TIEA between Chile and Jersey approved by Jersey
The Exchange of Information Agreement (2016) between Chile and Jersey has been approved by Jersey's States Assembly on 11th October
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
See MoreIceland: Parliament approves the BEPS Actions 4, 7 and 13
Parliament approved Bill No. 787 (the Bill) implementing BEPS Actions 4, 7 and 13 on 13 October 2016. Details of the Bill are given below. Bill No. 787 adopted by the parliament proposes a fixed ratio rule, limiting corporate tax deductions for net
See MoreNorway: Published proposal on Country-by-country reporting
The Norwegian Government published its proposal for the 2017 Fiscal Budget on the domestic Country-by-Country (CbC) reporting rules in line with the OECD BEPS Action 13 recommendations to the Norwegian tax authorities. As per the proposal, all
See MoreSwitzerland: Parliament adopted the final Corporate Tax Reform III
On June 17, 2016, the Swiss parliament adopted the final Corporate Tax Reform III package (CTR III) to strengthen Switzerland’s competitiveness as a business location. The Corporate Tax Reform III includes several notable tax reform measures
See MoreRussia: New version of draft law on BEPS Action 13 implementation issued
The Finance Ministry has issued a new version of the draft law on 6th September 2016 regarding BEPS Action 13 implementation. The draft law proposes the following topics: BEPS related compliance: Documentation requirement: Master file: As per the
See MoreUkraine: Ministry of Finance clarified advance payments of corporate income tax on dividends
The Ministry of Finance (MoF) issued Guidance Letter No. 31-11130-09-10/21370 dated on July 25, 2016, explaining the corporate income tax treatment of dividends paid by Ukrainian residents. According to letter, dividends received by the companies
See MoreUkraine: Tax authorities defines the controlled transaction
Recently the Ukrainian tax authorities issued a Guidance Letter No. 14491/6/99-99-15-02-02-15 regarding transactions with related non-residents of Ukraine, and transactions with residents of low-tax jurisdictions and sales of goods through a
See MoreRussia: Notification of tax authorities concerning CFCs
The Finance Ministry (MoF) has issued a Letter No. 03-01-23/30779 on 27th May 2016 for clarifying the responsibility of taxpayers to notify the tax authorities about CFCs. On the basis of section 3.1 of article 23 of the Tax Code, taxpayers have to
See MoreEl Salvador: Financial statements need to be submitted electronically by large taxpayers
The tax authorities issued Circular DG-001/2016 on 13 June 2016, launching that large taxpayers must file their 2015 financial statements together with the notes and tax report electronically using digital Form F-457 through the Ministry of
See MoreIMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See MoreRussia: Draft Order for approving CFC notification form published
According to the Russian Tax Code, individuals and companies are needed to notify the tax authority of controlled foreign companies (CFC) of which they are considered controlling persons. Note that, these companies and individuals are considered to
See MoreRussia: MoF clarifications regarding interim dividends
The Finance Ministry (MoF) has issued a letter No. 03-03-06/2/21011 on 13th April 2016 describing the tax treatment of interim dividends paid by a Russian company to its company shareholders in an amount exceeding the net profits of the company in
See MoreLiechtenstein: Government plans to increase minimum corporate income tax
Recently the Liechtenstein government approved a report providing an increase in the minimum corporate income tax from the current CHF 1,200 to CHF 1,800. The report has been submitted to parliament
See MoreFrance-public consultation launched on 1% add-back on dividends within tax-consolidated groups
The Tax Administration of France published on 11 May 2016 guidelines on the taxation of dividends distributed within tax-consolidated groups following changes brought by the Amending Finance Law 2015. For financial years commencing on or after 1
See MoreFrance- amortization base of 140% further extended by 1 year
The French Ministry of Finance and Public Accounts has declared that the tax measure letting companies to use an amortization base of 140% on certain industrial investments will be further extended by 1 year. Accordingly for investments in
See MoreGuernsey: The amended Statement released on taxation of banking businesses
The amended Statement of Practice C22 on taxation of banking businesses was released on 28 April 2016. The company standard rate of income tax on company profits is 0% but a 10% tax rate applies to certain banking profits. In particular, under the
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