EU Commission unveils strategy to streamline single market
The European Commission released a communication on 21 May 2025 outlining a strategy to strengthen and simplify the EU Single Market. The document emphasises the Single Market as a cornerstone of the EU's growth, competitiveness, and resilience,
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UK proposes tighter transfer pricing rules, replacing diverted profits tax with new UTPP
The UK government will tighten transfer pricing rules and replace the diverted profits tax with a new corporation tax charge. The government has announced plans to revise the UK's international tax framework, which involves narrowing the
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EU: Council adopts VAT and tax recovery stance in UK trade deal
The Decision replaces Annex I to Decision 4/2023, which outlines standard forms for sharing information and data, exchanging information by using the Common Communication Network, and arranging contact between central liaison offices and liaison
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Italy: Council of Ministers approve amending protocols on frontier workers under tax treaty with Switzerland
 Italy approved a draft law on 19 May 2025 to ratify amendments to agreements from 2024, modified by the 1978 and 2015 protocols. Italy’s Council of Ministers has approved a draft law on 19 May 2025, which ratifies the amending protocol
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UK suspends new FTA negotiations with Israel, to impose sanctions on West Bank settlers
The UK Foreign Secretary, David Lammy announced yesterday, 20 May 2025, that the UK government has suspended negotiations for a new free trade agreement with Israel. This decision was made in response to Israel’s ongoing military actions in
See MoreUK raises penalties for late payments of VAT, Making Tax Digital for Income Tax Self Assessment
The UK's HM Revenue and Customs (HMRC) has increased penalties for unpaid tax liabilities for VAT and Making Tax Digital for Income Tax Self Assessment taxpayers under the Finance Act 2021, following the introduction of Regulations SI 2025/589 made
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UK: HMRC formalises authority to extend final VAT return deadlines
His Majesty's Revenue and Customs (HMRC) has introduced Regulations SI 2025/578 granting taxpayers additional time to submit their final Value Added Tax (VAT) return following the cancellation of their VAT registration. The amendment applies to
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Norway consults proposed list of non-cooperative tax jurisdictions
Norway’s Ministry of Finance opened a public consultation on a proposed list of jurisdictions deemed non-cooperative for tax purposes on 14 May 2025. The establishment of this list is part of the Ministry's work to implement EEA Joint Committee
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Iceland, Montenegro negotiate tax treaty Â
The Montenegro government published a proposal for negotiating an income and capital tax treaty with Iceland on 15 May 2025. The agreement aims to avoid double taxation and prevent fiscal evasion concerning income taxes between Iceland and
See MoreUK: HMRC clarifies crypto reporting rules under OECD framework from 2026
The UK tax authority (HMRC) has released new guidance on 14 May 2025 outlining reporting obligations for cryptoasset data under the OECD's Cryptoasset Reporting Framework (CARF), set to take effect from 1 January 2026. All UK-based “reporting
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Norway: Government presents revised 2025 budget, introduces modest tax measures
Norway’s government presented its Revised National Budget for 2025 with a primary focus on safeguarding the economy on 15 May 2025. The revised budget introduces modest tax measures, including a reduction in electricity tax, a tax deferral
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Albania mandates tax representation, VAT compliance for MNCs providing digital services
Albanian tax officials released an official statement on 14 May 2025 targeting multinational firms offering digital services directly to consumers in Albania. The Tax Administration, in the framework of implementing the priorities and measures of
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Cyprus ratifies tax treaty with Curacao
Cyprus has ratified its first-ever income tax treaty with Curacao on 9 May 2025. Signed on 23 April 2025, this is the first treaty between the two countries and aims to eliminate double taxation on income and prevent fiscal evasion between Cyprus
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China and Russia sign IPA
China and Russia signed an investment protection agreement (IPA) in Moscow on 8 May 2025. Investment Promotion Agreements (IPAs) are designed to protect investors by requiring national governments to minimize risks such as currency controls,
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Liechtenstein: Parliament approves tax treaty with CroatiaÂ
The Liechtenstein parliament ratified the income and capital tax treaty with Croatia on 9 May 2025. Signed on 22 January 2025, it is the first treaty between the two countries and aims to eliminate double taxation concerning taxes on income and
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Armenia: Cabinet approves tax treaty with Japan
Armenia’s government has endorsed the ratification of the tax treaty with Japan on 8 May 2025 during a cabinet meeting. Signed on 26 December 2024 in Yerevan, this new agreement will replace the existing 1986 tax treaty between Japan and the
See MoreUK: HMRC cuts late payment, repayment interest rates
UK’s tax authority, His Majesty’s Revenue and Customs (HMRC) has announced updated late payment and repayment interest rates in response to the Bank of England's base rate reduction from 4.50% to 4.25% on 8 May 2025. HMRC interest rates are
See MoreUS, UK announces trade deal, expands agricultural access
US President Donald Trump announced a "full and comprehensive" trade agreement between the US and the UK on Thursday, 8 May 2025. “The agreement with the UK is a full and comprehensive one that will cement the relationship between the US and
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