Russia: Central Bank hikes late payment interest penalty
On 14 September 2018, Russia’s central bank raised the late tax payment interest rate from 7.25% to 7.5% and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble
See MoreSwitzerland: Federal Council adopts dispatch on BEPS convention
The Federal Council adopted the dispatch on the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (BEPS) on 22nd August 2018. The dispatch was submitted to Parliament. Switzerland signed the
See MoreMalta updates guidelines on the application of the notional interest deduction (NID) rules
On 8 August 2018, the Maltese Commissioner for Revenue published update guidelines on the application of the notional interest deduction (NID) rules. Under the NID, a Malta company or partnership, including a Malta permanent establishment of a
See MoreRussia modifies transfer pricing rules
On 3 August 2018, the President of the Russian Federation signed Law No. 302-FZ About changes to Part One and Two of the Tax Code of the Russian Federation" Once the new law enters into force, only transactions between Russian companies that apply
See MoreRussia modifies the regional corporate tax rate
The Russian Government amended the regional corporation tax rate and published it on 3 August 2018 in the Official Journal. The amendments permit the various regions to repeal the minimum rate of 13.5% in force in their territory from 1 January
See MoreUkraine signs MLI to implement tax treaty related BEPS measures
On 23rd July 2018, Ukrainian Acting Finance Minister Oksana Markarova signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The minister expressed that the signing of the MLI makes
See MoreUkraine: President submits draft law on withdrawn capital tax to Parliament
On 4 July 2018, the President of Ukraine presented to Parliament the draft law "On amendments to the Tax Code of Ukraine concerning the tax on the withdrawn capital". The draft law amends the tax law to replace the current corporate income tax
See MoreRussia: Parliament considering the Bill amending CFC and other rules
Recently, the Russian lower house of parliament considering the Bill No. 442400-7, which includes various measures. The Bill includes following measures: 1. Adjust the CFC rules so that a person will not be recognized as a controlling person of a
See MoreItaly publishes guidance on clarifying application of R&D tax credit
The Italian tax authority during 2018 issued guidance to clarify application of the existing tax rule of Research and Development (R&D) tax credit for eligible Italian companies and Italian permanent establishments of foreign companies investing
See MoreRussia: The Lower House of Parliament Approves Bill Amending Tax Administration
On 18 July 2018, the Russian lower house of parliament adopted the Bill No. 249505-7 on improving tax administration in the third and final reading. The Bill includes following measures: Eliminate transfer pricing control (audit) for domestic
See MoreItaly : Law Decree entered into force following its publication
Italy Published Law Decree No. 87 of 12 July 2018 was entered into force following its publication in Official Gazette No. 161 of 13 July 2018. Details of the tax measures are summarized below: Regarding Incentives: Under article 7 of the Law
See MoreNorway: MoF sets a late payment interest rate for July to December 2018
The Ministry of Finance (Mof) has published a regulation to set the late interest rate for the second half of 2018 (from 1st July 2018 to 31st December 2018). The interest rate is set at 8.50% from 1st July 2018 to 31st December 2018, which is
See MoreRussia publishes Order on CbC report automatic exchange
On 26 June 2018, Russia has approved the Order of the Federal Tax Service of 30 May 2018 No. MMV-7-17 / 359 regarding the States and Territories list with which Russia will automatically exchange Country-by-Country (CbC)
See MoreSwitzerland to exchange first country-by-country reports on multinationals
The Swiss government announced that at the end of June, the Federal Tax Administration (FTA) will for the first time send multinational groups' country-by-country reports to 35 partner states within the framework of so-called country-by-country
See MoreSwitzerland publishes guidance regarding mutual agreement procedure
The Swiss State Secretariat for International Financial Matters has released guidance for mutual agreement procedure (MAP) requests under Switzerland's tax treaties. Switzerland has concluded double taxation agreements with numerous countries.
See MoreNorway: Government releases the revised budget for 2018
The government of Norway released the revised Budget for 2018, which was approved by the Norwegian Cabinet on 15th May 2018. In the revised 2018 budget, the Government is proposing an increase of NOK 130 million in funding for the development
See MoreRussia approves format for CbC Reports and Notification for multinational groups
On 6 May 2018, Russia’s Federal Tax Services (FTS) issued Order No. MMV-7-17/123 and Order No. MMV-7-17/124 issued on 26 April 2018 in the Official Gazette. The orders approves the format and method of submission for Country-by-Country (CbC)
See MoreSerbia: Parliament adopts law on tax procedure and tax administration
On April 19, 2018, the Serbian parliament passed the Law on Amendments to the Law on Tax Procedures and Tax Administration. The law was published in the Official Gazette of the Republic of Serbia No. 30 of April 20, 2018. The submission of a tax
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