Switzerland wants to negotiate revision to FTA with Japan
Switzerland wants to negotiate a revision to the 2009 free trade agreement (FTA) with Japan, the announcement was made through a press release on 7 August 2024. President Viola Amherd travelled to Tokyo on Wednesday, 7 August, to meet with
See More
Switzerland consults on determination of partner states for cryptoassets AEOI
The Swiss Federal Council has initiated a public consultation on selecting partner states for the automatic exchange of information regarding cryptoassets on Wednesday, 14 August 2024. The Federal Council wants to use the bill to determine when
See More
FTA between Iceland, Norway, Switzerland, Liechtenstein and Moldova enters into force
The free trade agreement (FTA) between Moldova and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland, will take effect on 1 September, 2024. The agreement between the EFTA member states
See More
Indonesia; Switzerland IPA enters into force
The Investment Protection Agreement 2022 (IPA) between Indonesia and Switzerland went into force on 1 August, 2024. The new IPA addresses the contractual void left by the termination of the 1974 IPA between Indonesia and Switzerland on 8 April,
See More
Andorra, Latvia approve signing of tax treaty
The Executive Council of the Principality of Andorra has approved signing an income tax treaty with Latvia following the conclusion of negotiations in January 2024. The tax treaty, the first between the two nations, aims to establish a convention
See More
Ukraine enacts ‘White Business Club’ law
Ukraine’s President Volodymyr Zelenskyy signed Law No. 11084 enacting the “White Business Club”. This legislation amends the Tax Code of Ukraine and introduces several tax incentives and benefits for taxpayers exhibiting a strong commitment to
See More
Russia lowers tax thresholds for monitoring system participation
Russia enacted Law No. 259-FZ, published in the Official Gazette on 8 August 2024, which lowers the financial thresholds for businesses to participate in the country’s tax monitoring system. This system offers taxpayers a streamlined process
See More
Ukraine: MCAA for financial data exchange enters into force
Ukraine's Ministry of Foreign Affairs published Letter No. 72/14-612-106482, on 5 August 2024, stating that the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) entered into force for Ukraine
See More
Andorra ratifies tax treaty with South Korea
The Principality of Andorra has announced the ratification of the income tax treaty with South Korea, the notice was published in the Official Gazette on 6 August 2024. The agreement aims to eliminate double taxation involving income taxes and
See More
Ukraine, Mauritius to negotiate first income tax treaty
Officials from Ukraine and Mauritius met to discuss strengthening cooperation and agreed to start negotiations for an income tax treaty, according to a release published by the Ukrainian government. “Today in Port-Luis, I was honoured to be
See More
UK: HMRC revises guidance on multinational, domestic top-up taxes
The UK HMRC released updated guidance on ‘How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax’ on 6 August, 2024. HMRC online service HMRC is developing a new online service to enable businesses to meet their MTT
See MoreRussia clarifies VAT rules for digital services from non-residents
Russia's Federal Tax Service issued Letter No. 16-18/081555, clarifying VAT obligations for digital services provided by non-residents to Russian entities. The letter states that when digital services such as rights to images, music, and video
See More
UK, Ecuador sign first income tax treaty
The United Kingdom and Ecuador signed their first ever income tax treaty on 6 August 2024. The agreement must now be ratified by both countries before it can enter into force. A tax treaty is a bilateral agreement between two countries to resolve
See MoreUK: HMRC publishes digital platform reporting guidelines
The UK HMRC published a guidance on Reporting rules for digital platforms on the UK’s implementation of the OECD’s Model Rules for Platform Reporting, on 1 August 2024, outlining the reporting requirements for individuals selling goods or
See More
UK increases energy profits levy rate, eliminates main investment allowance
UK HM Treasury has released a policy paper detailing changes to the Energy Profits Levy (EPL), which involve raising the EPL rate and eliminating the investment allowance. The Energy (Oil and Gas) Profits Levy (EPL) was introduced in May 2022 to
See MoreUK revises late payment interest rates
The UK HMRC has announced a revision of late payment and repayment interest rates following the Bank of England's recent cut to the base rate from 5.25% to 5.0% on 1 August 2024. New interest rates Late payment interest rate: From 20 August,
See MoreUK announces autumn budget date, tax policy
The UK Chancellor of the Exchequer, Rachel Reeves, revealed that the first budget of the new government will be revealed on 30 October, 2024. It will be presented alongside the new economic and fiscal forecasts on the same date. The announcement
See MoreRussia publishes federal law with major tax reforms
Russia officially published Federal Law No. 176-FZ on 12 July 2024, introducing a set of tax reforms effective from 2025. Key changes include a corporate tax rate hike to 25% and new progressive individual income tax rates reaching up to 22%. The
See More