Czech Republic, Montenegro tax treaty enters into force
The income tax treaty between the Czech Republic and Montenegro took effect on 30 January 2025. Signed on 20 February 2024, it replaces the 2004 treaty between the Czech Republic and the former Serbia and Montenegro. The income treaty aims to
See MoreCzech Republic: Senate approves extended tax breaks for Ukraine donations
The Czech Republic Senate has passed a new legislation to expand the tax deductibility of donations to Ukraine. Once enacted, the law will allow individuals and corporations to deduct up to 30% of the value of their donations, an increase from the
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Iceland includes Pillar Two global minimum tax bill in 2025 parliamentary agenda
Iceland’s government has published the 2025 parliamentary agenda which includes a bill to introduce a 15% minimum tax on multinational corporations with annual revenues over EUR 750 million aligning with the OECD Inclusive Framework and the EU
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Iceland launches business tax return filing website for 2024
Iceland’s Revenue and Customs (RSK) has launched its website for business tax return filings for 2024. The tax filings must be completed only in Icelandic. The Instructions for completing the returns are: RSK 8.05 (Tax return for businesses -
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Lithuania, Belarus tax treaty ends in January 2026
Lithuania's State Tax Inspectorate (STI) announced on 29 January 2025 that the 1995 treaty with Belarus was formally terminated. Lithuania announced the termination of the treaty by publishing Law No. XV-103 in the Official Gazette on 22 January
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UK: House of Commons votes to enshrine fiscal rules in law, strengthening economic stability
The House of Commons voted to enshrine the Charter for Budget Responsibility and the new fiscal rules into law on Wednesday, 29 January 2025. These fiscal rules provide the stability which underpins the Plan for Change and the Government’s
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UK introduces new tax regulations for self-assessment returns
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has introduced new regulations requiring taxpayers to provide additional details in their annual self-assessment tax returns. The Income Tax (Additional Information to be included in
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Norway plans tax relief for mutual (investment) funds
Norway's Ministry of Finance has launched a public consultation on the proposed new tax measures to support mutual (investment) funds. The new tax regulations aim to eliminate double taxation and offer Norwegian funds a more favourable framework.
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Sweden suspends tax treaty with Russia
The Swedish government has decided to suspend the tax treaty 1993 income tax treaty with Russia. This means the tax treaty will no longer apply from 10 February 2025. This announcement was made by the Ministry of Finance on 30 January
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Switzerland consults Pillar Two information exchange
Switzerland's Federal Council announced the launch of a public consultation regarding the legal framework for Pillar Two information exchange, allowing MNEs to submit data centrally and enabling jurisdictions to verify tax calculations on 29 January
See MoreUK: HMRC consults multinational, domestic top-up tax guidance
The UK tax authority, HMRC, has opened a public consultation on the supplementary draft guidance regarding the Multinational Top-up Tax and Domestic Top-up Tax on 28 January 2025. This release of draft guidance contains sections on flow-through
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UK: HMRC publishes transfer pricing, diverted profits tax data for 2023-24
UK tax authority, HMRC, released a transparency data report covering statistics on transfer pricing and Diverted Profits Tax through the end of the 2023-24 tax year on 27 January 2025. The report contains data on the following: Transfer
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Belarus publishes guidance on 2025 tax regulations
The Belarus Ministry of Taxes and Duties released detailed guidance on the upcoming tax reforms for 2025. The key changes include the following: New limitations on the investment deduction New investment deduction limitations have been
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Andorra: Parliament approves tax treaty with Romania
Andorra’s General Council (parliament) approved the ratification of the income and capital tax treaty with Romania on 23 January 2025. The treaty set withholding tax rates for dividends at 0% to 5%, interest at 3%, and royalties at 5%. The
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European Free Trade Association signs FTA with Kosovo
The European Free Trade Association (EFTA) states (Iceland, Liechtenstein, Norway and Switzerland) and Kosovo has signed a free trade agreement (FTA) on 22 January 2025 in Davos, Switzerland. The EFTA-Kosovo Agreement covers trade in goods,
See MoreSwitzerland: Federal Tax Administration sets safe harbor interest rates for 2025
The Swiss Federal Tax Administration has published two circulars detailing the safe harbor interest rate limits for shareholders on 27 January and related party financing on 28 January in 2025. The rates vary depending on whether the financing
See MoreNorway: Cabinet approves amending protocol to tax treaty with Qatar
Norway’s Cabinet (statsråd) has approved the amending protocol to the 2009 income tax treaty with Qatar on 24 January 2025. The protocol will take effect 30 days after ratification instruments are exchanged and shall apply from 1 January of
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Andorra: Parliament approves tax treaty with Latvia
Andorra's General Council has approved the ratification of the income and capital tax treaty with Latvia on 23 January 2025. Earlier, Latvia has published the law approving the ratification of a new income and capital tax treaty with Andorra on
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