Andorra, Latvia approve signing of tax treaty
The Executive Council of the Principality of Andorra has approved signing an income tax treaty with Latvia following the conclusion of negotiations in January 2024. The tax treaty, the first between the two nations, aims to establish a convention
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Ukraine enacts ‘White Business Club’ law
Ukraine’s President Volodymyr Zelenskyy signed Law No. 11084 enacting the “White Business Club”. This legislation amends the Tax Code of Ukraine and introduces several tax incentives and benefits for taxpayers exhibiting a strong commitment to
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Russia lowers tax thresholds for monitoring system participation
Russia enacted Law No. 259-FZ, published in the Official Gazette on 8 August 2024, which lowers the financial thresholds for businesses to participate in the country’s tax monitoring system. This system offers taxpayers a streamlined process
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Ukraine: MCAA for financial data exchange enters into force
Ukraine's Ministry of Foreign Affairs published Letter No. 72/14-612-106482, on 5 August 2024, stating that the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) entered into force for Ukraine
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South Korea, Andorra ratify pending tax treaty
The Principality of Andorra has announced the ratification of the pending income tax treaty with South Korea, the notice was published in the Official Gazette on 6 August 2024. The agreement aims to eliminate double taxation involving income
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Ukraine, Mauritius to negotiate first income tax treaty
Officials from Ukraine and Mauritius met to discuss strengthening cooperation and agreed to start negotiations for an income tax treaty, according to a release published by the Ukrainian government. “Today in Port-Luis, I was honoured to be
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UK: HMRC revises guidance on multinational, domestic top-up taxes
The UK HMRC released updated guidance on ‘How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax’ on 6 August, 2024. HMRC online service HMRC is developing a new online service to enable businesses to meet their MTT
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Russia clarifies VAT rules for digital services from non-residents
Russia's Federal Tax Service issued Letter No. 16-18/081555, clarifying VAT obligations for digital services provided by non-residents to Russian entities. The letter states that when digital services such as rights to images, music, and video
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UK, Ecuador sign first income tax treaty
The United Kingdom and Ecuador signed their first ever income tax treaty on 6 August 2024. The agreement must now be ratified by both countries before it can enter into force. A tax treaty is a bilateral agreement between two countries to resolve
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UK: HMRC publishes digital platform reporting guidelines
The UK HMRC published a guidance on Reporting rules for digital platforms on the UK’s implementation of the OECD’s Model Rules for Platform Reporting, on 1 August 2024, outlining the reporting requirements for individuals selling goods or
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UK increases energy profits levy rate, eliminates main investment allowance
UK HM Treasury has released a policy paper detailing changes to the Energy Profits Levy (EPL), which involve raising the EPL rate and eliminating the investment allowance. The Energy (Oil and Gas) Profits Levy (EPL) was introduced in May 2022 to
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UK revises late payment interest rates
The UK HMRC has announced a revision of late payment and repayment interest rates following the Bank of England's recent cut to the base rate from 5.25% to 5.0% on 1 August 2024. New interest rates Late payment interest rate: From 20 August,
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UK announces autumn budget date, tax policy
The UK Chancellor of the Exchequer, Rachel Reeves, revealed that the first budget of the new government will be revealed on 30 October, 2024. It will be presented alongside the new economic and fiscal forecasts on the same date. The announcement
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Russia publishes federal law with major tax reforms
Russia officially published Federal Law No. 176-FZ on 12 July 2024, introducing a set of tax reforms effective from 2025. Key changes include a corporate tax rate hike to 25% and new progressive individual income tax rates reaching up to 22%. The
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Tax Authority Approach to Business Fragmentation: Lessons from a Recent Russian Case
Traditionally, countries like Russia, Kazakhstan, and others in their vicinity have created highly advantageous conditions for small businesses by setting a substantially high ceiling for qualifying for reduced tax rates. For instance, in Russia, a
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Belarus issues tax incentive guidelines for investments
The Belarus Ministry of Taxes and Duties issued guidance on the tax incentives for implementing investment projects in Belarus. These tax incentives will be granted based on investment agreements and special investment arrangements, specifically
See MoreIMF Issues Report Following Consultations with Italy
On 23 July 2024 the IMF issued a report following the consultation with Italy under Article IV of the IMF’s articles of agreement. The report noted that Italy’s economy has recovered from the pandemic and energy price shocks, with economic
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Costa Rica, Switzerland to restart tax treaty talks
The Swiss Federal Council, in a release on 15 July 2024, has announced that Costa Rica and Switzerland officials have restarted negotiations for an income tax treaty between the two countries. Officials from both nations discussed bilateral and
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