Switzerland: Canton of Ticino passes tax reforms
Switzerland’s canton of Ticino approved tax reforms aimed at reducing tax burden on high-income earners and making Ticino more attractive for top managers. The tax reforms include reducing individual income tax rates, amending inheritance and gift
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Ukraine clarifies residence certificate requirements for withholding tax exemptions
The State Tax Service of Ukraine has issued new guidance detailing the requirements for residence certificates needed to claim withholding tax exemptions or reductions under tax treaties. The guidance is for tax agents making income payments to
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IMF Working Paper: Supporting Venture Capital to Increase Innovation in the EU
On 12 July 2024 the IMF published a working paper with the title Stepping Up Venture Capital to Finance Innovation in Europe, written by N.G. Arnold, G. Claveres and J.Frie. The paper notes that the EU is lagging behind other locations such as
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IMF Report Comments on France’s Economy
On 27 June 2024, the IMF issued a report following the conclusion of consultations with France under Article IV of the IMF’s articles of agreement. Despite a slowdown in the economic recovery in 2023, the French economy has remained relatively
See MoreIMF: Bank profits and bank taxes in the EU
An IMF working paper published on 9 July 2024, written by Maneely Morgan and Lev Ratnovski, looks at the various new taxes on banks introduced by EU countries. The paper notes that since 2022 banks in the EU have been making high profits. These
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Switzerland, Hungary sign protocol to update double taxation agreement
Switzerland and Hungary signed a protocol of amendment to the agreement for the avoidance of double taxation with respect to taxes on income and capital (DTA) on 12 July 2024 at Budapest. It implements the minimum standards for double taxation
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Russia approves tax reform bill
The Russian State Duma and Federation Council have approved a tax reform bill aimed at boosting fiscal revenues on 10 July, 2024. Proposed by the Ministry of Finance and endorsed after rigorous debate, the legislation ushers in significant changes
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Switzerland consults on VAT collection amendments for digital platforms
The Swiss Federal Taxation Administration (FTA) has initiated a public consultation on proposed amendments that would mandate digital platforms to collect VAT starting 1 January, 2025. Principles and objectives of the legislation In order to
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UK issues guidance on preparation of Multinational Top-up Tax, Domestic Top-up Tax
The UK HMRC issued guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax. In October 2021, the UK and over 135 other countries agreed as part of the OECD Inclusive Framework to a two-pillar solution to reform the
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Ukraine extends tax statute limitations for non-residents
The State Tax Service of Ukraine released a notice announcing the extension of the statute of limitations for documents and information necessary for tax control to 2,555 days (seven years), according to Articles 39 and 39, Paragraph 141.4 –
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UAE, Georgia Comprehensive Economic Partnership Agreement enters into force
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and Georgia went into effect on 27 June, 2024. The CEPA agreement is set to deepen trade and investment ties, accelerate growth in priority industries,
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European Commission publishes 2024 Annual Report on Taxation
The European Commission unveiled the 2024 Annual Report on Taxation on 3 July 2024; the 2024 edition provides an update on the state of tax systems in the European Union's member states. It aims to inform the debate about: The developments
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Ireland updates guidelines on payment and receipt of interest, royalties without income tax deduction
Irish Revenue has released eBrief, updating Tax and Duty Manual 08-03-06 regarding the payment and receipt of interest and royalties without income tax deduction. The update clarifies the application of reduced withholding tax under double taxation
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Turkey: Finance Minister outlines strategies to combat tax evasion, abolish certain tax incentives
In a recent televised interview, Turkey’s Treasury and Finance Minister Mehmet Simsek discussed the country's economic strategies and reforms, which included schemes to broaden the country’s tax base and combat tax evasion. The government is
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Russia introduces tax reform draft laws
Russia's Ministry of Finance presented a set of draft laws to the Russian Government intended to enhance the tax system on 29 May, 2024. The package contains several major amendments to the Tax Code, Budget Code and Budget Law for 2024 and the
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Czech Republic clarifies suspended tax treaty with Belarus
The Czech Republic tax authorities issued a guidance, on 1 July 2024, clarifying the suspension of Articles 10 (dividends), 11 (interest), and 13 (capital gains) of the tax treaty agreement between the Czech Republic and Belarus. The tax treaty
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Belarus clarifies tax treaty application with France
The Ministry of Taxes and Duties of Belarus issued a clarification on the application of the tax treaty to the 1985 Belarus-France income tax treaty on 28 June, 2024. France has announced that it will suspend articles 7 (dividends), 8 (interest),
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Switzerland enacts new tax treaty amendment with France
On 25 June 2024, Switzerland’s tax authorities published “Federal Decree No. 1461/2024 of 14 June 2024” in the Official Gazette. This decree sets a referendum deadline of 3 October 2024 for the approval of the Additional Agreement, signed on
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