Author: Europe News Desk

Who Appears on the Register The HMRC Supervised Business Register lists businesses that are officially registered with HMRC for anti-money laundering (AML) supervision. Only businesses fully approved and supervised under the Money Laundering Regulations will appear. If in doubt, it’s recommended to contact the business directly to confirm their status. What the Register Includes Each listed business entry contains: This information helps you verify whether a business is officially supervised by HMRC under AML regulations. Important: HMRC registration is not an endorsement or recommendation to engage in business with any listed company. For further details, clarification, contributions, or any concerns…

The Federal Tax Service of Russia (FTS) has reminded taxpayers that legal entities must transfer advance payments for transport tax, land tax, and corporate property tax no later than July 28, 2025, for the second reporting period (Q2 or H1 2025, depending on the tax type). Exceptions for Advance Payments Advance payments are not required if: Taxpayers can verify applicable rates, exemptions, and advance payment requirements using the official FTS service:”Reference information on property tax rates and benefits” available at www.nalog.gov.ru. Tax Notification Required by July 25 To ensure proper allocation of advance payments within Russia’s budget system, organizations must…

As the UK government grapples with a £5.2 billion ($6.7 billion) fiscal shortfall, calls for a tax on the wealthiest individuals have resurfaced—sparking sharp debate over its economic viability, policy design, and long-term impact. Prime Minister Keir Starmer has so far avoided committing to a wealth tax, stating in the House of Commons: “We can’t just tax our way to growth.” However, Labour’s recent struggles to pass welfare reform, combined with slowing GDP and rising public pressure, are forcing the conversation into the spotlight. Former Labour leader Neil Kinnock reignited the issue by proposing a 2% annual tax on individual…

The Chartered Institute of Taxation (CIOT) has submitted its official response to HMRC’s consultation Transfer Pricing: Scope and Documentation, offering measured support for key changes while proposing refinements to better balance compliance burdens with tax integrity. The consultation, published earlier this year, explores two principal proposals aimed at strengthening the UK’s transfer pricing (TP) framework and protecting its tax base: These proposals are separate from the broader consultation on Reform of Transfer Pricing, Permanent Establishment and Diverted Profits Tax, also underway. CIOT Supports SME Reform, But Calls for Higher Threshold The CIOT broadly agrees with the removal of the TP…

With just two weeks until the August 1 deadline set by U.S. President Donald Trump, the European Union is intensifying efforts to finalize a transatlantic trade agreement to avoid sweeping new tariffs. President Trump has proposed a 30% tariff on imports from the European Union, citing long-standing grievances over trade imbalances and non-tariff barriers. The move is part of a broader pressure campaign aimed at reshaping U.S. trade relationships, particularly with its largest economic partner. Despite past tendencies to soften tariff threats at the last minute, the White House says this time the deadline is firm. “The president will not…

The Hungarian National Tax and Customs Administration (NAV) regularly publishes on its website the names, registered addresses, tax identification numbers, and for individuals, tax identification codes, of employers found to have failed to declare their employees’ employment relationships. These listings follow final and enforceable administrative or court rulings. According to NAV, the published data also include the date of the ruling and the date when it became enforceable. The authorities remove these listings two years after publication. Since a legal amendment came into force on September 12, 2023, it is no longer required that the ruling be enforceable for publication.…

The PISCES trading platform facilitates the buying and selling of PISCES shares, providing an exemption from transfer taxes under specific conditions. This article clarifies key scenarios where share transfers qualify for exemption, including both direct (non-intermediated) trades and intermediated transactions through brokers. It also highlights circumstances where such transfers are not exempt. Direct Trading on PISCES: Non-Intermediated Transactions In a PISCES market where buyers and sellers access the platform directly without intermediaries, transfers of shares are exempt from transfer taxes. For example: This exemption also applies when both parties are brokers acting as principals, provided they are eligible investors and…

A new report by the UK Parliament’s Public Accounts Committee reveals that HM Revenue & Customs (HMRC) lacks a complete picture of how much tax the country’s billionaires actually pay. The cross-party group of MPs warned that HMRC still faces significant challenges in assessing and collecting taxes from the UK’s wealthiest individuals. Despite raising £5.2 billion in tax revenue from high-net-worth individuals in 2023–24, more than double the £2.2 billion collected in 2019–20, the report concludes that HMRC does not maintain a comprehensive view of individual wealth. This gap hampers efforts to close what MPs call the “wealthy tax gap”…

During a public outreach event at the Moscow House of Books, representatives of Interdistrict Inspectorate No. 4 of the Federal Tax Service (FTS) of Russia briefed citizens on key updates to personal income tax (PIT) deductions (налоговые вычеты по НДФЛ) related to medical care, education, and fitness services. The session emphasized practical guidance on claiming social tax deductions, highlighting regulatory changes effective from 2024 and outlining simplified procedures for submitting supporting documents. New Requirements for the Fitness Tax Deduction (2024) Officials clarified that for fitness-related expenses incurred in 2024, the only document required is a standardized payment certificate issued by…

Italian tennis star Jannik Sinner secured the Wimbledon men’s singles title on Sunday, defeating Carlos Alcaraz and earning a $4 million prize. However, after U.K. taxes and other levies, experts estimate his net winnings will be reduced by approximately 36 percent, highlighting the significant tax implications on international sports earnings. Wimbledon Prize Money and Taxation Explained Jannik Sinner clinched his first Wimbledon men’s singles championship on Sunday, defeating Carlos Alcaraz in a four-set match. The victory awards Sinner $4 million in prize money, matching the amount won by Iga Swiatek who captured the women’s title the day before. While $4…