Switzerland – Pakistan DTA Negotiation
According to some media reports, Pakistan is looking to revise the double taxation agreement (DTA) with Switzerland. The current double tax agreement between the two countries was signed on 19 July 2005 and entered into force in 2008. No further
See MoreProtocol to treaty between Belgium and Switzerland signed
On 10 April 2014, Belgium and Switzerland signed an amending protocol to the double taxation treaty originally concluded between the two countries in 1978. No further details of the Protocol are currently
See MoreCayman Islands-Malta TIEA
The bilateral agreement for the exchange of tax information concluded by the Cayman Islands and Malta entered into force on April 1, 2014. By entering a Tax Information Exchange Agreements (TIEAs) the territories agree to co-operate in tax matters
See MoreUkraine Increases Tax and Slashes Spending
Ukraine has approved tax reforms that will allow the country to access increased financial aid from the IMF. Ukraine requires the IMF funding to ensure the stability of its finances. For this reason some planned tax cuts will not be implemented and
See MoreSwitzerland – Committee rejects IHT and VAT changes
A Swiss government committed has rejected an inheritance tax proposal from the Socialist Party and has also rejected a suggestion to introduce a consumption tax on energy in place of the VAT. The inheritance tax suggested by the Socialists would
See MoreSwitzerland – Bankers demand Investment Law Revision
The new Financial Market Infrastructure Act (FMIA) is being supported by the Association of Swiss Private Banks but the latter organization is also concerned that the legislation should not damage the competitive nature of the financial sector in
See MoreRussian Appeal Court rules on thin capitalization
Russia’s Arbitration Court of Appeal issued a decision on 24 February 2014 holding that a loan from a foreign related company of United Bakers Pskov LLC1 was subject to the thin capitalization legislation. This ruling by the Court was made on the
See MoreRussia-Malta DTA ratified
On 2 April 2014 Russia ratified the double taxation agreement (DTA) signed with Malta. The tax treaty between Malta and Russia was signed on 24 April 2013 and ratified by Malta on 18 June 2013. This DTA provides for lower withholding tax rates on
See MoreMalta Enhances Financial Sector Oversight
Malta’s Financial Services Authority (MFSA) has announced further cooperation with the Maltese Financial Intelligence Analysis Unit (FIAU). The announcement on March 26, 2014, follows the signing last month of a Memorandum of Understanding (MoU)
See MoreUkraine Seeks Tax from Bank Depositors
The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for
See MoreSwitzerland – Upper House passes China FTA
The Free Trade Agreement (FTA) between Switzerland and China has been adopted by the Swiss Council of States. The agreement contains provisions in respect of trade in goods and services, competition, investment promotion, intellectual property
See MoreSwitzerland – new agreements for the exchange of tax information
Switzerland signed tax information exchange agreements with Greenland and Andorra in March 2014. These accords provide for the exchange of information on request in respect of tax investigations. The conclusion of information exchange agreements is
See MoreSwitzerland signs new DTA with Argentina
Switzerland and Argentina have signed a new double taxation agreement (DTA). When it enters into force this agreement will replace the provisional agreement signed in 1997. The agreement contains provisions relating to the exchange of information
See MoreSwitzerland Plans Stricter Rules for Biofuel Tax Breaks
The Swiss Council of States has given its approval to a bill strengthening the provisions on the eligibility of enterprises for biofuel tax breaks. Biofuels may be partly or wholly exempt from mineral oil tax provided that they conform to certain
See MoreSwitzerland Adopts Anti-Tax Evasion Bill
The Swiss Council of States has approved a Bill in respect of the revised recommendations of the Financial Action Task Force (FATF). The Bill raises the qualifying threshold for serious tax offences and therefore helps the fight against tax evasion.
See MoreSwiss Parliament rejects French IHT agreement
The Swiss Council of States has not accepted the text of a revised inheritance tax (IHT) agreement with France and has instead suggested that it should be renegotiated. Switzerland had asked for a renegotiation after France had communicated its
See MoreRussia: treaty between Russia and Italy clarified by the Ministry of Finance
Letter No. 03-08-РЗ/10213 published by the Russian Finance Ministry explains the position with respect to dividends paid by Russian companies to Italian parent companies. The participation exemption is available if the parent company meets a 365
See MoreRussia Clarifies transfer pricing for Domestic Transactions
Letter No 03-01-18/2080 issued by the Russian Finance Ministry on 22 January 2014 clarifies that some domestic transactions are to be subject to the transfer pricing rules as they are deemed to be controlled transactions for this purpose. These
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