Serbia: Government planning to changes excise duties on tobacco and coffee
The Serbian government sent a proposal to amend the Excise Duties Law to the parliament on 13 December 2016. The proposal include a gradual increase in the minimum rates of excise duty on tobacco for the period 2017-2020, as prescribed by Council
See MoreTIEA between Isle of Man and Turks and Caicos Islands enters into force
On 29 December 2016, the tax information exchange agreement (TIEA) between Isle of Man and Turks and Caicos Islands will enter into force. The agreement will apply from 29 December 2016 for criminal tax matters and from 1 January 2016 for the
See MoreJersey: Country-by-country reporting announced
The Taxation Regulation 2016 of Jersey regarding Country-by-country reporting has been made on 14th December 2016 and the regulations will entry into force on 21st December 2016. It covers a country-by-country (CbC) reporting obligation for
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreGeorgia-Amendments to Tax Code submitted to parliament
The government of Georgia submitted a draft law to the parliament introducing certain amendments to the current Tax Code on 5 December 2016. The draft law recommends a significant increase of excise duty rates on tobacco products, passenger cars,
See MoreMontenegro: Lump-sum taxation of business and professional income
The Tax Administration published a declaration reminding taxpayers of the likelihood of lump-sum taxation of business and professional income under article 49 of the Individual Income Tax Law. Additionally, taxpayers participated in listed
See MoreGuernsey: Tax authority updates the tax penalty statement for non-compliance
The tax authority of Guernsey had updated the Statement of Practice M46 on penalties imposed for non-submission of tax returns which was published on 8 December 2016. As per the statement, all taxpayers are required by law to submit income tax
See MoreNorway: Updates the White and black lists
The updated lists of white and blacklisted jurisdictions released in the Official Gazette on 1 November 2016. A white list and a black list apply to decide what countries fit to the definition of having a low tax level to apply CFC taxation. The new
See MoreIceland: Ministry of Finance presents the fiscal budget proposal for 2017
The Ministry of Finance presented the fiscal budget proposal to the Parliament on 6 December 2016, regarding to the fiscal policy and plan over a perspective of five years, which were approved in August and supports to a new unrefined budget law.
See MoreRussia: Submits a bill related to tax deductible R&D expenses
The government on 23 November 2016 submitted a bill to the lower house of the parliament on amending the list of deductible costs relating to research and development (R&D) for corporate income tax purposes. The main requirements are discussed
See MoreAndorra approves DTA with Portugal
On 30 November 2016, the general council of Andorra approved the income tax treaty with Portugal for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Furthermore, the withholding tax on dividend
See MoreAndorra approves TIEA with Italy
On 1 December 2016, the general council of Andorra approved the exchange of information agreement with
See MoreNorway: Country-by-country reporting under BEPS Action 13
Finance Minister of Norway published a regulation on country-by-country reporting legislation based on proposal under Action 13 of the BEPS Action Plan on 9 December 2016. . Norway’s CbC reporting regulation will be effective from beginning of the
See MoreUkraine joins the inclusive framework on BEPS
The Inclusive Framework on BEPS welcomed Macau (China), Mauritius and Ukraine bringing to 90 the total number of countries and jurisdictions participating on an equal footing in the Project. Following the first meeting of the Inclusive Framework on
See MoreSerbia- Armenia tax treaty entered into force
The Income Tax Treaty (2014) between Serbia and Armenia has been entered into force on 3 November 2016 and it generally applies from 1st January 2017. According to the new treaty the maximum withholding tax rate for dividends, interest and royalties
See MoreChina Proposes FTA with Russia and others
China's Deputy Minister of Commerce has proposed that the member countries of the Shanghai Cooperation Organization (SCO) – China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan should establish a free trade agreement (FTA). At the
See MoreRussia: Adopts changes to the Tax Code
The State Duma adopted in the first hearing draft Law No. 11078-7 (the Law) on 2 November 2016, regarding changes to the Tax Code and other legislative provisions. The main provisions of the Law are summarised below: Carry-forward of losses: The
See MoreLatvia and Switzerland sign a protocol to amend their existing DTA
Latvia signed a protocol with Switzerland to amend their tax treaty on 2 November 2016. The Protocol updates the 2002 treaty to introduce an administrative assistance clause allowing information to be exchanged between the two countries on request,
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