Turkey adjusts tax debt instalments in force majeure extension
Turkey's Revenue Administration has released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in response
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UK revises arbitration rules under BEPS MLI
The OECD has released documents related to information on the United Kingdomโs arbitration position under Part VI of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Part VI
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Turkey ratifies treaty with Korea (Rep.)
Turkish President Recep Tayyip Erdoฤan signed the decision to ratify a new income tax treaty with South Korea on 31 May, 2024. The treaty was made to prevent double taxation in taxes on income and to prevent tax evasion and tax
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UK enacts Finance (No. 2) Act 2024 with Spring Budget 2024 measures
The UK enacted the Finance (No. 2) Act 2024 after receiving royal assent on 24 May, 2024. This legislation implements several measures announced in the 2024 Spring Budget. The annual charge for income tax for the 2024-25 tax year and the
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Malaysia publishes synthesised text of tax treaty with Luxembourg under BEPS MLIย
The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Luxembourg, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base
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Russia clarifies conditions for 0% tax rate for IT companies
The Russian Ministry of Finance recently issued Guidance Letter No. 03-03-06/1/28535 on 29 March 2024, which sheds light on the conditions governing the application of a reduced corporate tax rate of 0% for IT companies utilising their own computer
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Turkey is in the final stages of adopting the Pillar Two global minimum tax
Turkey is in the final stages of adopting the Pillar Two global minimum tax, according to a report published in Anadolu Agency, a state-owned Turkish news agency. Mehmet ลimลek, Treasury and Finance Minister, emphasised the significance of
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Costa Rica, Iceland TIEA goes into effect
The tax information exchange agreement (TIEA) between Costa Rica and Iceland took effect on 10 September, 2023. Applicable to criminal tax matters from the date it went into force, the agreement extended to other matters starting 1 January,
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Russia proposes progressive tax for corporations, wealthy individuals
Russia's finance ministry has put forth proposals for significant tax changes, including a progressive income tax structure for higher earners and increased corporate taxes, aimed at bolstering budget revenues. The amendments, slated for
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Ireland releases new guidelines on employment status for tax purposes
The Irish Revenue has released eBrief No. 140/24 which provides new guidance on how to determine employment status for tax purposes on 21 May, 2024. The new Tax and Duty Manual (TDM) has been created to outline the implications for determining
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UK: Parliament enacts Spring Finance Billย
The Committee stages of the Finance (No. 2) Bill 2023-24 (also known as the Spring Finance Bill) concluded on 21 May, 2024. The bill was introduced after the conclusion of the March Spring Budget and reviewed by a Public Bill Committee where no
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Spain: Lower House approves tax treaty with Paraguay
The Spanish Congress of Deputies (the lower house of parliament) passed the law to ratify the pending income tax treaty with Paraguay on Tuesday, 23 May, 2024. Signed on 25 March, 2023, this tax agreement is a first between the two nations. It
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UK: HMRC issues update on Belarus tax treaty suspension
The UK HMRC has released an update regarding the tax treaty with Belarus. The UK urges Belarus to reverse its suspension of the treaty, and affirms that it remains in effect and that the UK continues to adhere to its terms. Earlier, Belarus
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Switzerland proposes law to strengthen anti-money laundering, includes beneficial owners register
The Swiss Federal Council, in a release, announced the adoption of a new legislation to bolster the anti-money laundering framework on Wednesday, 22 May, 2024. This includes the establishment of a federal register of beneficial owners. The aim of
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Belarus and Equatorial Guinea ratifies tax treaty
Belarusian President Alexander Lukashenko signed a law on Tuesday, 21 May, 2024, ratifying the pending income and capital tax treaty with Equatorial Guinea. Signed on 9 December, 2023, this tax treaty is the first of its kind between the two
See MoreUK: HMRC issues guidance for Pillar Two registration
The UK HMRC released practical guidance on Pillar Two registration requirements for multinational groups in the UK on 20 May, 2024. This guidance features a notice detailing the procedure for registering for Pillar Two Top-up Taxes in the UK. It
See MoreUK releases synthesized text of Liechtenstein tax treaty affected by BEPS MLI
The UK HMRC has released the synthesized text of the tax treaty with Liechtenstein, regarding changes from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Multilateral
See MoreSwitzerland: Cantonal tax law reforms due to Pillar Two global minimum tax
In response to the implementation of the Pillar Two global minimum tax in Switzerland, effective from 1 January, 2024, several cantons have adjusted their tax rates or initiated projects to enhance their appeal as business locations. The Canton
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