Albania implements country-by-country reporting legislation
Albania enacted regulations on 11 August 2024, concerning country-by-country (CbC) reporting, outlining specific rules and procedures that ultimate parent entities and constituent entities of a multinational enterprise (MNE) group must follow
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UK releases new transfer pricing compliance guidelines
The UK’s tax authority, HM Revenue & Customs (HMRC), published new transfer pricing compliance guidelines, Guidelines for Compliance—Help with common risks in transfer pricing approaches—GfC7’ (Guidelines for Compliance), on 10 September
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IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
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Ukraine: MCAA CbCR agreement comes into force
The Ukrainian Ministry of Finance issued a reminder about the commencement of the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR) on 2 September 2024. Ministry of Finance of Ukraine reminds
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UK extends EIS and VCT schemes for 10 years to boost start-ups
The UK government has announced a ten-year extension for the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme, which will run until 5 April 2035. This move aims to support start-ups and entrepreneurs in driving economic
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Norway, Qatar sign amending protocol to tax treaty
On 4 September 2024, Norway and Qatar signed an amending protocol to the 2009 Norway—Qatar Income Tax Treaty. This tax treaty aims to prevent double taxation and avoid fiscal evasion regarding taxes on income between the two countries. The
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Russia approves income tax treaties with Abkhazia and Malaysia
The Russian government approved draft laws for the ratification of pending income tax treaties with Abkhazia and Malaysia on 4 September 2024. Previously, Russia and Abkhazia took a step towards economic cooperation by signing an income tax
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IMF Report on Latvia Makes Tax Recommendations
On 5 September 2024 the IMF issued a report following discussions with Latvia under Article IV of the IMF’s articles of agreement. Following recovery from the pandemic, Latvia’s economic growth contracted by 0.3% in 2023, with tighter
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Switzerland to implement Pillar 2 IIR from January 2025, UTPR deferred
The Swiss Federal Council has declared that the Pillar 2 income inclusion rule (IIR) will be effective from 1 January 2025. The Swiss supplementary tax (QDMTT) has been in effect since 1 January 2024, but the undertaxed profits rule (UTPR) will not
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Montenegro and Ukraine initial new income tax treaty to replace 2001 agreement
Montenegro and Ukraine officials reportedly concluded the second round of negotiations by initiating an income tax treaty on 28 August 2024. This agreement, which will replace the 2001 tax treaty established between Ukraine and the former
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Albania updates double taxation treaty rules
Albania's Ministry of Finance has announced Instruction No. 11 of 23 July 2024, published in the Official Gazette No. 133/2024. The new instructions came into force on 2 August 2024. The guidance introduces revised compliance procedures for
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UK to join CPTPP by 15 December’ 24
The UK Department for Business and Trade has revealed that the agreement for the UK's entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will take effect by 15 December 2024. The CPTPP, signed by 11
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UK plans higher windfall tax on North Sea oil, gas producers
The British government's plan to raise the windfall tax on North Sea oil and gas producers. In late July, the Labour government announced changes to the Energy Profits Levy (EPL), including increasing the tax rate from 35% to 38% starting 1
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UK: PM warns of ‘painful’ October budget, unveils GBP 22 billion financial gap
UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) budget
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Switzerland approves VAT reform with key changes from 2025
The Federal Council of Switzerland has approved VAT reform, effective 1 January 2025. The reforms introduce several key changes, which are as follows: A new voluntary balance and flat-rate tax method to simplify compliance for VAT flat rate
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OECD reports advances on harmful tax practices in Armenia, Bulgaria, Croatia, Eswatini, and Hong Kong
The OECD released an announcement on 27 August 2024 highlighting that jurisdictions have made further progress in addressing harmful tax practices through the implementation of the international standard under BEPS Action 5. This is evidenced by
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
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European Commission launches anti-dumping probe on Chinese steel track shoe imports
The European Commission is set to launch an anti-dumping investigation into steel track shoe imports from China. The Notice of initiation of an anti-dumping proceeding concerning imports of steel track shoes originating in the People's Republic of
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