Belarus ratifies tax treaty with Hong Kong
On 3 May 2017, the government of Belarus ratified the agreement with Hong Kong for the avoidance of double taxation. The agreement was signed on 16 January 2017 and was adopted by the Belarus House of Representatives on April 19, 2017. The agreement
See MoreSwitzerland: Partial Revision of the VAT Act adopted by Parliament
The Swiss Federal Department of Finance announced that during its meeting on 2 June 2017, it decided that the partial revision of the Value Added Tax Act adopted by the Parliament will come into force on 1st January 2018. Under the new regime, to
See MoreIreland: DTA negotiation with Kosovo
The first round of negotiation of Double Taxation Agreement (DTA) between Ireland and Kosovo are underway for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreSwitzerland: Steering committee adopts revised corporate tax reform proposal
The steering committee incorporate of federal and cantonal representatives has adopted recommendations on a balanced corporate tax reform proposal III (TP17) on 1st June 2017 for the attention of the Swiss Federal Council. The new proposals come
See MoreSwitzerland and Kosovo sign double taxation agreement
Switzerland and Kosovo signed a Double Taxation Agreement (DTA) in the area of taxes on income and capital on 26 May 2017. The agreement will ensure legal certainty and a contractual framework that will have a beneficial impact on the two states’
See MoreRussia: Government approves signing of MLI to implement tax treaty related BEPS measures
The Russian government on 20 May 2017, approved the signing of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and profit
See MoreJapan and Iceland agree on a DTA
On 29 May 2017, the Japanese Ministry of Finance announced that the Government of Japan and the Government of Iceland have agreed in principle on the tax convention between Japan and Iceland. This new agreement will be signed after the necessary
See MoreUkraine: SFS clarifies the definition of related parties for the recognition of controlled transactions
On 16 May 2017, the State Fiscal Service of Ukraine published a letter No. 9012/6/99-99-15-02-02-15 concerning the definition of related parties for the recognition of transactions controlled and guided by article 52 of the Tax Code of Ukraine. The
See MoreIceland issues revised bill for the CbCR
Regulation no. 1166/2016 on the documentation for CbCR (Country-by-Country Reporting) has been further revised by regulation no. 245/2017 on 24 March 2017. The revised regulation is effective on or after 24 March 2017. The revision incorporates two
See MoreNorway proposes changes to the earnings stripping rules
Norwegian Ministry of Finance has issued a discussion paper on 4th May 2017, that proposes changes to the earnings stripping rules which further extends the limitation to also include interest costs on unrelated party debt at 25% . The new
See MoreNorway: Exemption from withholding tax applies
The tax authorities released a "binding advance ruling" (BFU / 17, 4 May 2017) regarding application of a domestic exemption from dividends to an Irish holding company. The judgment provides that the dividends paid by the Norwegian company to the
See MoreNegotiations for DTA between Japan and Iceland
The Government of Japan and the Government of the Republic of Iceland will initiate negotiations for a tax convention between the two countries. The first round of negotiations will take place on May 17 in Tokyo. Further details of this treaty will
See MoreRussia: Publishes the draft law on CbC reporting requirements for multinationals corporate groups
The Russian government on 6 March 2017, published an amended draft law providing for new provisions on the international automatic exchange of financial accounting information for the Russian fiscal regulation and for setting new standards for the
See MoreRussia: Value added tax increased to 22% from January 2019
The Russian government has confirmed that it intends to increase VAT from 18% to 22% on 1 January 2019. The rise will help to fund a reduction in the employee's tax rate to 22% from
See MoreUkraine: Cabinet of Ministers adopts the changes to advance pricing agreements
The Cabinet of Ministers of Ukraine on March 29, 2017 adopted amendments to the Regulation No. 504 of 17 July 2015 regarding the procedure of issuing advance pricing agreements (APAs). According to the adopted amendments to the Regulation No. 504 of
See MoreJapan and Russia have agreed on a new DTA
On 28 April 2017, Japan’s Ministry of Finance has announced that the two countries have agreed in principle to a new tax convention to replace the existing tax treaty between Japan and the Union of Soviet Socialist Republics, which entered into
See MoreIceland presents fiscal plan for 2018 to 2020
The Minister of Finance and Economic Affairs announced fiscal plan for 2018 to 2020 to reduce the standard VAT rate from 24% to 22.5%. This plan will be effective from 1st
See MoreUkraine: Parliament ratifies the double tax treaty with Malta
The Parliament of Ukraine on 13 April 2017 ratified the income and capital tax treaty with Malta. The Convention and the protocol to it were signed by the Government of Ukraine and the Government of Malta in September 2013. Under the provisions of
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