Indirect Tax
EU–US Trade Deal Gets Conditional Approval with Built-in Safeguards
Excerpts from various sources
The European Parliament has conditionally approved tariff reductions under the EU–US “Turnberry Agreement,” aimed at strengthening trade between the two regions. The deal allows the removal of most tariffs on selected US industrial and agricultural goods, while EU exports to the US will be subject to a reduced tariff of around 15%. However, the approval comes with strict safeguards. The tariff benefits for US goods will only take effect once the US fulfills its commitments. The EU also retains the right to suspend or withdraw concessions if the US imposes new tariffs or fails to comply with its obligations. Additionally, the agreement is time-bound and will remain valid only until March 2028.
Singapore to Mandate InvoiceNow for GST‑Registered Businesses
Excerpts from various sources
The Inland Revenue Authority of Singapore (IRAS) will progressively mandate the use of InvoiceNow for GST‑registered businesses to transmit invoice data via InvoiceNow‑Ready Solutions. The rollout will take place between 1 November 2025 and 1 April 2031, based on the business’s registration profile and annual turnover. Businesses registered before 2026 will be notified of their applicable timelines by mid‑2026. Certain entities, including specified overseas suppliers and businesses registered under the reverse charge regime only, are excluded from the requirement.
Norway accelerates the implementation of mandatory digital bookkeeping and e-invoicing requirements
Excerpts from various sources
Norway is moving towards a fully digital accounting and invoicing system in which the government plans to mandate e-invoicing for B2B transactions from 1 January 2027, while requiring all businesses to adopt digital bookkeeping systems by 2030. Under this change, companies will need to issue and receive invoices in a standardized electronic format (EHF), thereby improving system integration, transparency, and reducing manual errors. The reform also gives authorities flexibility to define technical standards and potentially expand the framework to areas such as consumer invoicing and digital receipts in the future.
Australia updates Tariff amendments and Trade Agreement provisions
Excerpts from various sources
Australia has introduced amendments to its customs tariff framework, effective 3 March 2026. The changes encompass updates to Harmonized System (HS) classifications, revisions to applicable import duty rates, and modifications to preferential duty treatment under various free trade agreements.
Transfer Pricing
OECD Releases Pillar One Amount B Pricing FAQs and 2026 Automation Tool
Excerpts from various sources
On 17 February 2026, the OECD released Pricing FAQs for Pillar One – Amount B along with the 2026 version of the Amount B Pricing Automation Tool.
Amount B under Pillar One introduces a simplified and standardized approach to transfer pricing for baseline marketing and distribution activities, aimed at improving tax certainty and reducing compliance burdens. The Amount B Pricing FAQs address technical questions raised by stakeholders and provide clarifications on the application of the pricing mechanism under Amount B, covering issues that include recomputation of the accounts payable guardrail, relevance of 0.5% range to adjustments provided in Sections 5.2 and 5.3, relevance of intercompany debtors and creditors to the calculation of working capital, amount B pricing for start-ups or new companies, definition of net revenue and industry groupings.
In parallel, the OECD released the updated 2026 Amount B Pricing Automation Tool, an Excel based tool that automatically computes the Amount B return for an in-scope tested party, requiring only minimal data inputs. It is intended to further optimize the administrative and simplification benefits of Amount B for both tax administrations and taxpayers. The tool will be updated annually to reflect any changes to the pricing matrix and other data points relevant to application of Amount B adjustment features. The latest version incorporates updated inputs required for the application in 2026, including revised sovereign credit rating data.
It would be worthwhile for the large MNCs falling within the purview of Pillar 1 to assess whether their distribution arrangements fall within the scope of Amount B and to evaluate the impact of the FAQ clarifications on their existing transfer pricing policies.
United Kingdom: HMRC publishes transfer pricing and DPT statistics for FY 2024-2025
Excerpts from various sources
HM Revenue and Customs (HMRC) published their latest transfer pricing and diverted profits tax statistics on 11 March 2026. The transfer pricing yield figures include additional tax revenue from inquiries (including real time interventions), Advance Pricing Agreements (APAs), Advance Thin Capitalization Agreements (ATCAs), and transfer pricing Mutual Agreement Procedure (MAP) cases. The statistics show a continued focus on high value multinational cases. Transfer pricing compliance yield reached a record of GBP 3.4 billion, almost doubling from the previous year, with 143 cases settled during 2024-25. The average time to resolve TP inquiries increased to 41 months in FY 2024-25 from 33 months in FY 2023-24.
Regarding dispute resolution, HMRC concluded 26 Advance Pricing Agreements (APAs) during the year, with average case timelines reduced of conclusion of cases from 53 months in FY 2023-24 to 43.9 months in FY 24-25. Further, HMRC resolved 115 MAP cases during FY 24-25 compared with 86 cases in FY 23-24.
HMRC continues to deploy significant resources, with 392 dedicated international tax specialists focused on TP, cross‑border financing, and profit diversion.