UK: HMRC announces public consultation on draft guidance on new rules for R&D tax reliefs
On 9 February 2024, the UK HMRC announced the public consultation on the draft guidance, which provides modifications to the Research and Development (R&D) tax reliefs that are expected to be implemented on 1 April 2024.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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Switzerland publishes safe harbor interest rate limits for 2024
On 31 January 2024, the Swiss Federal Tax Administration released two circulars concerning the safe harbor interest rate limits for shareholders and related party financing for 2024. The rates vary based on whether the financing is in Swiss francs
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IMF Report Discusses the Economy of Slovenia
On 30 January 2024 the IMF issued a report following discussions with Slovenia under Article IV of the IMF’s articles of agreement. The Slovenian economy has recovered from the pandemic but has been affected by the war in Ukraine. Following a
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IMF Comments on UK Fiscal Position
On 30 January 2024 the IMF held a press briefing on the latest update to the World Economic Outlook. During the press briefing Pierre-Olivier Gourinchas, the Chief Economist and Director of the Research Department at the IMF, responded to
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UK: Taxpayer Perceptions of Third Party Educational Messaging
On 25 January 2024 HMRC published the results of research that was commissioned by them in relation to customer perceptions of third party educational messaging. HMRC is considering the value of educational messaging via third party intermediary
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UK: Research on Taxpayer Perceptions of Personalised Digital Prompts
On 25 January 2024 HMRC published research they commissioned into taxpayer perceptions of personalised digital prompts. HMRC is introducing new technology to increase the efficiency of the tax system. This includes a digital prompts programme to
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UK: Transfer Pricing and Diverted Profits Tax Statistics
On 25 January 2024 HMRC published the latest set of statistics relating to transfer pricing and the diverted profits tax. The latest release contains data up to end of the 2022/23 tax year. The transfer pricing work is an important part of
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UK: Statistics on Venture Capital Trusts
On 24 January 2024 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. The VCT scheme is one of three tax-based venture capital schemes available to investors in the UK, together with the Enterprise
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IMF Report Comments on Greece’s Economy
On 23 January 2024 the IMF issued a report following discussions with Greece under Article IV of the IMF’s articles of agreement. Greece’s economic outlook has improved with real GDP growth projected at 2.3% in 2023 and 2.1% in 2024. Positive
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IMF Report Comments on Finland’s Economic Position
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
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Switzerland publishes transfer pricing guidelines
On 23 January 2024, the Swiss Federal Tax Administration published the updated Transfer Pricing Guide. The main provisions of the guide include: An overview of the arm's length principle and the consequences of non-compliance under Swiss law.
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Belarus modifies transfer pricing rules
On 27 December 2023, Belarus announced that it had made amendments to its transfer pricing rules. The new transfer pricing provisions are outlined in Law No. 327-Z of 27 December 2023, which went into effect on 1 January 2024. The new regulations
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Russia: FTS updates list of jurisdictions that do not exchange proper information for CFC purpose
On 10 January 2024, the Russian Federal Tax Service (FTS) published updated list of jurisdictions that do not exchange tax information with Russia (Decree No. ЕD-7-17/914). The list pertains to the tax exemption for profits of controlled foreign
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