Russia: MOF publishes tax policy plans for 2024
On 2 November 2023, the Ministry of Finance in Russia released a statement regarding the tax policy proposals announced by State Secretary and Deputy Minister of Finance, Alexey Sazanov, during a recent event hosted by the B1 company. The statement
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OECD Releases Information and Statistics on Mutual Agreement Procedures
On 14 November 2023 the OECD released the 2022 Mutual Agreement Procedures (MAP) Statistics, covering 133 jurisdictions worldwide. The release of these statistics each year is part of the actions to improve dispute prevention and resolution in line
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OECD: Peer Review Report on Tax Transparency and EOI in Serbia
On 8 November 2023 the OECD’s Global Forum published the second-round peer review report on Serbia’s implementation of the standard on transparency and exchange of information (EOI). The report assesses the legal and regulatory framework at 4
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OECD: Peer Review Report on Tax Transparency and EOI in Latvia
On 8 November 2023 the OECD’s Global Forum published the second-round peer review report on Latvia’s implementation of the standard on transparency and exchange of information (EOI). Latvia’s implementation of the EOIR standard was given an
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OECD: Peer Review Report on Tax Transparency and EOI in Poland
On 8 November 2023 the Global Forum on Transparency and Exchange of Information for Tax Purposes published the second-round peer review report on Poland’s implementation of the standard on transparency and exchange of information (EOI). Poland’s
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Albania introduces new income tax framework, bringing significant changes from 2024
On 20 September 2023, Albania released Income Tax Instruction No. 26 in the Official Gazette, laying the groundwork for the enforcement of Income Tax Law No. 29/2023. The Income Tax Law No. 8438/1998 was repealed and replaced by Law No. 29/2023,
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Russia: MoF issues guidance on excess profits tax deduction
On 13 October 2023, the Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-03-06/1/97405 outlining the process for calculating and paying excess profit tax. The letter specifies that taxpayers liable for the excess profit tax have the
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Russia: CBR raises key interest rate to 15%
On 27 October 2023, the Central Bank of Russia (CBR) increased its key interest rate from 13% to 15% to combat rising inflation in the country. Increasing domestic demand is exceeding the capacity to produce goods and services, leading to elevated
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Ukraine: National Bank reduces interest rate from October 2023
On 26 October 2023, the National Bank of Ukraine decided to reduce its key policy rate from 20% to 16% per annum with effect from 27 October 2023. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to
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Ukraine proposes to temporarily double the corporate income tax rate for banks
On 19 October 2023, the Ukrainian Parliament (Verkhovna Rada) passed Draft Law 9656-d in the first reading. Accordingly, Ukraine proposes to temporarily double the corporate income tax rate from 18% to 36% for banks for tax periods starting from 1
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Armenia ratifies MCCA on the exchange of financial account information
On 3 October 2023, the President of Armenia, Vahagn Khachaturyan, signed the law to ratify the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). This agreement facilitates the exchange
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Armenia deposits its instrument for the ratification of BEPS MLI
On 25 September 2023, Armenia deposited its instrument of ratification of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent BEPS (MLI). The Convention will enter into force in relation to Armenia on 1
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North Macedonia introduces one-time solidarity profit tax for FY 2023
In a recent announcement, the North Macedonian Public Revenue Administration has declared the enactment of one-time solidarity tax law, published in the Official Gazette on 25 September 2023. Key Details: Threshold: The one-time solidarity
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North Macedonia updates TP report submission requirements
On 25 September 2023, North Macedonia officially published amendments to the Profit Tax Law in Official Gazette No.199. According to the amendments, the requirement to submit transfer pricing reports is terminated with effect from 1 January 2024. As
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Switzerland increases tax payment interest rates
On 11 September 2023, the Swiss Federal Tax Administration announced amended interest rates for late payment, refund, and advance tax payments. The announcement includes interest rates as follows: Interest rate for late payment and refund -
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United Kingdom: HMRC updates APA guidance
The HMRC has recently updated its guidance (INTM 422000 et seq) on Advance Pricing Agreements (APAs). The updated guidance provides more comprehensive information, particularly in terms of the formal process and HMRC's expected timeframes. These
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Ukraine: Government proposes the lifting of the moratorium on tax audits
On 6 September 2023, the Cabinet of Ministers of Ukraine proposed Draft Law No. 10016 to the Parliament, titled “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on the Cancellation of the Moratorium on Tax Audits”. The
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Ukraine proposes windfall tax on banks in draft bill
On 28 August 2023, the Ukrainian Committee on Finance, Taxation and Customs Policy submitted a draft bill to the Parliament, suggesting the implementation of a 5% windfall tax on banks' net interest income. This windfall tax will be effective
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