UK: House of Commons votes to enshrine fiscal rules in law, strengthening economic stability
The House of Commons voted to enshrine the Charter for Budget Responsibility and the new fiscal rules into law on Wednesday, 29 January 2025. These fiscal rules provide the stability which underpins the Plan for Change and the Government’s
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UK introduces new tax regulations for self-assessment returns
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has introduced new regulations requiring taxpayers to provide additional details in their annual self-assessment tax returns. The Income Tax (Additional Information to be included in
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Norway plans tax relief for mutual (investment) funds
Norway's Ministry of Finance has launched a public consultation on the proposed new tax measures to support mutual (investment) funds. The new tax regulations aim to eliminate double taxation and offer Norwegian funds a more favourable framework.
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Sweden suspends tax treaty with Russia
The Swedish government has decided to suspend the tax treaty 1993 income tax treaty with Russia. This means the tax treaty will no longer apply from 10 February 2025. This announcement was made by the Ministry of Finance on 30 January
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Switzerland consults Pillar Two information exchange
Switzerland's Federal Council announced the launch of a public consultation regarding the legal framework for Pillar Two information exchange, allowing MNEs to submit data centrally and enabling jurisdictions to verify tax calculations on 29 January
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UK: HMRC consults multinational, domestic top-up tax guidance
The UK tax authority, HMRC, has opened a public consultation on the supplementary draft guidance regarding the Multinational Top-up Tax and Domestic Top-up Tax on 28 January 2025. This release of draft guidance contains sections on flow-through
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UK: HMRC publishes transfer pricing, diverted profits tax data for 2023-24
UK tax authority, HMRC, released a transparency data report covering statistics on transfer pricing and Diverted Profits Tax through the end of the 2023-24 tax year on 27 January 2025. The report contains data on the following: Transfer
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Belarus publishes guidance on 2025 tax regulations
The Belarus Ministry of Taxes and Duties released detailed guidance on the upcoming tax reforms for 2025. The key changes include the following: New limitations on the investment deduction New investment deduction limitations have been
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Andorra: Parliament approves tax treaty with Romania
Andorra’s General Council (parliament) approved the ratification of the income and capital tax treaty with Romania on 23 January 2025. The treaty set withholding tax rates for dividends at 0% to 5%, interest at 3%, and royalties at 5%. The
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European Free Trade Association signs FTA with Kosovo
The European Free Trade Association (EFTA) states (Iceland, Liechtenstein, Norway and Switzerland) and Kosovo has signed a free trade agreement (FTA) on 22 January 2025 in Davos, Switzerland. The EFTA-Kosovo Agreement covers trade in goods,
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Switzerland: Federal Tax Administration sets safe harbor interest rates for 2025
The Swiss Federal Tax Administration has published two circulars detailing the safe harbor interest rate limits for shareholders on 27 January and related party financing on 28 January in 2025. The rates vary depending on whether the financing
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Norway: Cabinet approves amending protocol to tax treaty with Qatar
Norway’s Cabinet (statsråd) has approved the amending protocol to the 2009 income tax treaty with Qatar on 24 January 2025. The protocol will take effect 30 days after ratification instruments are exchanged and shall apply from 1 January of
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Andorra: Parliament approves pending tax treaty with Latvia
Andorra's General Council has approved the ratification of the income and capital tax treaty with Latvia on 23 January 2025. Earlier, Latvia has published the law approving the ratification of a new income and capital tax treaty with Andorra on
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Croatia, Liechtenstein sign income tax treaty
The Liechtenstein government has announced the signing of an income tax treaty with Croatia on 22 January 2025. The agreement aims to eliminate double taxation between the two countries. The treaty adheres to standards set by the OECD and
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Belarus suspends tax treaty with Germany
Belarus Ministry of Taxes and Duties, in a notice, confirmed that it has suspended the 2005 tax treaty between Belarus and Germany, effective from 1 January 2025. This follows after Germany’s Federal Government notified Belarus, on 30 December
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UK: HMRC issues guidance on corporate tax for selling business assets
UK HMRC issued guidance on Corporation Tax for selling business assets on 16 January 2025. Corporation Tax is a tax that a company or association pays to HM Revenue and Customs (HMRC) on profits in an ‘accounting period’. The amount paid
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Ukraine updates transfer pricing rules for related parties, controlled transactions
The State Tax Service of Ukraine has announced changes to the transfer pricing rules concerning the identification of related parties and controlled transactions on 31 December 2024. Changes to the Tax Code of Ukraine came into force regarding
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Russia amends Tax Code, increases corporate income tax rate
Russia has introduced several changes to its Tax Code, effective starting 1 January 2025, which includes changes to the corporate income tax rate, simplified tax regime and tourist tax. The corporate income tax (CIT) rate has been raised from 20%
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