UK: HMRC issues guidance for Pillar Two registration
The UK HMRC released practical guidance on Pillar Two registration requirements for multinational groups in the UK on 20 May, 2024. This guidance features a notice detailing the procedure for registering for Pillar Two Top-up Taxes in the UK. It
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UK releases synthesized text of Liechtenstein tax treaty affected by BEPS MLI
The UK HMRC has released the synthesized text of the tax treaty with Liechtenstein, regarding changes from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Multilateral
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Switzerland: Cantonal tax law reforms due to Pillar Two global minimum tax
In response to the implementation of the Pillar Two global minimum tax in Switzerland, effective from 1 January, 2024, several cantons have adjusted their tax rates or initiated projects to enhance their appeal as business locations. The Canton
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EU Council approves levy on frozen Russian assets to fund Ukraine’s military
The Council of the EU approved a measure that effectively imposes a levy on the proceeds from frozen Russian assets on 21 May, 2024. The generated funds will largely be used to support Ukraine's military efforts in its conflict with Russia. The
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UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
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Iceland proposes capital gains exemption for non-residents
The Icelandic parliament is considering a draft bill that aims to introduce change in its taxation policy. If passed, this legislation will grant an exemption on capital gains derived from the sale of shares in Icelandic companies to
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Bosnia and Herzegovina adopts new tax ruling regulations
The Ministry of Finance of the Federation of Bosnia and Herzegovina (FBiH) has adopted new regulations and procedures for advance tax rulings, effective from 1 June, 2024. These changes allow the Federal Tax Administration to issue various
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Albania and Croatia’s social security agreement comes into effect
In a step towards enhancing bilateral relations, Albania and Croatia have officially enacted their first social security agreement Notice No. 7233. Published in the Albanian Official Gazette on 14 May, 2024, the agreement was signed on 2 October,
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Malaysia and Russia sign new income tax treaty
Malaysia and Russia signed a new income tax treaty on Friday, 17 May, 2024. This agreement will take effect once the ratification instruments are exchanged, effectively replacing the 1987 tax treaty between Malaysia and the former Soviet
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Switzerland: Federal Council to consult on crypto-asset reporting framework
The Swiss Federal Council declared that it initiated a consultation regarding the automatic exchange of information by the Crypto-Asset Reporting Framework (CARF) on 15 May, 2024. Set to apply from 1 January, 2026, the extension concerns the new
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UK and Peru successfully conclude tax treaty negotiations
The UK’s His Majesty’s Revenue and Customs (HMRC) issued a joint declaration on 17 May, 2024, announcing the successful conclusion of negotiations for an income tax treaty with Peru. Discussions were held over the course of several years
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UK: HMRC initiates public consultation on draft regulations for late payment penalties
UK’s His Majesty's Revenue and Customs (HMRC) announced on 14 May, 2024, a public consultation regarding the draft regulations, to introduce provisions under paragraph 16(2) of Schedule 26 to the Finance Act 2021, to assess penalties for late tax
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Norway initiates consultation on 12-month deadline for tax deduction on unrecoverable receivables
Norway's Ministry of Finance has initiated a public consultation regarding the proposed introduction of a 12-month time limit for tax deductions for companies on unrecoverable trade receivables from related parties. A corresponding time limit is
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Finland: Belarus’ suspension will have no impact on tax treaty
Finland's Ministry of Finance released Notification 48/2024 concerning the ongoing enforcement of the 2007 tax treaty with Belarus on Monday, 13 May, 2024. Belarus has ceased the application of Articles 10, 11, and 13 from 1 June, 2024, to 31
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Russia and Abkhazia sign tax treaty
Russia and Abkhazia took a significant step towards economic cooperation by signing an income tax treaty, on 7 May, 2024, marking the agreement as a first between the two regions. The treaty, once ratified, will prevent double taxation and
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Turkey extends and adjusts reduced withholding tax rates until July 2024
Turkey's Revenue Administration has introduced Presidential Decision No. 8434, which brings significant adjustments to the withholding tax rates applied to various forms of income, particularly those from Turkish lira (TRY) deposit accounts. This
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Hong Kong releases synthesised text of BEPS MLI-affected tax treaty with Russia
The Hong Kong Inland Revenue Department (IRD) has released the synthesised text of the tax treaty with Russia, as affected by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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UK: HMRC urges early filing for 2023/2024 self assessment tax returns
His Majesty's Revenue and Customs (HMRC) published a release on 8 May, 2024, advocating the early filing of self-assessment returns for the 2023/2024 tax year. Customers can file their Self Assessment returns for the 2023 to 2024 tax year between
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