Russia: Bank of Russia reduces key interest rate
Further decisions on the key rate will be made depending on the sustainability of the inflation slowdown and the dynamics of inflation expectations. The Bank of Russia announced, on 12 September 2025, a cut to the key interest rate by 100 basis
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Ukraine sets deadline for 2024 transfer pricing report, notification
STS has announced the deadline to submit 2024 transfer pricing report and notification of participation in an international corporate group of companies. Regfollower Desk Ukraine’s State Tax Service (STS) announced on 11 September that the
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EU: US framework GILTI, Net CFC Tested Income regimes to operate alongside Pillar 2
The EPRS "At a Glance" note (15 September 2025) reports that under the G7 Statement, US-parented groups will be excluded from Pillar 2’s IIR and UTPR, with US GILTI and Net CFC Tested Income rules applying alongside the global minimum tax
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Armenia: Parliament approves new tax treaty with Japan
The new tax treaty will replace the existing 1986 tax treaty between Japan and the former Soviet Union. Armenia’s parliament approved the ratification of a new income tax treaty with Japan on 11 September 2025. The treaty can be ratified
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Switzerland: Federal Council adopts dispatch on exchange of information regarding OECD minimum tax rate
This step provides the international legal basis for implementing the OECD minimum tax rate and will enable multinational enterprise groups to file the required information centrally through a single jurisdiction. Switzerland’s Federal Council
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UK: Finance minister plans tax changes to aid small businesses
UK plans tax reforms to boost small business growth. The UK’s finance minister, Rachel Reeves, announced plans to explore reforms to business property taxation on 11 September 2025, aiming to ease expansion for small enterprises and stimulate
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Russia: FTS consults on revising jurisdiction list for CbC report exchange
The deadline for submitting comments is 17 September 2025. Russia’s tax authority, the Federal Tax Service (FTS), has opened a consultation regarding proposed changes to the list of jurisdictions participating in the automatic exchange of
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Ukraine: STS clarifies CFC reporting penalties
Ukraine requires annual CFC reports, with penalties waived during martial law if filed within six months after it ends. Ukraine’s State Tax Service (STS) has clarified that, under the country’s controlled foreign company (CFC) rules, a
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Switzerland: National Council extends TBTF bank withholding tax exemption
Swiss National Council extends TBTF bank withholding tax exemption to 2031. Switzerland's National Council approved an extension of the withholding tax (WHT) exemption on interest from financial instruments issued by systemically important banks,
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Czech Republic, UK advance new tax treaty negotiations
Once in force, the new tax treaty will replace the 1990 tax treaty between the UK and the former Czechoslovakia. Czech and UK officials will hold the second round of income tax treaty negotiations from 16–19 September 2025, following the
See MoreRussia proposes reduced VAT on essential goods
Russia proposes VAT cut on essential food items, children’s products, periodicals, and medical items. The Russian State Duma received draft law No. 1011590-8 on 8 September 2025, proposing a reduction of the value-added tax (VAT) rate from 10%
See MoreRussia: Central Bank maintains foreign cash restrictions amid sanctions
Russia’s central bank maintains foreign cash limits under sanctions. The Bank of Russia maintains restrictions on cash currency in connection with the sanctions in force against our country, which prohibit domestic financial institutions from
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Iceland presents 2026 Budget, proposes implementation of Pillar 2 global minimum tax
Iceland’s 2026 Budget introduces the Pillar 2 global minimum tax (IIR and QDMTT), a kilometre-based vehicle tax, and a phased removal of fuel excise duties with higher carbon taxes. Iceland's Finance Minister, Daði Már Kristófersson,
See MoreSwitzerland: National Council approves CARF MCAA, Addendum to CRS MCAA
National Council approves CARF MCAA and CRS MCAA Addendum for enhanced tax information exchange. Switzerland’s National Council (Nationalrat) approved the Multilateral Competent Authority Agreement under the Crypto-Asset Reporting Framework
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Canada, Ukraine sign agreement on mutual administrative assistance in customs matters
This agreement aims to address customs violations amid growing bilateral trade between the two countries. Canada and Ukraine signed an agreement on mutual administrative assistance in customs matters on 24 August 2025. The signing took place
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UK: Treasury consults on draft amendments to money laundering regulations
The deadline for sending feedback is 30 September 2025. The UK Treasury launched a consultation on 2 September 2025 on the draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations SI 2025. Feedback is
See MoreSwitzerland signs up for GIR MCAA
Switzerland signed the GIR MCAA, joining 15 other jurisdictions to facilitate standardised GloBE information exchange for MNE Groups. According to an OECD update released on 4 September 2025, Switzerland signed the Multilateral Competent
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Romania: Chamber of Deputies approves tax treaty with Andorra
The tax treaty is between the two jurisdictions, aiming to prevent double taxation and combat tax evasion between Romania and Andorra. Romania’s Chamber of Deputies (lower house of parliament) has approved its first income and capital tax
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