Armenia ratifies MCCA on the exchange of financial account information
On 3 October 2023, the President of Armenia, Vahagn Khachaturyan, signed the law to ratify the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). This agreement facilitates the exchange
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Armenia deposits its instrument for the ratification of BEPS MLI
On 25 September 2023, Armenia deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent BEPS (MLI). The Convention will enter into force in relation to Armenia on 1
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North Macedonia introduces one-time solidarity profit tax for FY 2023
In a recent announcement, the North Macedonian Public Revenue Administration has declared the enactment of one-time solidarity tax law, published in the Official Gazette on 25 September 2023. Key Details: Threshold: The one-time solidarity
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North Macedonia updates TP report submission requirements
On 25 September 2023, North Macedonia officially published amendments to the Profit Tax Law in Official Gazette No.199. According to the amendments, the requirement to submit transfer pricing reports is terminated with effect from 1 January 2024. As
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Switzerland increases tax payment interest rates
On 11 September 2023, the Swiss Federal Tax Administration announced amended interest rates for late payment, refund, and advance tax payments. The announcement includes interest rates as follows: Interest rate for late payment and refund -
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United Kingdom: HMRC updates APA guidance
The HMRC has recently updated its guidance (INTM 422000 et seq) on Advance Pricing Agreements (APAs). The updated guidance provides more comprehensive information, particularly in terms of the formal process and HMRC's expected timeframes. These
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Ukraine: Government proposes the lifting of the moratorium on tax audits
On 6 September 2023, the Cabinet of Ministers of Ukraine proposed Draft Law No. 10016 to the Parliament, titled “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on the Cancellation of the Moratorium on Tax Audits”. The
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Ukraine proposes windfall tax on banks in draft bill
On 28 August 2023, the Ukrainian Committee on Finance, Taxation and Customs Policy submitted a draft bill to the Parliament, suggesting the implementation of a 5% windfall tax on banks' net interest income. This windfall tax will be effective
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Russia extends deadline for carrying forward tax Losses, makes other changes to corporate tax code
The Russian government has extended the deadline for carrying forward tax losses until 31 December 2026. The previous deadline was 31 December 2024. This change will allow businesses that have incurred losses in recent years to offset those losses
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Anguilla suspends exchange of tax information with Russia and Belarus
On 21 August 2023, the Government of Anguilla announced the suspension of exchanges and the sharing of tax information with Russia and Belarus in solidarity with the United Kingdom (UK) Government. Tax information is exchanged as part of a
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Russia amends regulations on taxation of controlled foreign companies
On 31 August 2023, the government of Russia announced new tax rules that will exempt profits of foreign collective investment structures from taxation. The exemption will apply if the following conditions are met: The profit of the structure is
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UK updates transfer pricing documentation requirements
The United Kingdom (UK) has published the Transfer Pricing Records Regulations 2023, which updated transfer pricing documentation requirements by introducing Local file and Master file requirements. The UK has officially updated its transfer
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UK: Statistics on Creative Industries Tax Relief
On 24 August 2023 HMRC published updated statistics for creative industries tax relief, showing that GBP 1.66 billion was paid out in tax relief for creative industries in 2021/22. The increase was due mainly to a significant rise in the amount of
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UK: HMRC announces new reporting regulations for digital platform operators (DAC7)
On 20 July 2023, the United Kingdom’s HMRC issued a policy paper outlining a comprehensive plan to establish reporting regulations for digital platform operators operating in the United Kingdom (UK). This initiative, which aligns with the OECD
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Ukraine ensures technical capacity for information exchange on CRS and CbCR
On 17 August 2023, Ukraine announced that the development of software for the State Tax Service of Ukraine has been completed, which will ensure the international automatic exchange of information under the Common Reporting Standard (CRS) and the
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Russia plans to implement windfall tax in 2024
On 7 August 2023, the President of the Russian Federation signed a law No. 414-FZ establishing a new federal tax of a one-time nature the excess profit tax. Taxation will apply to the surplus earnings of Russian companies, foreign entities
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Georgia adopts rules on Mutual Agreement Procedures (MAP)
The Ministry of Finance of Georgia recently published Decree No. 258 of July 2023, which approves the rules for the Mutual Agreement Procedures (MAP) under the Tax Treaties of Georgia or the provisions of the BEPS MLI. The rules encompass various
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Serbia amends the law to ratify BEPS MLI
On 27 July 2023, Serbia published in the Official Gazette Decree No. 78 of July 2023, approving amendments to the Law on Ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent Base Erosion and
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