UK: Treasury approves side-by-side framework for global minimum tax
The UK Parliament has released a statement from the Exchequer Secretary to the Treasury on 7 January 2026 endorsing the Side-by-Side arrangement for the Pillar 2 global minimum tax, recently agreed by the BEPS Inclusive Framework. Implementation in
See More
UK: HMRC launches technical consultation on CIS changes
The UK tax authority, HM Revenue & Customs (HMRC), has launched a technical consultation on draft regulations to simplify the Construction Industry Scheme (CIS). The consultation, opened on 6 January 2026, covers exemptions for payments to
See More
Iceland: Revenue and Customs announces 2025 CbC report submission deadline
Iceland’s tax authority, the Revenue and Customs, has published a notification regarding the annual filing of the Country-by-Country (CbC) report on 25 November 2025. Pursuant to Act no. 90/2003 on income tax, entities subject to
See More
Russia updates VAT, corporate tax rules
Russia has enacted a series of tax reforms for 2026 under Federal Law No. 425-FZ of 28 November 2025, introducing changes across VAT, corporate taxation, and digital asset regulation. The reforms took effect on 1 January 2026. The standard VAT
See More
Andorra, UK tax treaty comes into force
The income and capital tax treaty between Andorra and the UK entered into force on 22 December 2025. The agreement, signed on 20 February 2025, marks the first bilateral tax treaty concluded between the two jurisdictions. The treaty applies to
See More
Russia: FTS updates jurisdictions list for automatic financial information exchange
Russia’s Federal Tax Service (FTS) has updated the list of jurisdictions that exchange financial account information under the CRS/AEOI framework. The update was made through FTS Order No. ED-7-17/883 dated 14 October 2025, registered with the
See More
Amending protocol to tax treaty between Norway, Qatar enters into force
In an update, Norway's government clarified that the protocol amending the 2009 income tax treaty between Norway and Qatar entered into force on 4 September 2025. The amendments modernise the treaty in line with OECD BEPS standards and strengthen
See More
Montenegro: Parliament adopts BEPS MLI
Montenegro’s parliament adopted the draft law ratifying the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 27 December 2025. Once the internal ratification process is
See More
Norway: Council of State revises supplementary tax law in line with 2024–25 inclusive framework
Norway’s Council of State has approved Act No. 123 of 22 December 2025 (Prop. 1 LS 2025–2026) amending the Supplementary Tax Act, which establishes the country’s Pillar 2 minimum tax framework for groups meeting the EUR 750 million
See More
Ukraine raises corporate tax rate for banks in 2026
Ukraine has enacted Law No. 4698-IX, published in the Official Gazette on 26 December 2025, introducing significant amendments to the country’s Tax Code and related legislation. Under the new law, banks will face a corporate income tax rate of 50%
See More
Iceland: Revenue and Customs announce corporate tax, VAT rates for 2026
Iceland’s tax authority, the Revenue and Customs, has released the key rates and amounts for 2026, detailing changes to corporate tax, VAT, and personal income tax. The rate changes are as follows: Corporate tax rate changes Income
See More
Azerbaijan releases consolidated text of tax treaty with Bosnia and Herzegovina under BEPS MLI
Azerbaijan's State Tax Service (STS) has released the consolidated versions of its tax treaty with Bosnia and Herzegovina, reflecting the changes introduced by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base
See More
UK: Government scales back farm inheritance tax
The UK government announced on Tuesday, 23 December 2025, that it will ease its planned inheritance tax on farms, following months of nationwide protests since the 2024 announcement. From April, the threshold for individual inheritance tax relief
See More
Russia, Indonesia sign free trade agreement
On 21 December 2025, during a meeting of the Supreme Eurasian Economic Council in Saint Petersburg, representatives from Russia and Indonesia signed a Free Trade Agreement (FTA). This announcement was made on 21 December 2025. The FTA provides
See More
Russia: Central bank cuts key rate by 50 bps as Inflation pressures ease
The Board of Directors of the Bank of Russia on 19 December 2025 decided to cut the key rate by 50 basis points to 16.00% per annum, citing easing underlying price pressures and the economy’s gradual return to a balanced growth path. Bank of
See More
Russia updates list of jurisdictions for automatic CbC report exchange
The Federal Tax Service (FTS) of Russia has revised the list of jurisdictions that automatically exchange Country-by-Country (CbC) tax reports. The changes were issued in Order No. ЕД-7-17/884 on 11 December 2025. The updated list now covers 60
See More
Russia: Government approves list of budget expenditures using digital ruble
Russia’s government has approved a list of budget expenditures eligible for execution with the use of the digital ruble beginning in 2025. This announcement was made on 18 December 2025. The list was developed under Federal Law No. 303-FZ of
See More
UK ratifies tax treaty with Peru
The UK issued the Double Taxation Relief and International Tax Enforcement (Peru) Order 2025 on 10 December 2025, confirming the ratification of its income and capital tax treaty with Peru. The agreement seeks to eliminate double taxation and
See More