Latvia ratifies tax treaty with Andorra
Latvia has published the law approving the ratification of a new income and capital tax treaty with Andorra on 12 December 2024. Signed on 21 December 2024, this agreement is the first tax treaty between the two nations. The treaty seeks to
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Bosnia and Herzegovina: Lower House approves VAT refund on new residential properties
Bosnia and Herzegovina’s lower house of Parliament (House of Representatives) approved amendments to the Value Added Tax (VAT) law on 6 December 2024. The amendments introduce provisions for VAT refunds on the first supply of new residential
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Armenia: Cabinet ratifies tax treaty with Hong Kong
Armenia’s Cabinet has ratified the income tax treaty with Hong Kong on 12 December 2024. Signed on 24 June 2024, the Armenia - Hong Kong income tax treaty is the first between the two jurisdictions. The agreement will take effect after the
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UK joins CPTPP trade bloc, anticipates GBP 2 billion annual economic boost
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a fully-fledged member on 15 December 2024, potentially boosting the UK economy by GBP 2 billion a year in the long run. This announcement was
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EU: European Court of Auditors issue report on ATAD, DAC6, TDRD
The European Court of Auditors released a report, “Combating Harmful Tax Regimes and Corporate Tax Avoidance” on 28 November 2024. The report evaluates the effectiveness of measures and strategies implemented by the European Commission (EC)
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EU approves e-tax certificate for VAT exemptions
The Council of the EU has announced that a political agreement has been reached regarding a new directive paving the way for the introduction of an electronic tax certificate for VAT exemptions on 10 December 2024. "As part of the EU's efforts to
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Serbia gazettes VAT law, e-invoicing rule amendments
Serbia’s parliament has passed the Amendments to the VAT Law and the Law on Amendments to the Law on Electronic Invoicing, which was published in the Official Gazette, No. 94/2024, on 28 November 2024. Amendments to the VAT Law Preliminary
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Switzerland updates list of participating jurisdictions for AEOI-CRS
The Swiss State Secretariat for International Finance (SIF) released an updated list of jurisdictions participating in the automatic exchange of information (AEOI) on financial accounts on 5 December 2024. This update aligns with the Common
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Netherlands: Tax treaties with Moldova, Kyrgyzstan, and Andorra enter into force
The amended protocol to the 2000 Netherlands-Moldova Income and Capital Tax Treaty, signed on 4 September 2023, will officially enter into force on 31 December 2024. This is the first amendment to the tax treaty and its provisions will take effect
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EU adopts new withholding tax rules (FASTER)
The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The
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Russia clarifies loss carry forward rules for IT companies
The Russian Ministry of Finance has released Guidance Letter No. 03-03-06/1/108990 on 25 November 2024, providing clarity on amendments to the loss restriction rules introduced by Federal Law No. 259-FZ. These changes affect IT companies that
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Moldova ratifies tax treaty protocol with Slovak Republic
Moldova published Decree No. 1676 of 3 December 2024 in the Official Gazette on 5 December 2024, enacting the law ratifying the amending protocol to the 2003 income and capital tax treaty with the Slovak Republic. The agreement between the Slovak
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Switzerland updates MCAA-CbC participation list, adds Armenia, Georgia, Montenegro
An updated the list of participating jurisdictions under the Multilateral Competent Authority Agreement (MCAA) for the exchange of country-by-country (CbC) (Decision No. RO 2024 738) was published in the Swiss Official Gazette on 3 December
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Serbia ratifies amending protocol to tax treaty with Hungary
Serbia has published the Law of 11/28/24 in its Official Gazette ratifying the pending protocol to the 2001 income and capital tax treaty with Hungary on 3 December 2024. Earlier, Hungary and Serbia signed an amending protocol to the
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Iceland, Saudi Arabia sign tax treaty
In an announcement by the Saudi Press Agency (SPA), officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The signing took place during the first day of the Zakat Tax and Customs Conference in
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Serbia: National Assembly adopts e-invoicing law amendment
Serbia’s National Assembly has approved a law to amend e-invoicing on 27 November 2024. The law will take effect on 15 December 2024, with full implementation by 1 January 2025. This follows after Serbia's Ministry of Finance updated the
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Ukraine raises tax on banks, financial institutions
Ukraine has signed Law 4015-IX (The Law on Amendments to the Tax Code of Ukraine and Other Laws of Ukraine to Ensure the Balance of Budget Revenues during Martial Law) into law on 28 November 2024. One key provision of this new law is the increased
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European Commission issues final rules for CbC reporting directive
The European Commission has published the final version of the Commission Implementing Regulation (EU) 2024/2952 of 29 November 2024 in the Official Journal of the EU on 2 December 2024. This document establishes a common template and electronic
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