UK: HMRC introduces strict crypto reporting rules starting 2026
UK crypto traders will face penalties if they fail to provide personal information under HMRC’s updated reporting requirements. The UK's HM Revenue & Customs (HMRC) has published updated guidelines introducing new reporting obligations for
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Latvia, Andorra tax treaty enters into force
Latvia and Andorra's agreement to eliminate double taxation and prevent tax evasion came into effect on 16 June 2025. Andorra announced in the Official Gazette that the income and capital tax treaty between Andorra and Latvia entered into force
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UK Treasury amends Pillar Two rules to allow retrospective HMRC notices
The UK Treasury has amended Multinational Top-up Tax regulations to enable HMRC to issue retrospective notices under the OECD’s Pillar Two rules, effective 24 July 2025. The UK Treasury introduced SI 2025/783 on 30 June 2025, amending the
See MoreUK: Online marketplaces responsible for VAT on sales by foreign sellers
HMRC has confirmed that online marketplaces must account for VAT on goods sold by overseas businesses when the items are located in the UK at the time of sale. The UK’s HM Revenue & Customs (HMRC) issued guidance on 20 June 2025 confirming
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Russia: Federation Council ratifies new income and capital tax treaty with UAE
Russia’s Federation Council ratifies law for new income and capital tax treaty with UAE, replacing 2011 agreement. The Russian Federation Council approved the law ratifying the income and capital tax treaty with the UAE on 2 July 2025. The
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Georgia introduces tax incentives for startups and R&D entities
Innovative startups will enjoy 10 years of tax benefits, including exemption from salaries for the first three years, 5% corporate tax rates for the next three years, and 10% for the final four years. R&D service providers will face 5% corporate
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Ukraine mandates 2024 CbC reports from MNEs headquartered in US, Canada, Israel
The automatic exchange of reports with these countries have not yet fully worked as of the end of 2024. The State Tax Service of Ukraine announced that constituent entities in Ukraine belonging to multinational enterprise (MNE) groups
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OECD urges Iceland to reform its fiscal framework
The OECD report recommends that Iceland reform its fiscal framework to enhance sustainability and reduce economic volatility. The Organisation for Economic Co-operation and Development (OECD) has published a report on 26 June 2025, advising
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Norway proposes phased B2B e-invoicing and digital bookkeeping mandate
The deadline for sending feedback is 31 October 2025. Norway's Ministry of Finance has initiated a public consultation on 1 July 2025, regarding the proposed mandatory digital bookkeeping and B2B e-invoicing for all domestic and foreign entities
See MoreNorway issues list of non-cooperative tax jurisdictions
Norway's Ministry of Finance adopted a regulation listing non-cooperative tax jurisdictions to align with EU and EEA obligations. Norway’s Ministry of Finance adopted the Regulation on Non-Cooperative Jurisdictions for Tax Purposes, which
See MoreUkraine: Government approves 2026–2028 budget plan
Ukraine’s Cabinet approved the 2026–2028 Budget Declaration, outlining fiscal targets, wage adjustments, and EU-aligned reforms. The Ukrainian Council of Ministers approved the Budget Declaration for 2026–2028 through Decree No. 774 on 27
See MoreUK: Treasury enacts cryptoasset reporting regulations
The Regulations implement OECD's Crypto-Asset Reporting Framework (CARF) and will come into force on 1 January 2026. The UK Treasury has enacted Regulations 2025 (SI 2025/744) on 24 June 2025; mandating UK reporting crypto asset service
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Ukraine clarifies VAT rules for foreign currency advance payments
The tax authority clarified that VAT on advance payments in foreign currency for services to non-residents must be calculated using the previous working day’s official exchange rate. The State Tax Service of Ukraine has confirmed that VAT on
See MoreUkraine considers extending VAT exemption for electric vehicles until 2027
Ukraine’s parliament is reviewing a draft law to extend the VAT exemption on electric vehicles by one year, through to 1 January 2027. Ukraine’s parliament is reviewing draft Law No. 13351, submitted on 6 June 2025, which proposes to extend
See MoreUK, US agree on global minimum tax deal
The UK and US have agreed on the G7 global minimum tax framework, removing Section 899 to protect UK businesses from extra taxation. The UK Government has published a statement regarding its agreement with the US on the implementation of the
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Iceland, Montenegro conclude first round of tax treaty negotiations
The tax treaty talks took place from 3 to 5 June 2025. Iceland and Montenegro concluded their first round of negotiations for an income and capital tax treaty in Podgorica on 5 June 2025. Talks took place from 3 to 5 June 2025, and agreement
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Hong Kong, Norway conclude income tax treaty talks
Hong Kong and Norway agreed to accelerate the signing of an income tax treaty. The Hong Kong government announced on 13 June 2025 that Hong Kong and Norway have reaffirmed their commitment to expediting the signing of an income tax
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UK: Treasury expands scope of Common Reporting Standard (CRS)
The new rules expand the scope of the CRS to include electronic money institutions and certain e-money products, exclude most charities, and require the reporting of additional information to improve data usability.. The UK Treasury enacted The
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