Switzerland: Council of States ratifies crypto-asset and CRS agreements
Switzerland’s Council of States approved agreements to expand automatic tax information exchange to cover crypto-assets and updated reporting standards. The Swiss Council of States approved Switzerland’s ratification of the Multilateral
See MoreSwitzerland updates MCAA CbC report exchange list, adding Cameroon and Mongolia
Switzerland has added Cameroon and Mongolia to the CbC reporting framework under the MCAA exchange network, effective 1 January 2024. Switzerland published Decision No. RO 2025 380 in the Official Gazette on 11 June 2025, announcing an update to
See MoreSwitzerland: Basel-City approves tax incentives and R&D fund in referendum
Switzerland’s Basel-City canton approved a referendum on 18 May 2025, introducing tax incentives, R&D grants, an innovation fund, and a new corporate tax structure starting in 2026. Voters in Switzerland’s Basel-City canton approved a
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Switzerland: Council of States approves tax treaty protocol with Hungary
The Swiss Council of States ratified the first amending protocol to the 2012 tax treaty with Hungary on 10 June 2025, following earlier approval by the National Council. The Swiss Council of States approved the ratification of the protocol to the
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UK: HM Treasury updates carried interest tax policy ahead of 2026 changes
The UK’s HM Treasury released its Government Response and Policy Update on 5 June 2025, addressing the tax treatment of carried interest following a consultation. The UK’s HM Treasury published its Government Response and Policy Update
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Montenegro launches negotiation process for tax treaty with Iceland
Montenegro has approved plans to negotiate a tax treaty with Iceland and appointed its negotiation delegation. Montenegro’s government announced its approval of a plan to begin talks on an income and capital tax agreement with Iceland on 5 June
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Canada extends tariff exemptions on Ukraine imports for one year
Canada has extended its tariff-free policy for Ukrainian imports for another year, keeping Ukrainian goods free from customs duties until 9 June 2026. Canada’s Department of Finance announced on 6 June 2025 that it will continue to support
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Russia: Central bank cuts key rate by 100 bps to 20% p.a.
Russia’s central bank cut the key rate by 100 bps to 20% on 6 June 2025, maintaining tight policy to control inflation. The Bank of Russia Board of Directors decided to cut the key rate by 100 basis points to 20.00% per annum on 6 June 2025.
See MoreSwitzerland: Federal Council adopts dispatch approving the list of 74 partner states for AEOI concerning cryptoassets
From 2026, Switzerland will begin automatic crypto asset data exchange with 74 compliant partner countries, including the EU and UK. The Swiss Federal Council approved a list of 74 partner countries for the automatic exchange of information
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UK: HMRC issues updated guidance on multinational and domestic top-up taxes
The UK HMRC updated its guidance on preparing for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June 2025. UK HMRC updated its guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax on 9 June
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Ukraine: Cabinet of Ministers agrees to sign tax treaty with Angola
Ukraine agrees to sign an income tax treaty with Angola on 30 May 2025. Ukraine's Cabinet of Ministers has approved signing an income tax treaty with Angola on 30 May 2025. This follows after officials from Ukraine and Angola met on 25
See MoreIceland consults on global minimum tax implementation
Iceland is holding a public consultation from 4 June to 5 August 2025 on a proposed bill to implement the Pillar 2 global minimum tax under the GloBE Model Rules. Iceland's Ministry of Finance and Economic Affairs has opened a public consultation
See MoreSwitzerland, Sweden sign a mutual agreement on arbitration
Switzerland and Sweden have agreed on procedures for resolving tax disputes through arbitration if unresolved after four years. The Swiss Federal Tax Administration (FTA) announced on 22 May 2025 that it had signed a mutual agreement with Sweden
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Russia approves new income tax treaty with UAE
Russia has approved a new tax treaty with the UAE to enhance tax cooperation and replace the limited 2011 agreement. Russia’s government has approved a draft law to ratify a new income and capital tax treaty with the UAE on 29 May
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UK: Scotland extends LBTT group relief provision
The legislation extends LBTT group relief to non-partition demergers and clarifies that the sub-sale relief period begins on the qualifying sub-sale date. Scotland’s government released legislation titled “The Land and Buildings Transaction
See MoreUK, Isle of Man: Authorities collaborate to combat tax avoidance and evasion
The UK and Isle of Man Treasuries are joining forces to tackle tax avoidance scheme promoters and enhance cooperation. The UK's HM Treasury has announced a collaborative initiative with the Isle of Man Treasury to target and dismantle the
See MoreRussia: Government proposes extension of 0% VAT rate for hotels, temporary lodging services
The proposed extension will continue the rate until 31 December 2030. The Russian Government announced plans to extend the 0% VAT rate on temporary accommodation services in hotels and other lodging facilities on 22 May 2025. The proposed
See MoreSwitzerland, UAE DTA second protocol enters into force
The amended Switzerland-UAE income tax treaty took effect on 5 May 2025, following the signing of the amending protocol to the treaty on 5 November 2022. According to an announcement in the Swiss Official Gazette dated 19 May 2025, the second
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