Kenya seeks public comments on proposed income tax treaty with Belarus
On 8 April 2024, the National Treasury of Kenya published a public notice seeking comments on a proposed agreement for income tax between Kenya and Belarus from the public. The national treasury of Kenya organised the process on behalf of the
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Albania signs multilateral competent authority agreement on exchange of CbC reports
The Organisation for Economic Co-operation and Development (OECD) updated its list of signatories to the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), on 30 April 2024, showing that Albania
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Belarus provides explanations of tax exemption for tech parks’ contributions to innovative development funds
The Belarus Ministry of Taxes and Duties released Letter No. 05-12/1484/2-2-13/01227 dated 26 April 2024 on 30 April, 2024, detailing the income tax deduction allowances for investments into innovative development funds by technology parks and their
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Russia: Parliament considers overhauling simplified taxation system for businesses
The Russian parliament is currently considering a draft bill that aims to modify the thresholds governing the application of the simplified taxation system for legal entities. Key provisions under consideration include: Employee Threshold
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Russia: Central bank maintains key interest rate at 16%
On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to
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Albania: Tax Administration announces CRS reporting deadline
On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024.
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Netherlands reconsidering 2024 tax plan amendments including stock buyback and bank tax changes
On 5 April 2024, the Dutch Ministry of Finance released a letter to the Senate outlining the decision to retract specific policies previously approved under the 2024 Tax Plan. The measures include: From 1 January 2024, the 30% ruling regime
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UK: Scotland introduces new income tax structure with updated bands and rates
On April 5, 2024, the Scottish government announced reforms to the income tax system, which went into force on 6 April 2024. These reforms include establishing a new "Advanced Rate" tax band, which imposes a 45% tax on incomes exceeding GBP 75,000.
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Ukraine issues controlled foreign companies (CFC) notification requirements
On 28 March 2024, the State Tax Service of Ukraine released a notice directed to companies and individuals residing in Ukraine, detailing their duty to report on controlled foreign companies. This notification outlines the requirement for
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on the Norwegian Continental Shelf. It is also proposed that tax
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UK: Treasury launches public consultation on tax relief for visual effects costs
On 27 March 2024, the UK HM Treasury launched a public consultation regarding additional tax relief for visual effects costs. At the Spring Budget 2024, the government announced that UK visual effects costs in film and high-end programs would
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Belarus introduces new 25% tax rate for foreign organizations with permanent establishments (PEs)
On 20 March 2024, the Belarusian Ministry of Taxes and Duties released Letter No. 4-2-21/00850 on March 20, 2024, addressing the tax obligations of foreign entities with permanent establishments (PEs) conducting business in the Republic of Belarus.
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Ukraine revises form and procedures for county-by-country (CbC) reports
The State Tax Service of Ukraine released updates to the form and procedures for preparing country-by-country reports. Among the main changes to the procedure for filling out the country-by-country report of the international group of companies
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Russia proposes progressive individual income tax system
Russia's parliament is considering a major change to its income tax system, proposing a progressive structure with higher rates for the wealthiest individuals. Under the proposed plan, earners making up to 5 million rubles (approximately $68,000
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Ukraine cuts interest rate impacting late payment penalties
On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December
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UK Treasury publishes 2024 spring finance bill
On 14 March 2024, the UK HM Treasury declared that it had published the Spring Finance Bill (Finance No. 2 Bill). This bill includes various provisions concerning the Spring Budget 2024 and other related measures. The 2024 Spring Finance Bill aims
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UK government enacts finance act 2024 with changes to pillar 2 global minimum tax
On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22
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Switzerland releases Q&A guidance on application of transfer pricing rules
On February 23, 2024, the Swiss Federal Tax Authorities (SFTA) published the Q&A guidance regarding the application of transfer pricing regulations in Switzerland. This guidance clarifies the application of the arm's-length principle and the
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