Iceland consults tax law and excise duty changes
Iceland’s Finance and Economic Affairs Minister has proposed a draft bill for public consultation on 15 October 2024, putting forward various taxes and duties on lodging, VAT, income, state treasury income, public tax collection, alcohol, tobacco,
See More
Armenia signs Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports
Armenia signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA) on 5 September 2024, according to an OECD update. Armenia's CbC reporting starts on 1 January 2025 for MNE groups with
See More
UK: Comprehensive and Progressive Agreement for Trans-Pacific Partnership to take effect in December 2024
Douglas Alexander, Minister of State (Department for Business and Trade), in a written ministerial statement on 16 October 2024, on behalf of the UK government, confirmed UK’s accession to the Comprehensive and Progressive Agreement for
See More
Brazil, Iceland sign tax treaty
Brazil and Iceland have signed a new tax treaty on 14 October 2024. The agreement will introduce several key provisions, including a principal purpose test and a limitation on benefits clause. It also addresses fiscally transparent entities,
See More
UK consults green paper for its 2035 modern industrial strategy
The UK government has launched a public consultation on the green paper, ‘Invest 2035: the UK's Modern Industrial Strategy on 17 October 2024. This is a public consultation that will develop the new Industrial Strategy, the Government's
See More
Lithuania terminates tax treaty with Russia
Lithuania has terminated its tax treaty with Russia on 11 October 2024, published Law No. XIV-2991 in the Official Gazette. Lithuania's Ministry of Foreign Affairs stated that the treaty will expire on 1 January 2026. Earlier, Lithuania’s
See More
UK enacts Budget Responsibility Act 2024
The UK Treasury implemented the Budget Responsibility Act 2024 on 15 October 2024, ensuring that when they announce “fiscally significant” measures, they are subject to an independent assessment by the Office for Budget Responsibility
See More
Armenia, Japan agree to sign tax treaty
Japan and Armenia have agreed in principle on the new income tax treaty between the two countries. The announcement was made in a press release by Japan’s Ministry of Foreign Affairs on 16 October 2024. This follows after Japan announced that
See More
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
See More
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
See More
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
See More
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
See More
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,
See More
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
See More
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
See More
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
See More
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
See More
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
See More