UK-US agreement on reduced car and aerospace tariffs now in force
A UK-US trade agreement reducing tariffs on British car and aerospace exports is now in effect, with steel and aluminium duty discussions ongoing. According to statements from the UK government, a trade agreement between the US and the UK, aimed
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Brazil, Guernsey TIEA enters into force
The agreement covers criminal tax matters and other tax matters for taxable periods starting or charges arising from that date. The Guernsey government has announced that the tax information exchange agreement (TIEA) with Brazil took effect on 13
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France issues clarification on Belarus tax treaty suspension
France partially suspended the 1985 tax treaty with Belarus on 8 August 2024.  France’s General Directorate of Public Finance has issued updated guidance on 18 June 2025, regarding the 1985 income tax treaty with the former Soviet Union as
See MoreUK: HMRC updates guidance on unilateral APA programme for development CCAs
HMRC has updated its international manual with new guidance and a sample agreement for a unilateral APA programme covering UK entities’ participation in development cost contribution arrangements. The UK HM Revenue & Customs (HMRC) has
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Norway: Ministry of Finance announces corporate tax rates effective from July 2025
Norway's Ministry of Finance announced tax updates effective July 2025, which includes reduced VAT for water services, limited CO2 tax exemptions for shipping, lower waste incineration tax for non-ETS enterprises, a military refuelling reimbursement
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Ukraine to repeal commercial code from August 2025
The repeal will abolish several legal entity types and launch a three-year transition period. Ukraine has enacted Law No. 4196-IX, repealing the Commercial Code effective 28 August 2025. The reform shifts business regulation to the Civil Code and
See MoreNorway: Beneficial ownership registration rules take effect
While documentation of beneficial owners has been mandatory since 2021, the Act on the Register of Beneficial Owners, effective 1 October 2024, introduces a registration obligation starting 31 July 2025. Norway’s Ministry of Finance announced
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Estonia gazettes law terminating tax treaty with Belarus
The termination act enters into force on 1 July 2025. Estonia has published law in its Official Gazette on 21 June 2025 to terminate the 1997 income tax treaty with Belarus, with the termination act entering into force on 1 July 2025. To
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Russia ratifies tax treaty with UAE
Russia ratifies UAE tax treaty to prevent double taxation and curb avoidance. The Russian State Duma ratified the agreement with the UAE on the elimination of double taxation with respect to taxes on income and capital on 24 June
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France ratifies fifth protocol to 1966 tax treaty with Switzerland
The protocol was signed on 27 June 2023 and is designed to prevent double taxation on income and capital. France has published Law No. 2025-567 of 23 June 2025 in the Official Gazette, ratifying the fifth amending protocol to the 1966 income and
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Russia: Federal Tax Service clarifies foreign account reporting rules
Russia clarifies foreign account reporting rules when countries are removed from its financial data exchange list. The Russian Federal Tax Service (FTS) has issued Guidance Letter No. D-4-17/17 on 29 May 2025, clarifying reporting requirements
See MoreRussia expands tax-free zone to bryansk border areas
Russia has extended its Free Economic Zone regime to parts of the Bryansk region bordering occupied Ukrainian territories, granting tax and customs benefits until the end of 2050. Russia has issued Government Resolution No. 854 on 11 June 2025,
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Croatia ratifies income tax treaty with Liechtenstein
The treaty will take effect 15 days after the exchange of ratification instruments and is applicable from 1 January of the next year. Croatia has published the law ratifying the income and capital tax treaty with Liechtenstein in the Official
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EU urges Hungary to scrap retail tax regime
The move aims to ensure compliance with the principle of freedom of establishment. In its June 2025 infringements package, the European Commission issued a reasoned opinion to Hungary on 18 June 2025, urging the country to abolish its retail tax
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Estonia: Parliament approves termination of tax treaty with Belarus
The bill has now been sent to the President for ratification. The Estonian parliament passed a law to terminate the 1997 income and capital tax treaty with Belarus on 18 June 2025. The move follows Belarus’s suspension of key treaty
See MoreUK: BoE likely to hold interest rates amid rising oil prices and inflation risks
The Bank of England is likely to keep interest rates at 4.25%, weighing lower domestic inflation against rising oil prices and global uncertainty. The Bank of England (BoE) is expected to keep its Bank Rate steady at 4.25% in its policy
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US: Trump Administration finalises US-UK economic prosperity deal
The fact sheet details the executive order signed the previous day to implement the US-UK Economic Prosperity Deal. The Trump Administration released a Fact Sheet on 17 June 2025, detailing the executive order signed the previous day titled
See MoreNorway consults on Pillar Two minimum tax amendments
The consultation addresses deferred and cross-border taxes, pass-through entities, hybrid arrangements, securitisation entities and technical corrections. The Norwegian government has announced a public consultation on 16 June 2025 regarding the
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