Russia clarifies taxation of foreign companies income from digital assets
Russia's Ministry of Finance has issued guidance letter No. 03-08-13/114723 on 14 March 2025 clarifying the taxation of foreign companies' income from digital financial assets. According to the letter, digital financial assets are defined as
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UK: HMRC announces increase in late payment interest rates for unpaid taxes
The UK’s tax, payments and customs authority (HMRC) has published a policy paper on 26 March 2025 outlining an increase in the late payment interest rate for unpaid tax liabilities by 1.5 percentage points. This change will take effect from 6
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UK: HMRC launches consultation on tax certainty for major projects
The UK’s tax, payments and customs authority (HMRC) has initiated a public consultation on 26 March 2025 to gather opinions on a new process that aims to provide major projects with greater certainty regarding the tax that will apply in
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Serbia announces protocol to 2001 DTA with Hungary takes effect
The amending protocol to the tax treaty between Serbia and Hungary has entered into force. The Serbian Official Gazette made the announcement on 18 March 2025. It stated that the protocol to the 2001 double tax agreement (DTA) between Hungary and
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US outlines CAA with Switzerland
The US Internal Revenue Service (IRS) has released Announcement 2025-08, which outlines a competent authority arrangement (CAA) established with Switzerland in December 2024. The Competent Authority Arrangement entered into by the competent
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Switzerland: Parliament approves amending protocol to tax treaty with Germany
The Swiss parliament granted final approval to the amending protocol to the 1971 income and capital tax treaty with Germany on 21 March 2025. The protocol complies with BEPS standards and introduces additional provisions to clarify how national
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Ukraine expands tax deductions for charitable contributions
Ukraine has increased the corporate tax deduction limit for charitable donations from 4% to 8% of a company’s taxable profit from the previous year. The change took effect on 16 March 2025 under Law No. 12328-d and will remain in place until
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Norway signs renegotiated agreement with the EU to combat international VAT fraud
Norway's Ambassador to the EU, Anders H. Eide, signed a renegotiated agreement with the EU on administrative cooperation in VAT on 2 October 2024. The agreement aims to combat international VAT fraud. The full announcement was published on 21
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Norway: Parliament approves amending protocol to tax treaty with Qatar
Norway’s parliament approved the amending protocol to the 2009 income tax treaty with Qatar on 25 March 2025. The protocol, signed on 4 September 2024, is the first amendment to the agreement. It will take effect 30 days after ratification
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Russia mandates transfer pricing method in controlled transaction notifications
Russia's Federal Tax Service (FTS) issued Letter No. ШЮ-4-13/2827@ on 13 March 2025 about the notification of controlled transactions. It clarifies that from 2024, taxpayers must disclose the transfer pricing method used to justify the market
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EFTA-Moldova free trade agreement enters into force in relations between Moldova and Switzerland
The free trade agreement (FTA) between Moldova and the European Free Trade Association (EFTA) states will take effect in relations between Moldova and Switzerland on 1 April 2025. The European Free Trade Association (EFTA), established in 1960,
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Moldova updates transfer pricing rules, adds new APA regulations
Moldova published Order No. 21 of 11 March 2025 in the Official Gazette on 14 March 2025, establishing rules for the country's new transfer pricing regime. The Order No. 21 of 11 March 2025 amends Order No. 9 of 26 January 2024. A key change
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Switzerland: Parliament approves tax treaties with Angola and Jordan
Switzerland's Parliament gave its final approval to the income tax treaty with Angola and Jordan on 21 March 2025. The agreement with Angola was signed on 30 November 2023 and with Jordan on 13 December 2023. These treaties will come into
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UK: HMRC to notify groups affected by Pillar Two taxes
The UK tax authority, His Majesty's Revenue and Customs (HMRC) published Agent Update Issue 129 on 19 March 2025, revising technical updates and key reminders for tax professionals. The first liabilities under the United Kingdom's implementation
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Peru, UK sign income and capital gains tax treaty
Peru and the UK have signed an income and capital gains tax treaty on 20 March 2025. The agreement seeks to reduce tax base erosion and profit shifting by lowering withholding tax rates on cross-border income. It caps dividend withholding tax at
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Switzerland, Zimbabwe sign income tax treaty
Swiss federal authorities announced on 19 March 2025 that Switzerland and Zimbabwe signed a new income tax treaty. This will ensure the requisite legal certainty for the ongoing development of bilateral economic relations and tax cooperation between
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UK: HMRC launches CGT calculator for 2024–25
The UK's tax, payments and customs authority (HMRC) has launched a calculator for taxpayers affected by the 2024–25 Capital Gains Tax (CGT) rate changes. Those filing tax returns online through HMRC’s service may need to use this tool to
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UK: Finance Act 2025 receives Royal Assent
The UK Finance Bill 2024–25 passed through the House of Lords on 19 March 2025 and received Royal Assent on 20 March 2025. The bill was published as Finance Act 2025 and enacts tax measures from the Autumn Budget 2024, effective from the 2025–26
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