Russia clarifies taxation of international shipping under 1997 treaty with Turkey
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-08-09/96760 on 2 November 2024, clarifying the tax treatment of payments related to the operation of shipping vessels in international transport, in accordance with the 1997 tax
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Switzerland updates list of jurisdictions of automatic exchange of financial account information
The Swiss State Secretariat for International Finance has released an updated list of Automatic Exchange of Financial Account Information (AEOI) under the Common Reporting Standard (CRS) on 19 November 2024. The Automatic Exchange of Information
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Ukraine: Parliament approves 2025 draft budget law
Ukraine’s Verkhovna Rada (parliament) has formally adopted the draft budget law for 2025 on 19 November 2024. The draft law requires the President's signature before it can be enacted. Earlier, Ukraine’s government approved the draft
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Norway considers crypto ownership reporting rules
Norway’s Ministry of Finance unveiled a draft bill, which introduces reporting obligations for third parties serving as crypto asset exchanges or custodians, for public consultation on 15 November 2024. The consultation is set to conclude on 15
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Romania: Chamber of Deputies approve protocol to tax treaty with Malta
Romania’s Chamber of Deputies have approved the amending protocol to the 1995 Malta-Romania Tax Treaty on 18 November 2024. The protocol has been presented to Romania's Senate for further approval. It will take effect 30 days after the
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Iceland approves budget bill for 2025
Iceland’s Budget Committee submitted the proposed amendments to the 2025 Budget on 15 November 2024 following its second parliamentary debate. The parliament approved the proposed amendments, incorporating them into the bill for the final round
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Switzerland publishes updated minimum taxation ordinance
Switzerland’s Federal Council has amended the Swiss Minimum Taxation Ordinance (OIMin) on 20 November 2024 due to the entry into force of the international supplementary tax (Income Inclusion Rule (IIR). The Federal Council decided on 4
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Russia to tax cryptocurrency transactions
The Russian Ministry of Finance announced that the government has approved proposed amendments to a bill regarding the taxation of income and expenses related to cryptocurrency transactions and mining. A report by the Russian news agency Interfax
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Hungary ratifies amending protocol to the income and capital tax treaty with Serbia
The President of Hungary has enacted Law No. XLV of 2024, ratifying the amending protocol to the Hungary-Serbia Income and Capital Tax Treaty (2001). The law was published in Official Gazette Magyar Közlöny No. 113 on 13 November
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UK introduces regulations for second late tax penalty
The UK government has announced new regulations regarding Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024 on 12 November 2024 aimed at tightening penalties for late tax payments. The updated
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Moldova: Cabinet of Ministers approve ratification of amending tax treaty protocol with Slovak Republic
Moldova's Cabinet of Ministers approved ratification of the protocol to the 2003 tax treaty with the Slovak Republic on 13 November 2024. The protocol marks the first amendment to the treaty, incorporating changes that align it with BEPS and
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EU releases updated public CbC reporting forms
The European Commission (EC) published a revised regulation that provides the common template and electronic reporting formats for the EU public country-by-country (CbC) reporting directive on 21 October 2024. This follows after the conclusion of
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EU: European Parliament backs FASTER initiative
The European Parliament's plenary session adopted its opinion on 14 November 2024 after a consultation on the proposed Council Directive for the Faster and Safer Relief of Excess Withholding Taxes (FASTER). The opinion endorses the compromise
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Romania, UK sign new income tax treaty
Officials from Romania and the United Kingdom signed a new income and capital tax treaty on 13 November 2024. The agreement will come into force once the ratification instruments have been exchanged. Upon becoming effective, it will supersede
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EU: Public prosecutor probes EUR 520M VAT fraud linked to mafia networks across nations
The European Public Prosecutor's Office (EPPO) has announced, on 14 November 2024, that it launched an investigation into a EUR 520 million VAT fraud orchestrated by multiple mafia groups operating in various EU and non-EU countries. The
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Romania gazettes income tax treaty suspension with Belarus
Romania has issued Order no. 2.412 of 6 November 2024 in the Official Gazette, announcing the suspension of the 1997 income and capital tax treaty with Belarus, effective from 12 November 2024. Earlier, the Romanian government approved a
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Korea, UK negotiate enhanced FTA
A release from the Ministry of Trade, Industry and Energy of the Republic of Korea on 11 November 2024, announced that the third round of negotiations for an enhanced free trade agreement (FTA) between Korea and the UK is taking place in Seoul
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UK: HMRC publishes new guidelines for patent box computations assistance
The UK tax authority, His Majesty's Revenue & Customs (HMRC) has released new guidelines to assist with Patent Box computations GfC9, on 7 November 2024, to address common errors in Patent Box computations. The aim is to improve compliance by
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