Russia clarifies transfer pricing rules for foreign entities with permanent establishments
Russia’s Ministry of Finance (MOF) has issued a guidance letter No. 03-12-12/1/59174 clarifying the transfer pricing obligations for controlled transactions involving foreign legal entities operating through permanent establishments (PEs) in
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UK: Starmer rejects claims of 39% capital gains tax hike
British Prime Minister Keir Starmer has rejected claims that capital gains tax could rise to 39% in this month’s budget, calling the speculation "wide of the mark," in an interview with Bloomberg Television at an investment summit in
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Norway proposes changes to exit taxes in 2025 Budget
Norway’s government has proposed amendments to the exit tax regulations in the National Budget 2025, which was announced on 7 October 2024. In practice, the current exit tax rules function as a tax loophole. The Government wants to close this
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Serbia: No electronic input VAT recording needed for September 2024 tax period
Serbia’s Ministry of Finance announced on 9 October 2024 that users of the electronic invoicing system (SEF) will not be required to record input VAT electronically for the September 2024 tax period, citing technical issues. The ministry
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Hungary, Serbia sign amending protocol to tax treaty
Hungarian and Serbian have signed an amending protocol to their income and capital tax treaty on 8 October 2024 in Budapest, as reported in a release from the Serbian Ministry of Finance on the same day. The protocol was signed by Norbert Izer,
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European Commission releases revised list of non-cooperative tax jurisdictions, removes Antigua and Barbuda
The European Commission (EC) announced that European Union (EU) member states have updated the list of non-cooperative tax jurisdictions. The update confirmed that Antigua and Barbuda have been removed from Annex I (the blacklist), while Armenia and
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Russia to increase corporate income tax rate on interest from government securities
The Russian government has decided to raise the corporate income tax rate on interest earned from government and municipal securities by 5%. The proposed amendments are included in bill No. 727330-8, which has been submitted to the State Duma on
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Russia proposes tax on excess bank profits
Russia is set to introduce a new one-time tax on banks' excess profits following a surge in financial sector earnings. The bill (No. 728613-8) is to be presented to the State Duma on 1 October 2024 by Budget Committee deputy chairman Aleksandr
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Ukraine clarifies corporate tax rules for German entities under transfer pricing provisions
The Ministry of Finance of Ukraine has issued a clarification concerning the corporate taxes of the Federal Republic of Germany and their relevance to Ukrainian tax law, particularly in the context of transfer pricing regulations on 30 September
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Czech Republic ratifies tax treaty with Montenegro
Czech Republic’s President Petr Pavel enacted the law ratifying the pending income tax treaty with Montenegro on 1 October 2024. The treaty was signed by the two nations on 20 February 2024, aimed at preventing double taxation of income and
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Norway announces 2025 budget, lowers tax and VAT rates
Norway’s government presented the 2025 Budget Bill, on 7 October 2024, with the aim to enhance the financial well-being of Norwegians, strengthen Norway's preparedness against war and crime, and reduce social and geographical
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European Commission drops infringement case against Cyprus and Romania over cross-border payment rules
The European Commission announced it closed the infringement procedures against Cyprus (INFR(2024) 0016) and Romania (INFR(2024) 0122) for failing to transpose the Amending Directive to the VAT Directive (2020/284) on 3 October 2024. This
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UK, Thailand sign ETP to boost economic partnership
Thailand and the United Kingdom formalised an Enhanced Trade Partnership (ETP) in Bangkok on 18 September 2024. Trade Minister Douglas Alexander will sign the pact alongside Thai Commerce Minister Pichai Naripthaphan in Bangkok this morning as
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European Commission launches expiry review of anti-dumping duties on import of Chinese ironing boards
The European Commission published the Notice of initiation of an expiry review of the anti-dumping measures applicable to imports of ironing boards originating in the People's Republic of China (the Notice) in the Official Journal of the European
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Luxembourg approves tax treaty with Albania
Luxembourg's Council of State approved a draft law to ratify the income and capital tax treaty with Albania on 24 September 2024, it was originally Signed on 14 January 2009, the treaty allows for a maximum dividend tax rate of 5% for companies
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Norway signs new VAT agreement with EU
Norway's ambassador to the EU, Anders H. Eide announced that he signed a renegotiated agreement with the EU on administrative cooperation in the field of VAT to combat international VAT fraud on 2 October 2024. An agreement between Norway and the
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European Commission refers Spain, Cyprus, Poland, Portugal to court for failing to transpose Pillar Two Minimum Taxation Directive
The European Commission (EC) decided to refer Spain, Cyprus, Poland, and Portugal to the Court of Justice of the European Union for failing to notify measures for the transposition into national law of Council Directive (EU) 2022/2523 of
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Kuwait ratifies tax treaty with Iraq, amending treaty protocol with South Africa and Switzerland
Kuwait ratified income tax treaty with Iraq and amending protocol to the treaty with South Africa and Switzerland on 18 September 2024, published in Official Gazette No. 1705 on 22 September 2024. The income and capital tax treaty with Iraq was
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