The index, published by the Global Tax Expenditures Lab (GTEL), evaluates how governments disclose tax expenditures, including tax exemptions, deductions, credits and reduced tax rates. These measures represent government revenue forgone through the tax system and are widely used to support economic sectors, investment and social policy .

Indonesia climbed one place from the previous edition to lead the global rankings with 79.9 points, narrowly ahead of the Republic of Korea, which scored 78.3 after slipping from first place.

Australia recorded one of the greatest improvements, rising eight places to third with 76.3, while the Netherlands also climbed eight positions to fourth on 75.5. Canada completed the top five with 72.9, despite dropping two places.

Germany ranked sixth with 72.2, followed by the Russian Federation on 71.3. Benin emerged as Africa's highest-ranked country, placing eighth globally with 71.0, while France and Brazil rounded out the top ten with 68.9 and 68.8, respectively.

Unlike broader tax competitiveness rankings, the GTETI focuses exclusively on transparency. It assesses whether governments publish comprehensive information about tax expenditures, including their legal basis, estimated fiscal cost, policy objectives, beneficiaries and regular evaluations.

The index examines five key dimensions: institutional frameworks, the quality and scope of reporting, accessibility of information, oversight and accountability, and the use of evaluations to determine whether tax incentives achieve their intended goals.

According to the Global Tax Expenditures Lab, transparent reporting allows governments, legislators and the public to better understand the true cost of tax incentives and whether they deliver value for money.

Tax expenditures can amount to several percentage points of a country's gross domestic product and often rival direct government spending in size. Yet many governments still provide limited public information on these measures.

The GTETI argues that stronger reporting improves fiscal accountability, supports evidence-based policymaking and helps governments assess whether tax incentives remain justified over time.

The European Union has introduced sweeping changes to the way low-value imports are handled, ending a long-standing system that allowed millions of inexpensive parcels to enter the bloc with minimal customs scrutiny.

Since 1 July 2026, new customs rules have been designed to tighten oversight of cross-border e-commerce, improve product safety and create fairer competition for European retailers.

The reform, proposed by the European Commission as part of its Customs Union overhaul, comes after a surge in small parcels shipped directly to EU consumers. According to the Commission, around 5.8 billion low-value consignments entered the EU in 2025, equivalent to roughly 12 million parcels every day. Approximately 90% of those shipments originated from China , with platforms such as Shein, Temu and AliExpress accounting for a significant share of the volume.

Under the new framework, every imported parcel will require a customs declaration, including consignments valued below €150, which previously benefited from simplified procedures.

Online marketplaces also face a handling fee on direct-to-consumer shipments. The European Commission has proposed a €2 fee for parcels handled through the Import One Stop Shop (IOSS) system and €3 for consignments processed outside that scheme.

The measure still requires approval by EU member states and the European Parliament, but customs reforms introducing stricter controls have begun taking effect from July. Reuters has reported that the proposed fee is intended to help national customs authorities manage the rapidly growing volume of imports.

Consumers may therefore face higher final prices as retailers pass on some of the additional administrative and customs costs.

EU officials argue that the existing system has struggled to cope with the explosive growth of ultra-low-cost online shopping.

The Council of the European Union and the European Commission say the reforms aim to reduce unfair competition for European businesses, strengthen customs enforcement and improve checks on products entering the single market. Authorities have repeatedly raised concerns about unsafe products, undervalued shipments and counterfeit goods entering through high-volume e-commerce channels.

The Commission estimates that the previous customs framework was designed for a far smaller volume of imports and no longer reflects today's digital retail market.

Two powerful earthquakes hit Venezuela in quick succession just after 18:00 local time (23:00 BST) on 24 June 2026. A magnitude 7.2 earthquake was followed 39 seconds later by a stronger magnitude 7.5 quake.

The earthquakes struck near Yaracuy state and were felt across much of Venezuela and neighbouring countries, with tremors reported as far away as the Brazilian Amazon.

The disaster caused widespread destruction, with buildings collapsing in several cities, including the capital, Caracas, trapping residents beneath the rubble.

Venezuelan authorities launched large-scale search-and-rescue operations immediately after the earthquakes, deploying emergency teams across the affected regions as crews worked around the clock to locate survivors.

More than 20 aftershocks have been recorded since the initial earthquakes, while the magnitude 7.5 quake was the strongest recorded in Venezuela in more than 125 years.

As rescue efforts continue, families are still searching for missing relatives. Colombia n-Venezuelan national Moises Leonel Perez travelled from Bogotá to Venezuela's Caribbean coast after losing contact with his mother following the June 24 earthquakes. Perez, who moved to Colombia in 2018, returned to Venezuela to help search for her after repeated attempts to reach her failed.

Twelve days after the disaster, Venezuelan authorities said the earthquakes had killed 3,535 people , injured 16,740 others and left more than 17,000 people homeless, with recovery and rescue operations continuing across the affected regions.