Russia expands VAT exemptions for precious metal banking transactions
Russia has introduced new VAT relief measures for banking operations involving precious metals following the publication of Federal Law No. 417-FZ on 17 November 2025. The law adds two categories of transactions to the list of VAT-exempt
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Georgia implements several tax code modifications for 2026, strengthens transfer pricing rules
Georgia has issued Law No. 1061-IVะะก-XIะะ dated 12 November 2025 in the Official Gazette, introducing several amendments to the Georgian Tax Code. The amendments introduce targeted incentives for agriculture, capital markets, construction, and
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Armenia, Japan tax treaty enters into force
Japanโs Ministry of Foreign Affairs announced on 21 November 2025 that the ArmeniaโJapan Income Tax Treaty (2024) will enter into force on 20 December 2025, with most of its provisions coming into effect on 1 January 2026. However, the
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EU Council signs updated tax cooperation agreements with Andorra, Liechtenstein, Monaco, San Marino, Switzerland
The EU Council approved updated tax cooperation agreements with Andorra, Liechtenstein, Monaco, San Marino, and Switzerland, extending automatic financial account information exchanges to cover electronic money products and digital currencies on 20
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Peru ratifies 2025 income tax treaty with UK
Peru approved the 2025 Income Tax Treaty with the UK through Supreme Decree No. 051-2025-RE on 20 November 2025, with the ratification published in the Official Gazette on 21 November 2025. The agreement aims to mitigate tax base erosion and
See MoreRussia: MoF to introduce 2026 VAT measures for marketplace sales
Russiaโs Ministry of Finance has clarified that taxpayers using the simplified taxation system can sell goods on marketplaces without paying VAT, and such transactions do not constitute a tax violation. This announcement was made on 21 November
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Bosnia and Herzegovina: Federation adopts draft law on transaction fiscalisation
The Government of the Federation of Bosnia and Herzegovina, acting on a proposal from the Federal Ministry of Finance, adopted the draft law on the Fiscalisation of Transactions in the Federation of BiH on 18 November 2025. The draft law will now
See MoreRussia: State Duma passes major tax reform bill, introduces sector-specific measures
Russiaโs State Duma has approved in its third reading a wide-ranging tax policy bill introducing new personal income tax (PIT) benefits, expanding support for families and participants in the Special Military Operation (SMO), and revising several
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Estonia ratifies tax treaty with Liechtenstein
Estonia gazetted the law ratifying the income and capital tax treaty with Liechtenstein on 19 November 2025. Signed on 10 July 2025, the agreement seeks to eliminate double taxation and prevent tax evasion. The treaty covers Estonian income tax,
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Liechtenstein: Parliament approves income tax treaty with Montenegro
Liechtensteinโs Parliament (Landtag) confirmed the approval of the income tax treaty with Montenegro on 7 November. Liechtenstein and Montenegro signed an income and capital tax treaty on the sidelines of the 80th session of the UN General
See MoreEU Parliament endorses protocols to expand AEOI-CRS agreements with Andorra, Monaco, San Marino, Liechtenstein, Switzerland
The European Parliament approved Legislative Resolution Nos. P10_TA(2025)0269 (Andorra), P10_TA(2025)0270 (Monaco), P10_TA(2025)0271 (San Marino), P10_TA(2025)0272 (Liechtenstein) and P10_TA(2025)0273 (Switzerland), authorising the conclusion of
See MoreRussia: State Duma approves key tax policy bill, introduces incentives for businesses and individuals
Russiaโs State Duma approved in its second reading of a bill outlining major directions of the countryโs tax policy, incorporating proposals from businesses and government agencies, and implementing directives from the President and Government
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UK: HMRC urged large businesses to review of management expenses
The UKโs tax authority, HMRC has written to holding companies with overseas subsidiaries urging them to review the tax treatment of management expenses claimed where those expenses may benefit a connected party. The letters are part of an
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Hungary, Switzerland: Amending protocol to tax treaty enters into force
The amending protocol the 2012 income and capital tax treaty between Hungary and Switzerland entered into effect on 16 November 2025. The protocol will generally take effect from 1 January 2026 for withholding and other taxes. Changes under
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Liechtenstein: Parliament approves GIR MCAA
Liechtensteinโs parliament has approved the ratification of the Multilateral Competent Authority Agreement on the Exchange of GloBE Information (GIR MCAA) on 7 November 2025. Liechtenstein signed the GIR MCAA on 29 September 2025. GIR MCAA
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Belarus terminates tax treaty with Estonia
The Belarus Ministry of Taxes and Duties, in a notice on 14 November 2025, confirmed that the tax treaty between Belarus and Estonia has been terminated. Signed on 21 January 1997, the Belarus-Estonia tax treaty aimed to prevent double taxation
See MoreRussia: Ministry of Finance proposes removing UAE from offshore zones list
Russiaโs Ministry of Finance has proposed removing the UAE from its Special List of jurisdictions considered offshore zones for the period 2024 to 2026. The list covers countries and territories with preferential tax regimes or limited
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US: Trade deals with several countries pledge to avoid discriminatory treatment of US digital goods, services
The Trump Administration's trade framework agreements, announced this week by the White House, include commitments from Argentina (signed 13 November 2025), Ecuador (signed 13 November 2025), El Salvador (signed 13 November 2025), Guatemala (signed
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