UK: Treasury releases consultation response on umbrella company compliance
The UK Treasury released stakeholder responses to a consultation on tackling non-compliance in the umbrella company market on 4 March 2025. The government plans to amend the Employment Rights Bill to regulate umbrella companies and place them
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UK further amends Finance Bill 2024-25
The UK tax authority, HMRC, announced further amendments to the Finance Bill 2024-25 on 25 February 2025, alongside explanatory notes on the revised provisions. The amendments also include: Clause 37 introduces new sections for claiming
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Japan: Cabinet approves new tax treaty with Ukraine
The Japanese Cabinet has given its approval to a new income tax treaty with Ukraine on 25 February 2025. The agreement, announced by Japan’s Ministry of Finance, replaces the 1986 treaty between Japan and the former Soviet Union. The new
See MoreUK: HMRC releases final evaluation report on making tax digital for VAT
The UK tax authority, His Majesty's Revenue and Customs (HMRC) has released a final evaluation report on the effects of Making Tax Digital for VAT on 27 February 2025. A final evaluation report summarising the main evidence and conclusions of HM
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Ukraine: Parliament passes amendments to MLI ratification law
Ukraine’s parliament (Verkhovna Rada) approved Law No. 0293 on 27 February 2025. This law amends Article 1 of the ratification law for the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent BEPS (MLI). Other key
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Japan, Ukraine sign new income tax treaty
Japan and Ukraine signed a new tax treaty in Tokyo to prevent double taxation and tax evasion on 19 February 2025. The agreement, announced by Japan’s Ministry of Finance, replaces the 1986 treaty between Japan and the former Soviet
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Iceland issues guidance digital platform reporting rules
Iceland’s Revenue and Customs has released guidance on the country’s new reporting requirements for digital platforms. Effective 1 January 2025, these regulations mandate platforms to report income distributed to sellers. The first
See MoreUK: HMRC simplifies e-communication rules for tax filings
The UK’s tax authority, His Majesty’s Revenue and Customs (HMRC), has introduced new rules that will take effect on 11 March 2025. These rules aim to prevent minor errors in electronic tax submissions from causing issues. The UK’s tax
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Russia keeps key interest rate at 21%
The Central Bank of Russia (CBR)Â announced its decision to keep the key rate at 21% on 14 February 2025. Earlier, CBR increased the key interest rate from 19% to 21%, on 25 October 2024. This is the highest key interest rate in Russia since
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Switzerland: Cabinet approves decree to expand AEOI to crypto-assets
The Swiss Federal Council has approved a decree to expand the automatic exchange of information (AEOI) on financial accounts, adopting the OECD’s new crypto-asset reporting standards on 19 February 2025. The changes include updating national
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Andorra gazettes tax treaty with Romania
Andorra has gazetted the law ratifying the Andorra - Romania Income and Capital Tax Treaty (2024) in Official Bulletin No. 22 on 19 February 2025. Earlier, Romania and Andorra signed an income tax treaty on 27 September 2024. This is the first
See MoreUK unveils tax relief and incentives for film and TV industry
The UK HM Treasury has announced new tax incentives to support the film and television industry, including business rates relief for studios and enhanced credits for production costs on 16 February 2025. Film studios are to receive business rates
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Kyrgyzstan approves tax treaty with Cyprus
Kyrgyzstan's Cabinet of Ministers has approved an income tax treaty with Cyprus on 28 January 2025 following negotiations that concluded in April 2024. The treaty aims to eliminate double taxation on income while preventing tax evasion and
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Andorra ratifies tax treaty with Latvia
Andorra has announced in a notice in the Official Gazette that it has ratified the income and capital tax treaty with Latvia  on 18 February 2025. The agreement between the two nations aims to eliminate double taxation with respect to taxes on
See MoreAndorra, UK sign tax treaty
The Government of Andorra announced the signing of a Double Taxation Agreement (DTA) with the UK on 20 February 2025. The agreement, formalised by Noëlia Souque, Andorra's Secretary of State for International Financial Affairs, aims to eliminate
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Switzerland expands automatic exchange of information to crypto assets
The Swiss Federal Council has submitted a proposal to Parliament to extend the international automatic exchange of information (AEOI) in tax matters. This extension, set to take effect on 1 January 2026, includes two key updates: the introduction
See MoreRussia, UAE sign new tax treaty
Representatives from Russia and the UAE have signed a new income and capital tax treaty on 17 February 2025 . The treaty will come into effect after the exchange of ratification instruments, and once it is in force, it will replace the limited
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UK: Treasury Forms global group to assess CBAM impact
The UK Treasury has announced the need for a UK Carbon Border Adjustment Mechanism (CBAM) group to gather insights from international partners on the UK CBAM and provide updates on 11 February 2025. The Autumn Budget 2024 confirmed that the
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