Canada: 2025 Budget Implementation Act overhauls transfer pricing rules, scraps digital services tax 

The Romanian government has introduced a temporary diesel tax cut of RON 0.3 per litre alongside a progressive solidarity levy on oil companies' exceptional profits, aiming to cushion consumers against fuel price spikes caused by Middle East instability and global supply chain disruptions.

Germany will cut air travel taxes from 1 July 2026, lowering rates on short-, medium, and long-haul flights by up to EUR 11.40 per passenger to support the aviation sector and strengthen the country’s position as an international hub.

The government said the move aims to support households, small and midsize businesses, and other groups affected by rising oil prices.

CBDT has entered into 219 Advance Pricing Agreements (APAs) in FY 2025-26, taking the total number of APAs since inception past 1,000. The year also saw India sign its first-ever bilateral APAs with France, Ireland, Indonesia, and Sweden.

India has implemented the Income-tax Act, 2025, replacing the six-decade-old Income-tax Act, 1961. The new law simplifies language, streamlines structure, and introduces re-engineered Forms to make compliance easier, while retaining existing tax policy.

The Cyprus Tax Department grants taxpayers an additional month to file their 2023 corporate income tax returns without incurring penalties, extending the effective deadline from 31 March to 30 April 2026 for entities with audited accounts.