Ukraine mandates 2024 CbC reports from MNEs headquartered in US, Canada, Israel
The automatic exchange of reports with these countries have not yet fully worked as of the end of 2024. The State Tax Service of Ukraine announced that constituent entities in Ukraine belonging to multinational enterprise (MNE) groups
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OECD urges Iceland to reform its fiscal framework
The OECD report recommends that Iceland reform its fiscal framework to enhance sustainability and reduce economic volatility. The Organisation for Economic Co-operation and Development (OECD) has published a report on 26 June 2025, advising
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Norway proposes phased B2B e-invoicing and digital bookkeeping mandate
The deadline for sending feedback is 31 October 2025. Norway's Ministry of Finance has initiated a public consultation on 1 July 2025, regarding the proposed mandatory digital bookkeeping and B2B e-invoicing for all domestic and foreign entities
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Norway issues list of non-cooperative tax jurisdictions
Norway's Ministry of Finance adopted a regulation listing non-cooperative tax jurisdictions to align with EU and EEA obligations. Norway’s Ministry of Finance adopted the Regulation on Non-Cooperative Jurisdictions for Tax Purposes, which
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Ukraine: Government approves 2026–2028 budget plan
Ukraine’s Cabinet approved the 2026–2028 Budget Declaration, outlining fiscal targets, wage adjustments, and EU-aligned reforms. The Ukrainian Council of Ministers approved the Budget Declaration for 2026–2028 through Decree No. 774 on 27
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UK: Treasury enacts cryptoasset reporting regulations
The Regulations implement OECD's Crypto-Asset Reporting Framework (CARF) and will come into force on 1 January 2026. The UK Treasury has enacted Regulations 2025 (SI 2025/744) on 24 June 2025; mandating UK reporting crypto asset service
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Ukraine clarifies VAT rules for foreign currency advance payments
The tax authority clarified that VAT on advance payments in foreign currency for services to non-residents must be calculated using the previous working day’s official exchange rate. The State Tax Service of Ukraine has confirmed that VAT on
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Ukraine considers extending VAT exemption for electric vehicles until 2027
Ukraine’s parliament is reviewing a draft law to extend the VAT exemption on electric vehicles by one year, through to 1 January 2027. Ukraine’s parliament is reviewing draft Law No. 13351, submitted on 6 June 2025, which proposes to extend
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UK, US agree on global minimum tax deal
The UK and US have agreed on the G7 global minimum tax framework, removing Section 899 to protect UK businesses from extra taxation. The UK Government has published a statement regarding its agreement with the US on the implementation of the
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Iceland, Montenegro conclude first round of tax treaty negotiations
The tax treaty talks took place from 3 to 5 June 2025. Iceland and Montenegro concluded their first round of negotiations for an income and capital tax treaty in Podgorica on 5 June 2025. Talks took place from 3 to 5 June 2025, and agreement
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Hong Kong, Norway conclude income tax treaty talks
Hong Kong and Norway agreed to accelerate the signing of an income tax treaty. The Hong Kong government announced on 13 June 2025 that Hong Kong and Norway have reaffirmed their commitment to expediting the signing of an income tax
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UK: Treasury expands scope of Common Reporting Standard (CRS)
The new rules expand the scope of the CRS to include electronic money institutions and certain e-money products, exclude most charities, and require the reporting of additional information to improve data usability.. The UK Treasury enacted The
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UK-US agreement on reduced car and aerospace tariffs now in force
A UK-US trade agreement reducing tariffs on British car and aerospace exports is now in effect, with steel and aluminium duty discussions ongoing. According to statements from the UK government, a trade agreement between the US and the UK, aimed
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Brazil, Guernsey TIEA enters into force
The agreement covers criminal tax matters and other tax matters for taxable periods starting or charges arising from that date. The Guernsey government has announced that the tax information exchange agreement (TIEA) with Brazil took effect on 13
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France issues clarification on Belarus tax treaty suspension
France partially suspended the 1985 tax treaty with Belarus on 8 August 2024. France’s General Directorate of Public Finance has issued updated guidance on 18 June 2025, regarding the 1985 income tax treaty with the former Soviet Union as
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UK: HMRC updates guidance on unilateral APA programme for development CCAs
HMRC has updated its international manual with new guidance and a sample agreement for a unilateral APA programme covering UK entities’ participation in development cost contribution arrangements. The UK HM Revenue & Customs (HMRC) has
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Norway: Ministry of Finance announces corporate tax rates effective from July 2025
Norway's Ministry of Finance announced tax updates effective July 2025, which includes reduced VAT for water services, limited CO2 tax exemptions for shipping, lower waste incineration tax for non-ETS enterprises, a military refuelling reimbursement
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Ukraine to repeal commercial code from August 2025
The repeal will abolish several legal entity types and launch a three-year transition period. Ukraine has enacted Law No. 4196-IX, repealing the Commercial Code effective 28 August 2025. The reform shifts business regulation to the Civil Code and
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