UK: HMRC initiates public consultation on draft regulations for late payment penalties
UK’s His Majesty's Revenue and Customs (HMRC) announced on 14 May, 2024, a public consultation regarding the draft regulations, to introduce provisions under paragraph 16(2) of Schedule 26 to the Finance Act 2021, to assess penalties for late tax
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Norway initiates consultation on 12-month deadline for tax deduction on unrecoverable receivables
Norway's Ministry of Finance has initiated a public consultation regarding the proposed introduction of a 12-month time limit for tax deductions for companies on unrecoverable trade receivables from related parties. A corresponding time limit is
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Finland: Belarus’ suspension will have no impact on tax treaty
Finland's Ministry of Finance released Notification 48/2024 concerning the ongoing enforcement of the 2007 tax treaty with Belarus on Monday, 13 May, 2024. Belarus has ceased the application of Articles 10, 11, and 13 from 1 June, 2024, to 31
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Russia and Abkhazia sign tax treaty
Russia and Abkhazia took a significant step towards economic cooperation by signing an income tax treaty, on 7 May, 2024, marking the agreement as a first between the two regions. The treaty, once ratified, will prevent double taxation and
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Turkey extends and adjusts reduced withholding tax rates until July 2024
Turkey's Revenue Administration has introduced Presidential Decision No. 8434, which brings significant adjustments to the withholding tax rates applied to various forms of income, particularly those from Turkish lira (TRY) deposit accounts. This
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Hong Kong releases synthesised text of BEPS MLI-affected tax treaty with Russia
The Hong Kong Inland Revenue Department (IRD) has released the synthesised text of the tax treaty with Russia, as affected by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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UK: HMRC urges early filing for 2023/2024 self assessment tax returns
His Majesty's Revenue and Customs (HMRC) published a release on 8 May, 2024, advocating the early filing of self-assessment returns for the 2023/2024 tax year. Customers can file their Self Assessment returns for the 2023 to 2024 tax year between
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UK: HMRC extends tax relief for freeports and investment zones
Her Majesty's Revenue and Customs (HMRC) released a policy note on 30 April, 2024, regarding the extension of tax relief availability for freeport and investment zone special tax sites, extending it from 5 to 10 years. The UK tax authority (HM
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Kenya seeks public comments on proposed income tax treaty with Belarus
On 8 April 2024, the National Treasury of Kenya published a public notice seeking comments on a proposed agreement for income tax between Kenya and Belarus from the public. The national treasury of Kenya organised the process on behalf of the
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Albania signs multilateral competent authority agreement on exchange of CbC reports
The Organisation for Economic Co-operation and Development (OECD) updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), on 30 April 2024, showing that Albania
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Belarus provides explanations of tax exemption for tech parks’ contributions to innovative development funds
The Belarus Ministry of Taxes and Duties released Letter No. 05-12/1484/2-2-13/01227 dated 26 April 2024 on 30 April, 2024, detailing the income tax deduction allowances for investments into innovative development funds by technology parks and their
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Russia: Parliament considers overhauling simplified taxation system for businesses
The Russian parliament is currently considering a draft bill that aims to modify the thresholds governing the application of the simplified taxation system for legal entities. Key provisions under consideration include: Employee Threshold
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Russia: Central bank maintains key interest rate at 16%
On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to
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Albania: Tax Administration announces CRS reporting deadline
On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024.
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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UK: Scotland introduces new income tax structure with updated bands and rates
On April 5, 2024, the Scottish government announced reforms to the income tax system, which went into force on 6 April 2024. These reforms include establishing a new "Advanced Rate" tax band, which imposes a 45% tax on incomes exceeding GBP 75,000.
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Ukraine issues controlled foreign companies (CFC) notification requirements
On 28 March 2024, the State Tax Service of Ukraine released a notice directed to companies and individuals residing in Ukraine, detailing their duty to report on controlled foreign companies. This notification outlines the requirement for
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on the Norwegian Continental Shelf. It is also proposed that tax
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