The Italian Revenue Agency’s Ruling No. 165/2026, published on 23 October 2026, clarifies the tax treatment of Italian-resident beneficiaries of transparent foreign trusts. Under the ruling, income generated by a trust considered transparent under the laws of its jurisdiction of establishment is attributed to the Italian beneficiary proportionally to their beneficial interest, irrespective of whether

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Montenegro: Montenegro Bans Cash Payments Over €10,000 to Fight Tax Evasion

Montenegro /

On 26 October 2026, Montenegro’s government enforced a new regulatory measure prohibiting cash transactions exceeding €10,000 for purchases of real estate, vehicles, and loan disbursements. The rule, embedded in the Law on Prevention of Money Laundering and Terrorism Financing, aims to curb tax evasion, enhance transaction transparency, and align with EU anti-money laundering directives. The

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Poland: Poland Opposition PiS Proposes VAT Cut on Electricity and Coal Heating

Poland /

On 26 October 2026, the Law and Justice (PiS) parliamentary club submitted a draft amendment to the VAT Act proposing a permanent reduction of the VAT rate on electricity and coal-based heating from 23% to 8%. The bill, titled “Affordable Heating” (Tanie Ogrzewanie), cites Article 41 of the VAT Act and EU Directive 2006/112/EC allowing

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Serbia: Serbia Average Wages by Employee Published for 2026

Serbia /

As of 26 October 2026, the Statistical Office of the Republic of Serbia, in coordination with the Ministry of Finance, released the official average gross and net wages per employee for the first nine months of 2026. These figures serve as the statutory reference base for calculating maximum contribution ceilings for pension, disability, health, and

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Serbia: Serbia Changes Mandatory Social Contributions Law

Serbia /

Amendments to the Law on Contributions for Mandatory Social Insurance were adopted on 26 October 2026, adjusting contribution rates and maximum assessment bases for 2027. The combined employer and employee contribution rate for pension and disability insurance remains at 24%, but the ceiling for contribution calculation is indexed to average wage growth. Health insurance contributions

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United Kingdom: Windfarm Tax Ruling Risks UK Renewable Investment, CIOT Warns

United Kingdom /

On 26 October 2026, the Chartered Institute of Taxation (CIOT) issued a stark warning following a judicial decision that predevelopment expenditure incurred on four offshore windfarm projects does not qualify for capital allowances. The judgment, which interprets the scope of “plant and machinery” allowances narrowly, excludes costs such as site surveys, environmental assessments, and grid

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Italy: Italy: Fuel Vouchers Tax-Free for Sunday Welfare Workers

Italy /

On 26 October 2026, the Italian Revenue Agency (Agenzia delle Entrate) published ruling no. 189/2026, confirming that fuel vouchers granted as corporate welfare to employees performing Sunday shifts in essential public services qualify as fringe benefits excluded from taxable income. The ruling addresses a company entrusted with uninterrupted essential public services organized seven days a

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Italy: Italy VAT Compliance: Conformity Visa No Shield for Director Penalty Liability

Italy /

The Italian Supreme Court (Cassazione) in Judgment No. 36078/2026, filed 23 October 2026, established that the VAT conformity visa (visto di conformità) does not automatically absolve a company’s legal representative from criminal liability for improper VAT offsetting (indebita compensazione). The Court ruled that reliance on a tax professional’s certification must be assessed alongside the director’s

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Serbia: Serbia Overhauls Tax Procedure and Administration Law

Serbia /

On 26 October 2026, Serbia passed comprehensive amendments to the Tax Procedure and Tax Administration Law, modernizing tax administration through mandatory e-filing, enhanced data analytics powers, and a revised penalty framework. The law introduces a fully digital tax audit process, requires taxpayers to maintain electronic records in prescribed formats, and grants the Tax Administration real-time

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