UK: Treasury launches public consultation on tax relief for visual effects costs
On 27 March 2024, the UK HM Treasury launched a public consultation regarding additional tax relief for visual effects costs. At the Spring Budget 2024, the government announced that UK visual effects costs in film and high-end programs would
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Belarus introduces new 25% tax rate for foreign organizations with permanent establishments (PEs)
On 20 March 2024, the Belarusian Ministry of Taxes and Duties released Letter No. 4-2-21/00850 on March 20, 2024, addressing the tax obligations of foreign entities with permanent establishments (PEs) conducting business in the Republic of Belarus.
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Ukraine revises form and procedures for county-by-country (CbC) reports
The State Tax Service of Ukraine released updates to the form and procedures for preparing country-by-country reports. Among the main changes to the procedure for filling out the country-by-country report of the international group of companies
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Russia proposes progressive individual income tax system
Russia's parliament is considering a major change to its income tax system, proposing a progressive structure with higher rates for the wealthiest individuals. Under the proposed plan, earners making up to 5 million rubles (approximately $68,000
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Ukraine cuts interest rate impacting late payment penalties
On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December
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UK Treasury publishes 2024 spring finance bill
On 14 March 2024, the UK HM Treasury declared that it had published the Spring Finance Bill (Finance No. 2 Bill). This bill includes various provisions concerning the Spring Budget 2024 and other related measures. The 2024 Spring Finance Bill aims
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UK government enacts finance act 2024 with changes to pillar 2 global minimum tax
On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22
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Switzerland releases Q&A guidance on application of transfer pricing rules
On February 23, 2024, the Swiss Federal Tax Authorities (SFTA) published the Q&A guidance regarding the application of transfer pricing regulations in Switzerland. This guidance clarifies the application of the arm's-length principle and the
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Albania: New law brings significant changes to withholding tax application
Albania’s newly enacted Income Tax Law No. 29/2023 significantly modifies the imposition of withholding tax. One key aspect of this updated income tax legislation is the distinction it highlights between payments to registered persons (local
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Ukraine reports 2023 transfer pricing adjustments results and penalty relief
On 22 February 2024, the State Tax Service of Ukraine published a release about the outcome of the transfer pricing adjustments in 2023. The release mentioned that from 1 August 2023 until the conclusion of martial law in Ukraine, taxpayers can
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UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
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Norway issues new guidance on transfer pricing reporting requirements for 2024
On 8 February 2024, the Norwegian Tax Administration (NTA) released a guidance regarding the amendments of the transfer pricing disclosures in tax returns for organizations, due by 31 May 2024 for the fiscal year ending in 2023. The guidance
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UK: HMRC announces public consultation on draft guidance on new rules for R&D tax reliefs
On 9 February 2024, the UK HMRC announced the public consultation on the draft guidance, which provides modifications to the Research and Development (R&D) tax reliefs that are expected to be implemented on 1 April 2024. The deadline for
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Ukraine mandates reporting of controlled foreign companies (CFCs)
On 6 February 2024, the State Tax Service of Ukraine issued a release outlining the mandatory reporting of controlled foreign companies. The State Tax Service of Ukraine informs that the campaign for submission by controlling persons of Reports on
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Russia: MoF issues guidance on expanded tax regimes for transfer pricing
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-12-11/1/126454 on 27 December 2023, providing clarification on the application of Order No. 86n from 5 June 2023. This order expanded the list of states with preferential tax
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Belarus offers tax incentives for rural business activities
On 2 February 2024, Belarus issued Presidential Decree No. 42, dated 2 February 2024, in the Official Gazette. The decree introduces tax incentives for entrepreneurs and businesses in rural areas and small towns. This decree offers a 50% reduction
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UK: HMRC publishes transfer pricing guidance on accurate delineation of actual transactions and analysis of risk
On 30 January 2024, the UK HMRC revised its transfer pricing operational guidance by including a new section on the accurate delineation of actual transactions and the analysis of risk. The updated transfer pricing operational guidance is
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Iceland announces personal income tax and corporate tax changes for 2024
The Iceland Revenue and Customs has released the key rates and amounts for 2024, which provides individual income tax changes in 2024. The key changes in the monthly brackets and rates involving personal income taxes are as follows: Income
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