Switzerland approves global minimum tax rules
Switzerland has achieved a major milestone in the adoption of the global minimum tax and the Base Erosion and Profit Shifting (BEPS) 2.0 Project. This important development occurred when a constitutional amendment was successfully passed through a
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UK: HMRC publishes draft guidance on global minimum tax rules
On 15 June 2023, the HMRC has published partial draft guidance on multinational top-up tax and domestic top-up tax, following their introduction in the Spring 2023 Finance Bill. Multinational top-up tax is a new tax on multinational enterprise
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UK: Second Reading of Spring Finance Bill 2023
On 13 June 2023 the UK government published the Tax Information and Impact Notes for government amendments at the report stage of the Spring Finance Bill 2023. The Bill includes the following measures: Multinational Top-up tax: UK adoption of
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Norway: MoF issues public consultation paper implementing pillar two minimum tax
On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on the implementation of the minimum tax (Pillar Two GloBE Rules) in Norway. The draft legislation follows closely the OECD Model Rules and reflects the latest
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WTO Trade Policy Review of EU
The WTO is reviewing the trade policies and practices of the EU on 5 and 7 June 2023. The WTO Secretariat has produced a report as a basis for the review. During the period under review the EU made progress on major policy initiatives including
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Russia suspends DTAs with 38 unfriendly countries
The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail
See MoreUK: Consultation on Voluntary Standard for Customs Intermediaries
On 5 June 2023 the UK launched a consultation looking for the views of stakeholders on a proposal to introduce a voluntary standard for customs intermediaries. Views are invited from interested parties by 30 August 2023. The consultation follows
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Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws
On 2 May 2023, Law No. 29/2023 "On income tax" was published in Albania's official gazette, introducing significant changes to corporate income tax, individual income tax, and withholding tax. The new law will come into effect on 1 January 2024,
See MoreSwitzerland plans to introduce OECD BEPS Pillar Two minimum taxation rule
On 24 May 2023, the Swiss Federal Council made an announcement outlining the introduction of the OECD Pillar 2 global minimum tax. This implementation is now awaiting a referendum vote scheduled for 18 June 2023. If this is accepted, the Federal
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EU: European Commission Announces Proposals for Customs Reform
On 17 May 2023 the European Commission set out proposals for a reform of the EU Customs Union. The proposals are a response to the large increase in the volume of trade in recent years, the growth in e-commerce and the need to enforce EU trading
See MoreIMF Report Assesses the UK Economy
On 23 May 2023 the IMF issued a report following consultations with the UK under Article IV of the IMF’s articles of agreement. The report notes that the UK economy is projected to maintain positive growth in 2023, avoiding a recession owing to
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Russia enhances criteria for regional tax reduction on IP licensing income
Russia has recently enacted Federal Law No. 166-FZ on 28th April 2023, which brings changes to the provisions introduced in August 2021 regarding regional corporate tax rates for income derived from the licensing of intellectual property (IP) in
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IMF Report Makes Policy Recommendations for Germany
On 16 May 2023 the IMF published a report following discussions with Germany under Article IV of the IMF’s articles of agreement. German’s economy has been resilient despite the problems resulting from the Ukraine war and the reduction in
See MoreRussia plans windfall tax on large companies to tackle budget deficit
Russia's Ministry of Finance is reportedly finalizing a draft law to impose a windfall tax on large Russian companies, aiming to address the country's budget deficit and narrowing current account surplus. According to Finance Minister Anton
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IMF: Cooperative Use of Green Subsidies
An IMF blog published on 11 May 2023 noted that a coordinated approach should be applied to subsidies, if climate change is to be managed successfully. Subsidies are being used worldwide to support the green transition and they can be helpful
See MoreUK: Tax Administration – New Legislative Pilots
On 27 April 2023 the UK published a consultation document with the title The Tax Administration Framework Review - Creating Innovative Change through New Legislative Pilots. The document looks at the use of a “sandbox” piloting model
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UK: Consultation on HMRC’s Information and Data Gathering Powers
On 27 April 2023 the UK government published a consultation document with the title The Tax Administration Framework Review – Information and Data. The government requested input on HMRC’s information and data-gathering powers, and how they
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IMF Report Looks at Portugal’s Economy
On 9 May 2023 the IMF issued a report following discussions with Portugal under Article IV of the IMF’s articles of agreement. The economic recovery from the pandemic continued strongly into 2022 with growth of 6.7% led by stronger tourism and
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