Romania, Malta ratify protocol to tax treaty
Romania’s President Klaus Iohannis has signed into law the ratification of the pending protocol to the 1995 Romania-Malta income tax treaty on 9 January 2024. This follows after the protocol was approved by Romania's Chamber of Deputies on 18
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Netherlands, Andorra income tax treaty enters into force
The income and capital tax treaty between the Netherlands and Andorra came into force starting 31 December 2024. The treaty covers Andorran corporate income tax, personal income tax, non-resident income tax, and capital gains tax on property
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Saudi Arabia: Shura Council approves tax treaty with Iceland
Saudi Arabia's Shura Council has approved the income tax treaty with Iceland on 13 January 2025. This follows after officials from Saudi Arabia and Iceland convened in Riyadh to sign an income tax treaty on 4 December 2024. The agreement aims to
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Romania: Senate approves amending protocol to tax treaty with Malta
The Romanian Senate has approved Draft Law No. L611/2024, ratifying the amending protocol to the 1995 Malta-Romania Income Tax Treaty on 16 December 2024. The protocol has been submitted to the President for approval and promulgation. The
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Brazil: Congress approves income tax treaty text with Norway
Brazil’s Congress has approved the 2022 Brazil-Norway Income Tax Treaty through Legislative Decree No. 273 of 2024, which was published in the Official Gazette (Issue No. 247) on 24 December 2024. Signed on 4 November 2022, the agreement with
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Brazil ratifies new tax treaty with Norway
Brazil's Senate has ratified the new income tax treaty with Norway on 17 December 2024. This agreement will replace the 1980 tax treaty between Brazil and Norway after taking effect. Signed on 4 November 2022, the agreement with Norway aims at
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Armenia approves tax treaty with Japan
Armenia’s government has approved the signing of a new income tax treaty with Japan on 19 December 2024. This follows after Armenia and Japan have agreed in principle on the new income tax treaty between the two countries on 16 October
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Iceland publishes CIT, VAT and PIT brackets for 2025
Iceland Revenue and Customs has published the key tax figures and percentages for 2025, including updates on Corporate Income Tax, Value Added Tax and Personal Income Tax. The updated rates are applicable starting 1 January 2025. Corporate
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Russia updates tax information exchange list
Russia’s Federal Tax Service (FTS) has updated its lists of jurisdictions for tax information exchange, effective 31 December 2024. The new changes were announced through two decrees, No. IED-7-17/914 and IED-7-17/916, published on 20 December
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Iceland announces CbC reporting requirements, deadline for FY 2024
The Icelandic Directorate of Internal Revenue has issued Notice No. 1676/2024, outlining the for country-by-country (CbC) reporting requirements for multinational enterprises for the 2024 fiscal year. As per the notice, entities subject to CbC
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Russia expands list of agricultural seeds eligible for reduced VAT rate
The Russian government has issued Resolution No. 3596-r, expanding the list of agricultural crop seeds treated with biological or chemical agents that are subject to a reduced VAT rate of 10% upon sale and import. The resolution, which came into
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Ukraine releases synthesised texts of tax treaties with Slovenia, Vietnam
Ukraine's Ministry of Finance has published synthesised texts of its tax treaties with Slovenia and Vietnam, incorporating changes from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
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Ukraine suspends CFC reporting fines during martial law
Ukraine’s president, Volodymyr Zelensky has signed Law No. 9319 on 25 December 2024 which postpones a new military tax hike for small businesses and individual taxpayers until 1 January 2025. Under this law, Ukrainian residents will not be fined
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Russia: MoF clarifies loss carry-forward rules for CFCs redomiciled as international companies
The Russian Ministry of Finance (MoF) clarified in Guidance Letter No. 03-12-11/2/107192, published on 9 December 2024 that, under certain conditions, losses can be carried forward by a controlled foreign company (CFC) registered in Russia and
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Norway publishes overview of tax changes for 2025
Norway’s government has released an overview outlining key tax changes which took effect on 1 January 2025. Some of the main changes include: Natural resource tax for hydropower The natural resource tax for hydropower plants has been
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Russia introduces reduced corporate income tax rate for electronics manufacturers
Russian companies manufacturing equipment for electronic components and radio-electronic products will benefit from a reduced 8% corporate income tax rate starting 1 January 2025. This tax incentive is part of government Resolution No. 1848,
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Russia updates CbC reporting jurisdictions
The Russian Federal Tax Service (FTS) has updated its list of jurisdictions for automatic exchange of country-by-country (CbC) reports, effective 31 December 2024. The revised list comprises 45 states and 10 territories, compared to the previous
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UK: HMRC publishes guidance on Pillar Two budget changes
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released the Explanatory Notes outlining the government amendments, which focus on matters related to Pillar Two, to the Finance Bill 2024-25 on 19 December 2024. The Explanatory
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