Switzerland: Federal Council recommends rejecting loss carryforward time limit extension
The Swiss Federal Council announced the adoption of a dispatch proposing legislation to extend the loss carry forward period from seven years to 10 years on 27 November 2024. The draft law responded to a motion submitted by Parliament, motivated by
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UK introduces statutory levy on gambling operators
The government announced taking its first steps towards strengthening gambling harm legislation on 27 November 2024, confirming plans to implement a statutory levy on gambling profits and online slot stake limits to help tackle the issue of gambling
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Armenia approves FTA between EAEU, Iran
Armenia’s President has signed a law for the ratification of the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) and Iran on 27 November 2024. The Armenian National
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Moldova: Parliament approves tax treaty protocol with Slovak Republic
Moldova’s parliament has passed a draft law for ratification of the amending protocol to the 2003 income and capital tax treaty with Moldova on 28 November 2024. The tax treaty between the Slovak Republic and Moldova shall prevent double
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UK: House of Commons debates Finance Bill 2024-25
UK’s Finance Bill 2024-25, which is based on the Autumn Budget 2024, underwent its second reading debate in the House of Commons on 27 November 2024. This followed its initial introduction and first reading on 6 November 2024. The bill passed
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Poland consults updated low-tax jurisdictions list, removes Andorra
Poland’s Ministry of Finance has initiated a public consultation on a proposed legislation that identifies countries and territories involved in harmful tax practices, classifying them as low-tax jurisdictions. The bill proposes to remove
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Ukraine: President signs 2025 budget
President Volodymyr Zelenskiy has signed the 2025 state budget for Ukraine on 28 November 2024. The 2025 budget prioritises Ukraine's defense and allocates significant funds to security and defense forces, as well as the production and
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European Commission clarifies VAT rules for small business scheme
The European Commission has released its Explanatory Notes detailing the upcoming changes to the EU VAT system concerning the special scheme for small enterprises. These changes stem from amendments made by the Amending Directive to the VAT
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Ukraine President to sign 2025 budget tomorrow
Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024. The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring
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European Commission applauds Greece’s pledge to align tonnage tax with state aid rules
The European Commission in a release on 25 November 2024 announced that the acceptance by Greece of the appropriate measures proposed by the Commission to bring the existing Greek tonnage tax scheme and related measures in line with State aid
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UK: HMRC clarifies changing filing member for Pillar Two top-up taxes account
The UK tax authority, HM Revenue & Customs (HMRC), has published guidance on a service for replacing the filing member for a Pillar Two top-up taxes account on 20 November 2024. Guidance- Replace the filing member for a Pillar Two top-up
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Liechtenstein seeks to establish income tax treaty with Slovak Republic
The Liechtenstein government has announced, on 20 November 2024, that officials from Liechtenstein and Slovak Republic convened to discuss economic relations, which included Liechtenstein's interest in establishing an income tax
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EU gazettes VAT agreement amendments with Norway
The EU has published the Council Decision (EU) 2024/2888 of 5 November 2024 in the Official Journal of the European Union on 19 November 2024, ratifying the agreement modifying the existing arrangement with Norway for administrative cooperation in
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Russia increases tax deductions for software and database costs starting 2025
The Russian Ministry of Finance has issued Guidance Letter No. 03-03-06/1/96344 on 10 April 2024, clarifying updates to tax deductions for costs related to acquiring and using computer programs and databases. Currently, a 1.5x deduction applies
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UK: HMRC issues guidance on paying pillar 2 top-up taxes
The UK His Majesty's Revenue and Customs (HMRC) released guidance on how and when to pay the Pillar 2 top-up taxes, covering both domestic top-up tax and multinational top-up tax, on 20 November 2024. When to pay Payments must be made no later
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Switzerland: Federal Council adopts dispatch on amendment of DTA with Hungary
The Swiss Federal Council announced the adoption of the proposal to approve the protocol to amend the 2012 income and capital tax treaty with Hungary on 22 November 2024. It implements the OECD's minimum standards from the base erosion and profit
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Russia clarifies taxation of international shipping under 1997 treaty with Turkey
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-08-09/96760 on 2 November 2024, clarifying the tax treatment of payments related to the operation of shipping vessels in international transport, in accordance with the 1997 tax
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Switzerland updates list of jurisdictions of automatic exchange of financial account information
The Swiss State Secretariat for International Finance has released an updated list of Automatic Exchange of Financial Account Information (AEOI) under the Common Reporting Standard (CRS) on 19 November 2024. The Automatic Exchange of Information
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