Russia, Indonesia sign free trade agreement
On 21 December 2025, during a meeting of the Supreme Eurasian Economic Council in Saint Petersburg, representatives from Russia and Indonesia signed a Free Trade Agreement (FTA). This announcement was made on 21 December 2025. The FTA provides
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Russia: Central bank cuts key rate by 50 bps as Inflation pressures ease
The Board of Directors of the Bank of Russia on 19 December 2025 decided to cut the key rate by 50 basis points to 16.00% per annum, citing easing underlying price pressures and the economy’s gradual return to a balanced growth path. Bank of
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Russia updates list of jurisdictions for automatic CbC report exchange
The Federal Tax Service (FTS) of Russia has revised the list of jurisdictions that automatically exchange Country-by-Country (CbC) tax reports. The changes were issued in Order No. ЕД-7-17/884 on 11 December 2025. The updated list now covers 60
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Russia: Government approves list of budget expenditures using digital ruble
Russia’s government has approved a list of budget expenditures eligible for execution with the use of the digital ruble beginning in 2025. This announcement was made on 18 December 2025. The list was developed under Federal Law No. 303-FZ of
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UK ratifies tax treaty with Peru
The UK issued the Double Taxation Relief and International Tax Enforcement (Peru) Order 2025 on 10 December 2025, confirming the ratification of its income and capital tax treaty with Peru. The agreement seeks to eliminate double taxation and
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Romania, Andorra tax treaty enters into force
The income and capital tax treaty between Andorra and Romania, signed on 27 September 2024, officially entered into force on 11 December 2025. The treaty addresses a range of taxes, including Andorran corporate and personal income taxes, taxes on
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Belarus, Jordan sign income tax treaty
Belarus and Jordan signed an income tax treaty during the Belarus-Africa Forum in Moscow on 16 December 2025. The agreement seeks to eliminate double taxation on income and prevent tax evasion between Belarus and Jordan. Before the signing,
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UK ratifies new tax treaty with Romania
The UK has ratified the new income and capital tax treaty with Romania through the Double Taxation Relief and International Tax Enforcement (Romania) Order 2025 on 10 December 2025. The treaty, originally signed on 13 November 2024, will replace
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Portugal: Council of Ministers approves ratification of tax treaty with UK
Portugal's Council of Ministers approved the ratification of the new income and capital tax treaty with the UK on 11 December 2025. Portugal and the UK signed an income tax treaty on 15 September 2025. The agreement aims to prevent or reduce
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Montenegro: Government adopts multiple draft laws, approves BEPS MLI ratification
The Government of Montenegro adopted a series of draft laws, amendments, and international agreements on 11 December 2025 during a telephone session held without a formal meeting. The Government’s Public Relations Service made the announcement
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UK to regulate Crypto Assets from 2027
Britain will start regulating crypto assets from October 2027, the finance ministry announced on Monday, 15 December 2025. Legislation was set to be introduced in parliament later the same day, extending existing financial rules to crypto
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UK: HMRC updates capital gains manual following budget 2025 changes
The UK tax authority, HM Revenue & Customs (HMRC), on 12 December 2025, released updates to its Capital Gains Manual, providing guidance on measures announced at Budget 2025, effective from 26 November 2025. The updates clarify HMRC’s
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Russia: Government approves budget forecast until 2042
Russia’s government has approved a decree on the Budget Forecast through 2042 on 15 December 2025. The forecast sets out the characteristics and projected values of key federal budget indicators and their expected dynamics. The Budget
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UK issues order to ratify Andorra tax treaty
The UK issued the Double Taxation Relief and International Tax Enforcement (Andorra) Order 2025 on 10 December 2025. This enabled ratification of the income and capital tax treaty with Andorra. Signed on 20 February 2025, the treaty is the first
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UK: HMRC publishes draft guidance on advance tax certainty service
UK’s HM Revenue & Customs (HMRC) published draft guidance on 10 December 2025 setting out the framework for the advance tax certainty service, due to formally launch in July 2026. The guidance reflects the position during the first year of the
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US to reduce Swiss tariffs under new trade deal
The US will reduce tariffs on Swiss goods from 39% to 15% under a new trade framework, the Swiss government announced today. The agreement also includes a commitment by Swiss companies to invest USD 200 billion in the US by 2028. The framework
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Chile: SII publishes circular on MFN clause activation in tax treaties with five countries
Chile’s tax authority (SII) issued Circular No. 65 on 3 December 2025, addressing the activation of Most-Favoured-Nation (MFN) clauses in Chile’s tax treaties with Belgium, New Zealand, Norway, Switzerland, and Uruguay. These clauses are
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Switzerland: Federal Council consults on VAT amendments
The Swiss Federal Council opened a consultation on amendments to the Value Added Tax Act on 5 December 2025. The changes aim to implement two parliamentary motions: the extension of platform taxation to electronic services (Motion WAK-S 23.3012)
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