2026

Global Minimum Tax Estimates Take Hit From US Company Carve-out

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The OECD’s agreement to exempt US multinationals from key parts of the global minimum tax framework is expected to reduce revenues generated from the levy.

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EU Defends Big-Company Carve-out in Tax Simplification Bill

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The European Commission justified provisions in its tax simplification bill that leave out the largest multinationals from some anti-tax avoidance rules and reporting obligations, arguing that the global minimum tax insures against most forms of tax evasion.

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Windfall Energy Profits Tax Would Be Permanent Under UK Proposal

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The UK is proposing to make its windfall profits tax on oil and gas permanent, with a new levy that would extend the windfall beyond its current expiration in 2030.

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UK Tax Authority Will Transform Transfer Pricing Risk Assessment

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The UK released its latest consultation document on the International Controlled Transactions Schedule, or ICTS, on June 16. This new annual filing requirement will transform transfer pricing risk assessments for both the UK tax authority, HM Revenue & Customs, and taxpayers, shifting from a documentation-focused process to a data-driven one.

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UN Tackles Headwinds in Shaping Tech Transfer Pricing Guidance (07/10/2026)

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Overcoming data access and personnel limitations is among top challenges for a United Nations effort to help developing countries expand their enforcement of transfer pricing in the tech sector.

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OECD Urges Patience After Rocky Start to Minimum Tax Filings (07/10/2026)

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Companies should give the OECD’s latest simplification measures time to work after a difficult first year of compliance with the global minimum tax rules, a senior OECD official said.

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HMRC must better tackle large tax risk of multinationals diverting profits across borders

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This official committee item addresses the continuing UK tax risk posed by multinational profit shifting and cross-border diversion of profits. It notes that around £21 billion of the £70.1 billion of tax under consideration in HMRC’s large-business investigations relates to international risks, and discusses how the U.S.–OECD Pillar Two arrangement is expected to reduce UK receipts from the global minimum tax.

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Academics Demand Ireland’s Refusal From EU Presidency Tax Talks

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Over 60 European and U.S. academics called in a July 8 letter for Ireland to recuse itself from chairing tax and data protection negotiations during its EU Council presidency, citing the country's "double Irish" tax planning history, the Apple state aid case, and concerns about a Temu-linked corporate structure resembling similar schemes. Finance Minister Simon Harris rejected the criticism July 9, defending Ireland's role as an "honest broker" and its economic model, as the letter joined separate MEP concerns about Ireland's data protection enforcement amid its reliance on concentrated corporate tax revenue.

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Profit-Shifting Risks High Despite Minimum Tax Deal, UK MPs Say

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UK lawmakers warn that companies still pose “significantly high” risks of diverting profits despite the new global minimum tax deal and asked the tax authority to share progress on implementation within a year.