The U.S.-Israel military campaign against Iran has entered its 20th day. What is the current situation? What other information is worth watching?

The specifics of this latest strike remain unclear, but Speight stated that other television reporting teams were also conducting interviews in the area at the time. The incident occurred near a strategic target long targeted by the Israeli military—the bridge along the Litani River. RT (Russia Today) had not issued an immediate statement. (2026-03-19, 20:45) 4698. Hezbollah claimed to have launched rockets at Israeli military bases and positions in southern Lebanon. Hezbollah stated it had fired rockets at an Israeli military base and a village inside Israel, as well as at Israeli forces stationed in southern Lebanon. In a Telegram post, the group said it had launched missiles at the Tefen military base east of Acre, Israel, and at the northern Israeli settlement of Even Menachem. Additionally, Hezbollah reported launching rockets at a newly established Israeli military position in Nimr al-Jamal—directly opposite the border town of Alma al-Shaab—as well as attacking a group of Israeli soldiers in the al-Labouneh area of southern Lebanon. (2026-03-19, 20:45) 4697. U.S. Treasury Secretary Bessent expressed renewed optimism on Thursday regarding the possibility of other countries assisting in ensuring safe passage for vessels through the Strait of Hormuz. Speaking on Fox Business, Bessent said he expects NATO and other U.S. allies—including those in Asia—to issue clarifications stating they “will not directly participate in combat.” (2026-03-19, 20:40) 4696. Amid the U.S.-Israel war against Iran and the closure of the Strait of Hormuz—which triggered an energy crisis—the Italian government is cutting fuel taxes by €0.25 per liter to keep gasoline prices affordable. Prime Minister Giorgia Meloni also announced additional measures to help Italian citizens cope with rising fuel prices and potential speculative behavior at gas stations. A government decree approved late Wednesday includes a tax credit for freight drivers equivalent to the increase in diesel prices. (2026-03-19, 20:38) 4695. Treasury Secretary Bessent subsequently stated that the U.S. Department of Agriculture (USDA) “may issue an announcement regarding fertilizers in the coming days.” As the Middle East conflict persists, U.S. farmers are increasingly burdened by sharply rising costs. (2026-03-19, 20:38) 4694. Treasury Secretary Scott Bessent said on Thursday that the Trump administration is considering new measures to curb rising prices of oil and other commodities amid the ongoing war with Iran. Speaking on Fox Business, Bessent said the government “may lift sanctions on Iranian crude oil already at sea,” totaling approximately 140 million barrels.

Latest developments in global VAT reform: dynamics, trends, and implications

In theory, VAT should be ‘neutral,’ with a single rate being optimal. In practice, however, few jurisdictions adopt a single-rate structure. A statistical analysis of the 161 VAT-imposing jurisdictions in 2024 shows that 66 apply a single rate, 40 use two rates, 37 use three rates, and 18 use four or more rates. Almost all OECD member countries—except Chile, which applies only one rate of 19%—employ one or more reduced rates and/or exemptions to achieve specific economic, environmental, or social policy objectives. Among the 90 jurisdictions covered in the 2024 edition of the OECD’s *Tax Policy Reforms* report, the specific adjustments to reduced VAT rates are shown in Table 5; jurisdictions lowering their reduced rates clearly outnumber those raising them, indicating an overall trend toward tax reduction. Many jurisdictions have moderately adjusted reduced VAT rates across multiple specific sectors or industries, based on evolving economic conditions, to achieve targeted regulatory goals. These adjustments fall into several categories: First, responding to surging energy prices. Since 2021, numerous jurisdictions have extended the application period of reduced VAT rates on energy products to counter sharp price increases. For example: Croatia reduced the VAT rate on natural gas and firewood from 25% to 5%, extending the reduced-rate period until March 31, 2024; Ireland lowered the VAT rate on natural gas and electricity supply from 13.5% to 9% starting May 2022, extending the reduced-rate period until the end of October 2024; Portugal applies a 6% reduced rate on household electricity consumption within specified limits, extending the reduced-rate period until December 31, 2024; Spain reduced the VAT rate on certain electricity supplies from 10% to 5% and on natural gas and firewood from 21% to 5% in 2022, extending the reduced-rate period until June 2024. Some jurisdictions have permanently extended the reduced-rate period or introduced indefinite reduced-rate policies. The former includes Belgium, which temporarily lowered the VAT rate on electricity and natural gas from 21% to 6% starting April 2022, then permanently extended this reduced rate effective April 1, 2023. The latter includes Albania, which applies a zero rate indefinitely on imported fuel wood; and Anguilla, which applies a zero rate indefinitely on diesel, gasoline, and liquefied petroleum gas (LPG). Second, responding to rising prices of food, essential goods, and hygiene products. For example: Bulgaria applied a zero VAT rate on designated basic food items from July 2022 to June 2024; Peru did so from May 2022 to July 2023; Poland from February 1, 2022, to March 31, 2024; and Spain from January 2023 to July 2024—Spain also reduced the VAT rate on edible oils and pasta from 10% to 5%. Italy and North Macedonia lowered the VAT rate on feminine hygiene products to 5%; the UK and Ireland extended the zero rate to feminine hygiene products; and Spain reduced the VAT rate on hygiene products and non-prescription contraceptive devices from 10% to 4%. According to statistics from the International Bureau of Fiscal Documentation (IBFD), Cyprus will apply a zero VAT rate from November 4, 2024, to December 31, 2025, to infant formula, baby diapers, adult diapers, feminine hygiene products, fresh or chilled vegetables, and fresh fruit.

Italy Extends Diesel Tax Cut to Shield Drivers From Price Spikes

Aug 4, 2026

Italy extended diesel tax relief through August 25 to shield consumers from soaring fuel prices driven by the Iran conflict. Prime Minister Giorgia Meloni committed to further aid if prices rise, while the Finance Minister seeks EU budget leeway for energy spending.

bloomberg

2026-08-04

Italy Extends Diesel Tax Cut to Shield Drivers From Price Spikes

Italy Extends Diesel Tax Cut to Shield Drivers From Price Spikes

FAQ