DTA signed between Cyprus and Norway
The Government of Cyprus confirmed the signing of a double taxation agreement (DTA) with Norway on February 24,
See MoreAzerbaijan- Progress towards WTO accession
At the 11th meeting of the Working Party on February 21, 2014 Azerbaijan's World Trade Organization (WTO) accession bid gained positive momentum. Azerbaijan has been diversifying its economy away from reliance on the energy sector alone and has been
See MoreCyprus and Norway: DTA signed
Cyprus and Norway have signed a Double Taxation Agreement on 24 February 2014, which will replace the current income tax treaty signed in 1951 by the UK and Norway. No further details of the agreement are currently
See MoreUkraine: Reduces corporate income tax and Value Added Tax (VAT) rates
Ukraine has reduced corporate income tax and VAT rates from 1 January 2014. The reduced rates are: For corporate income tax: 18% from 1 January 2014 to 31 December 2014; 17% from 1 January 2015 to 31 December 2015; 16% from 1 January 2016. VAT
See MoreDTA between UK and Albania entered into force
The Double Taxation Agreement (DTA) between UK and Albania has entered into force on December 30, 2013. The agreement follows the OECD Model Convention. It sets out reduced withholding tax rates as follows: 5 percent on dividends for companies
See MoreRussia: Clarification regarding tax treatment
On 18 December 2013 the Russian Ministry of Finance (MoF) published Letter No. 03-08-05/55702, clarifying the tax treatment of contractual penalties paid by a Russian company to a Ukrainian company for violation of the contractual terms. According
See MoreRussia: Clarification regarding residence rules of partnership income
The Russian Ministry of Finance (MoF) allotted Letter No. 03-08-05/1229,on 17 January 2014, clarifying whether income received by a US partnership may be subject to tax according to the Russia–United States Income and Capital Tax Treaty (1992).
See MoreRussia and China draft a new DTA
On February 5, 2014, Russia completed the drafting of a new double taxation agreement (DTA) with China to replace their 1994 treaty. The new treaty when finalized is likely to update the provisions to take into account changes in the tax
See MoreJersey ratifies TIEA with Switzerland
On 11 December 2013, Jersey ratified the Jersey - Switzerland Tax information Exchange Agreement (TIEA). Jersey signed the TIEA with Switzerland on September 16, 2013. This is Jersey's 32nd TIEA meeting the OECD tax standards on transparency and
See MoreSwitzerland – fiscal policy framework
The Swiss Federal Council has set out the fiscal policy framework that will be followed in the next budget process. The financial plan for 2015-2017 has been updated based on the 2013 fiscal results and new macroeconomic figures. Although the
See MoreSwiss Finance Directors Request Corporate Tax Reform
The Swiss Conference of Cantonal Finance Directors (FDK) has emphasized on the importance of reforming the corporate tax system, making some preliminary recommendations. The FDK believes that some tax measures should be implemented quickly within
See MoreJersey ratifies TIEA with Slovenia
Jersey ratified the tax information exchange agreement (TIEA) with Slovenia on February 4, 2014. The law to ratify the TIEA signed between Jersey and Slovenia was tabled before Jersey's parliament for its approval on December 23, 2013. Jersey and
See MoreRussia: Ministry of Finance clarifies the transfer pricing rules
The Ministry of Finance Letter No. 03-01-18/53941, issued on 10 December 2013, clarifies the rules to determine the income for controlled transactions purposes. The Ministry of Finance specified that transactions defined in article 105.14 of the Tax
See MoreRussia’s draft DTAs with Belgium and China
On 5 February 2014, Russia's draft Double Tax Avoidance Agreements with China and Belgium were tabled before Russia's Cabinet for its
See MoreDTA between Greece and San Marino entered into force
The San Marino government issued Decree No. 9, which ratifies the double taxation agreement with Greece, on 28 January 2014. The agreement entered into force on the same
See MoreTIEA between Canada and Liechtenstein entered into force
The Agreement between Canada and Liechtenstein for the Exchange of Information on Tax Matters entered into force on January 26, 2014. The Agreement was signed on January 13, 2013. The Agreement has effect in accordance with the provisions of
See MoreRussia Considers Tax Break for Landlords
Russia's Economic Development Ministry has recently proposed cutting tax rates for citizens who lease their apartments. This measure aims to reduce the numbers of unregistered landlords. The proposal involves reducing the tax on rent revenues to
See MoreSwitzerland: Safe harbor rules apply to intra-group interest rates
Under a Circular of 30 January 2014 the safe harbor interest rate on loans received by shareholders or related parties denominated in CHF are 1.5% on loans financed through equity, or for loans financed through debt the safe harbor rate is the
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