Iceland 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
See MoreAndorra approves DTA with UAE
On 20 April 2017, the general council of Andorra approved the Double Taxation Agreement (DTA) with United Arab Emirates for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreRussia: Facebook and other global digital giants agree to pay ‘Google Tax’
On June 29, 2016, the government has approved the VAT Law for foreign companies selling online services to Russian consumers. Therefore, over a hundred foreign corporations have already registered in Russia. Among these companies are: Alibaba,
See MoreRussia: Negotiations to update DTA with Japan
Russian and Japanese government agents met in Tokyo to begin negotiations on updating their double tax agreement on 27 March 2017. The announcement which notified the beginning of talks with the Japanese Ministry of Finance did not set out what
See MoreUkraine updates tax code concerning transfer pricing changes
Transfer pricing legislation in Ukraine has been changed effective from January 1, 2017. The law introduces changes to the Tax Code of Ukraine with respect to transfer pricing rules (TP). The following changes have been introduced on “Amending the
See MoreUkraine: President sign the law to ratify income tax treaty with Luxembourg
The Ukrainian President signed a law to ratify the income tax treaty with Luxembourg on 3 April 2017. The Convention between two states was signed as long ago as on 6 September 1997, but has not been ratified until now. On 30 September 2016, parties
See MoreJersey: Tax disclosure opportunity for the year 2017 announces
The Treasury and Resources Department offers and runs a tax disclosure opportunity from 3rd April 2017 up to the end of 2017. This describes Islanders will be able to tell the tax office if they’ve made a mistake or failed to declare accurate
See MoreJersey: Inviting comments for proposed new tax penalties
A public consultation has been announced on 27th March 2017 by the Treasury and Resources department to request comments on proposed new tax penalties. The Taxes Office is asking for public views on proposed new financial penalties. This would be
See MoreUkraine: State Fiscal Service clarifies contribution of fixed assets to share capital
Contribution of fixed assets to the share capital of an Ukrainian company is treated as a controlled transaction for transfer pricing purposes. On 9 March 2017, the State Fiscal Service (SFS) clarified this through issuing Guidance Letter No.
See MoreDealmaking in Central & Eastern European Real Estate
Investing, Developing, and Leasing in Central & Eastern Europe A two-hour webinar, May 9, 2017, from 11am -1pm NYC time Sponsored by Emerging and Frontier Markets Association This webinar will not only cover investing in
See MoreBelgium, Moldova amending protocol to DTA signs
On 30 March 2017, Belgium and Moldova signed an amending protocol to Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, in Brussels. Once in force, the 2008
See MoreAndorra, Italy EOI Agreement enters into force
On 27 March 2017, the Exchange of Information (EOI) Agreement between Andorra and Italy was entered into force. The agreement generally applies from 27 March 2017 for criminal tax issues and from 1 January 2018 for all other tax
See MoreAndorra, Portugal DTA enters into force
On 23 April 2017, the Double Taxation Agreement (DTA) between Andorra and Portugal will enter into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty generally applies from 1
See MoreRussia: Publishes electronic filing requirements for VAT returns
The Federal Tax Service issued decisions regarding E- filing requirements for VAT returns on 16 March 2017. According to the Federal Tax Service, Under the article 88(3) of the Tax Code, from now taxpayers are legally required to file VAT returns
See MoreRussia: Announces the timeline for implementation of IFRS
The Ministry of Finance has announced the timeline for the implementation of the International Financial Reporting Standards (IFRS) documentation on 16 March 2017. Presently, the process of adoption and entry into force of the documents is under
See MoreDTA between Cyprus and Jersey entered into force
The income tax treaty between Cyprus and Jersey entered into force on 17 February 2017. The treaty was signed on 11 July 2016. The treaty generally applies from 1 January 2018. The treaty generally follows the OECD Model. Under the treaty, there
See MoreIceland updates regulation on CbC reporting
The Ministry of Finance and Economic Affairs issued Regulation No. 245/2017 amending Regulation No. 1166/2016 regarding country-by-country (CbC) reporting on 24 March 2017. The amendment aligns the wording of article 4 of the model provision related
See More