UK: HMRC announces reduced late payment, repayment interest rates
HMRC announced revised interest rates on late and early tax payments, effective 27 August 2025. HMRC published updated interest rates for late and early payments on 8 August 2025, following the Bank of England’s 7 August decision to lower the
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Bahrain, Russia sign mutual customs assistance agreement
The customs cooperation agreement is aimed at enhancing trade facilitation and border security between the two countries. Bahrain and Russia signed an agreement on mutual administrative assistance in customs matters on 18 June 2025. The
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Switzerland adds Tunisia to CbC report exchange list
Switzerland updates the CbC report list, including Tunisia as reciprocal from January 2024. Switzerland has updated its list of jurisdictions for the exchange of Country-by-Country (CbC) reports under the Multilateral Competent Authority
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Switzerland to face 39% tariff as trade talks with the US falterÂ
Switzerland faces 39% US tariffs on exports starting 7 August 2025. Switzerland is likely to face 39% US tariffs on its exports after the country’s President Karin Keller-Sutter failed to secure a trade deal with the US, which is set to take
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US implements tariffs on one-kilo gold bars
The US has imposed tariffs on imports of one-kilo gold bars, potentially affecting Switzerland. According to the Financial Times report on 7 August 2025, the US has imposed tariffs on imports of one-kilogram gold bars, citing a July 31 letter
See MoreSwitzerland clarifies top-up tax treatment of residual tax on distributions
Switzerland confirms treatment of residual tax on distributions for top-up tax calculations effective from 1 January 2024. The Swiss Federal Tax Administration released Communication-026-E-2025-e on 24 July 2025, clarifying the treatment of
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UK: HMRC publishes internal guidance on multinational, domestic top-up taxes
HMRC has published internal guidance on the UK’s Multinational and Domestic Top-up Taxes, aligned with the OECD’s Pillar Two rules. UK’s tax, payments and customs authority (HMRC) published its Internal Manual on the Multinational Top-up
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Japan, Ukraine hold first round of investment pact revision negotiations
Japan and Ukraine held their first round of negotiations to revise the 2015 Investment Protection Agreement from 29 to 31 July 2025. Japan and Ukraine held the first round of negotiations to revise their 2015 Investment Protection Agreement
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Vietnam considers revising tax treaty and IPA with Switzerland
Vietnam seeks to revise its 1996 tax treaty and investment pact with Switzerland to reflect recent changes and boost bilateral economic ties. Vietnam expressed interest in revising the Switzerland–Vietnam Income and Capital Tax Treaty (1996)
See MoreUK unveils digital tax strategy roadmap with focus on e-invoicing
The UK aims to modernise its tax and customs systems through a digital strategy centred on e-invoicing and improved compliance. The UK’s tax, payments, and customs authority, HM Revenue and Customs (HMRC), has set out its “digital by
See MoreSwitzerland signals willingness to revise US offer in response to heavy tariffs
Switzerland plans to revise its trade offer following the US announcement of 39% import tariffs amid rising economic concerns. The Swiss government is preparing to revise its offer to the USÂ following the announcement of 39% import tariffs set
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Japan, Ukraine tax treaty enters into force
The new tax treaty replaces the 1986 tax treaty between Japan and Ukraine. Japan’s Ministry of Finance announced on 2 July 2025 that the new income tax treaty between Japan and Ukraine entered into force on 1 August 2025. The new treaty,
See MoreRussia introduces 0% corporate tax, other incentives for International Advanced Development Territory
The law will enter into force on 1 January 2026. Russia’s State Duma approved Federal Law No. 518779-8 on 22 July 2025, amending the Tax Code to establish tax and social contribution incentives for residents of the International Advanced
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Amending protocol France, Switzerland tax treaty enters into force
The amending protocol to the 1966 France–Switzerland tax treaty, has entered into force on 24 July 2025. The agreement is designed to prevent double taxation and prevent tax evasion between the two nations. Earlier, France published Law No.
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Albania: Council of Ministers approve income tax treaty with Denmark
The agreement aims to enhance economic cooperation and combat tax evasion. The Albanian Council of Ministers approved an income tax treaty with Denmark on 23 July 2025. This announcement was made by the Albanian Telegraphic Agency (ATA) on the
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UK: HMRC adds Spain, Guernsey as Pillar Two recognised territories
HMRC confirms Spain and Guernsey as recognised Pillar Two jurisdictions in Notice 2 issued on 24 July 2025. The UK’s tax, payments and customs authority, His Majesty’s Revenue & Customs (HMRC) issued Notice 2 — Pillar Two top-up taxes
See MoreRussia: Central Bank cuts key interest rate to 18%
New rate affects tax-related interest and penalty calculations from 25 July 2025. The Russian Central Bank reduced the key interest rate to 18% on 25 July 2025, following a prior cut from 21% to 20% on 6 June 2025. The key rate plays an
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Amending protocol to Serbia, Switzerland tax treaty enters into force
The protocol, signed on 19 September 2023, will generally take effect from 1 January 2026 and relates to withholding and other taxes. The amending protocol to the 2005 income and capital tax treaty with the former Serbia-Montenegro and
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