Belarus: President authorises tax treaty negotiations with Myanmar
The President of Belarus signed a decree approving a draft income tax treaty with Myanmar on 25 November 2025. The draft agreement provides a framework for Belarus to negotiate with Myanmar and includes provisions to eliminate double taxation on
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Russia: Government approves federal budget execution for first nine months of 2025
The Government of Russia has approved the execution of the federal budget for the first nine months of 2025, according to a report presented by Finance Minister Anton Siluanov at a Government meeting. All obligations for the period have been met.
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UK: Government releases 2025 budget, mandates VAT e-invoicing from 2029Â
The UK government published Budget 2025 on 26 November 2025, introducing various measures to improve digital tax administration. One key measure is the requirement for all VAT invoices to be electronic from 1 April 2029. The shift to e-invoicing
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UK retains SME transfer pricing exemption, plans new multinational reporting regime
The UK government will maintain its current transfer pricing exemption for small and medium-sized enterprises (SMEs), while moving ahead with plans to introduce a new International Controlled Transactions Schedule (ICTS) for multinational
See MoreUK 2025 Budget: Government unveils tax incentives for businesses
The UK government has unveiled Budget 2025 measures aimed at cutting costs, boosting investment, and supporting business growth on 26 November 2025. Key business support measures include: Permanent lower business rates tax rates for over
See MoreRussia: State Duma approves 2026 tax code amendments
Russia’s State Duma has approved amendments to the Tax Code introducing key tax measures for 2026. Draft Law No. 1026190-8 passed its third and final reading on 20 November 2025. Under the changes, the standard VAT rate rises from 20% to 22%.
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Russia expands VAT exemptions for precious metal banking transactions
Russia has introduced new VAT relief measures for banking operations involving precious metals following the publication of Federal Law No. 417-FZ on 17 November 2025. The law adds two categories of transactions to the list of VAT-exempt
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Georgia implements several tax code modifications for 2026, strengthens transfer pricing rules
Georgia has issued Law No. 1061-IVМС-XIМП dated 12 November 2025 in the Official Gazette, introducing several amendments to the Georgian Tax Code. The amendments introduce targeted incentives for agriculture, capital markets, construction, and
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Armenia, Japan tax treaty enters into force
Japan’s Ministry of Foreign Affairs announced on 21 November 2025 that the Armenia–Japan Income Tax Treaty (2024) will enter into force on 20 December 2025, with most of its provisions coming into effect on 1 January 2026. However, the
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EU Council signs updated tax cooperation agreements with Andorra, Liechtenstein, Monaco, San Marino, Switzerland
The EU Council approved updated tax cooperation agreements with Andorra, Liechtenstein, Monaco, San Marino, and Switzerland, extending automatic financial account information exchanges to cover electronic money products and digital currencies on 20
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Peru ratifies 2025 income tax treaty with UK
Peru approved the 2025 Income Tax Treaty with the UK through Supreme Decree No. 051-2025-RE on 20 November 2025, with the ratification published in the Official Gazette on 21 November 2025. The agreement aims to mitigate tax base erosion and
See MoreRussia: MoF to introduce 2026 VAT measures for marketplace sales
Russia’s Ministry of Finance has clarified that taxpayers using the simplified taxation system can sell goods on marketplaces without paying VAT, and such transactions do not constitute a tax violation. This announcement was made on 21 November
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Bosnia and Herzegovina: Federation adopts draft law on transaction fiscalisation
The Government of the Federation of Bosnia and Herzegovina, acting on a proposal from the Federal Ministry of Finance, adopted the draft law on the Fiscalisation of Transactions in the Federation of BiH on 18 November 2025. The draft law will now
See MoreRussia: State Duma passes major tax reform bill, introduces sector-specific measures
Russia’s State Duma has approved in its third reading a wide-ranging tax policy bill introducing new personal income tax (PIT) benefits, expanding support for families and participants in the Special Military Operation (SMO), and revising several
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Estonia ratifies tax treaty with Liechtenstein
Estonia gazetted the law ratifying the income and capital tax treaty with Liechtenstein on 19 November 2025. Signed on 10 July 2025, the agreement seeks to eliminate double taxation and prevent tax evasion. The treaty covers Estonian income tax,
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Liechtenstein: Parliament approves income tax treaty with Montenegro
Liechtenstein’s Parliament (Landtag) confirmed the approval of the income tax treaty with Montenegro on 7 November. Liechtenstein and Montenegro signed an income and capital tax treaty on the sidelines of the 80th session of the UN General
See MoreEU Parliament endorses protocols to expand AEOI-CRS agreements with Andorra, Monaco, San Marino, Liechtenstein, Switzerland
The European Parliament approved Legislative Resolution Nos. P10_TA(2025)0269 (Andorra), P10_TA(2025)0270 (Monaco), P10_TA(2025)0271 (San Marino), P10_TA(2025)0272 (Liechtenstein) and P10_TA(2025)0273 (Switzerland), authorising the conclusion of
See MoreRussia: State Duma approves key tax policy bill, introduces incentives for businesses and individuals
Russia’s State Duma approved in its second reading of a bill outlining major directions of the country’s tax policy, incorporating proposals from businesses and government agencies, and implementing directives from the President and Government
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