Ukraine: Tax Code Changes Included in 2014 Budget
The Ukrainian President signed the law on the state budget for 2014 on January 17, 2014. The draft law on the budget provides for changes to the country's tax code. According to the draft the value-added tax rate will remain unchanged at 20 percent
See MoreRussia considers Tax on Foreign Online Retailers
Russia is considering whether to levy a 30 percent tax on imports from foreign online retailers and restrict the number of parcels imported. The proposed tax, which would be imposed on imports worth more than RUB7, 000 (USD 202), is intended to
See MoreNorway reduces corporate tax rate and enacts interest deductibility restrictions
On 13 December 2013, the newly proposed Norwegian interest deduction limitation rules were adopted by the Norwegian Parliament and the reduction of the corporate income tax rate from 28 to 27 % was adopted. The interest deduction limitation rules
See MoreTIEA between Costa Rica and Iceland published in gazette
The Costa Rica – Iceland TIEA, 2011 (Law No 9196) was published in the Official Gazette (Gaceta Digital de la Imprenta Nacional) No. 20 of Costa Rica on 29 January 2014. This completes the ratification process on the side of Costa
See MoreRussia- Financial Services
Under Federal Law 39-FZ and 420-FZ, from 1 January 2015 interest on related party loans should be charged at market rates and documentation should be maintained to demonstrate
See MoreUkraine: Transfer pricing report
The Ministry of Taxes and Charges has issued the official form for the transfer pricing report under Ukrainian law, and has clarified the procedures for completion. The documents were approved by Ministry of Taxes and Charges Order No.
See MoreUkraine: Introduces a value-added tax exemption
In a statement on January 8, 2014, Ukrainian Prime Minister confirmed that he had ordered the preparation of draft legislation to amend the country's tax code to lower the cost of natural gas for consumers. The price for consumers will be reduced by
See MoreUkraine: Rates and Accounting rules for Tax 2014
On 19 December 2013, the Verkhovna Rada of Ukraine passed Law No. 3757 that introduce tax rates and tax accounting rules for 2014. The corporate income tax rate is reduced to 18% (from 19%) with further decreases to 17% (beginning 1 January 2015)
See MoreClarification of Russian MoF on tax withheld not in accordance with the tax treaty
Russian Ministry of Finance has published a letter no. 03-03-06/4/44331 which was issued on 23 October, 2013. This explains if corporate withheld tax by a Bulgarian branch belongs to a Russian company may be benefited against the corporate tax
See MoreNorway Budget for 2014 – amendments
On 8 November 2013 the new Government presented its amendments to the Budget Bill for 2014. In general, the new Government is reducing taxes, whereas the former Government increased them. The amended Budget for 2014 contained the following
See MoreNorway and EFTA- changes in respect of customs credit for EEA businesses registered in Norway for VAT purposes
It was published on 26 December 2013 that, due to a reasoned opinion from the EFTA Surveillance Authority dated 19 September 2012, the Norwegian VAT representative scheme has already been changed. The changes relate to the removal of the requirement
See MoreSwitzerland: The Federal Council recommend to simplified VAT
The Federal Council has published of the total regulatory burden on 25 December 2013 are CHF10bn, CHF1.8bn on business which are directly related to VAT. The Federal Council clarified the VAT system with a uniform tax rate. Switzerland imposes three
See MoreRussia: Taxable base for corporate property tax
The Russian Ministry of Finance published on 11 December 2013 details of the application of the corporate property tax for immovable property located in Russia and held by a non-resident company, which does not have a permanent establishment in
See MoreIndia signs DTA with Macedonia to prevent income tax evasion
India signed a Double Taxation Avoidance Agreement (DTAA) with Macedonia on Dec 17, 2013, to prevent income tax evasion by entities in both the countries, a move that is also expected to increase economic cooperation. The agreement provides
See MoreHungary-VAT Act changes of 2014
Most of the changes to the VAT rules of Hungary are designed to bring Hungarian VAT further in line with the EU VAT Directive. According to the changes to the VAT rule the reverse charge mechanism will be extended to include property construction.
See MoreEU: Tax Mandate Adopted by Switzerland
It was reported that the Swiss Federal Council has adopted the instruction for negotiations on 20 December 2013 regarding a reconsideration of the tax savings agreement with the European Union. The EU ensures that the changes of this agreement are
See MoreSwitzerland released report on Corporate Tax Reform
The Swiss Federal Council has released a final report of corporate tax reform III on 19 December 2013. The Swiss federal government proposes to replace the holding, domiciliary, and mixed company regime in the next five to seven years and to enact a
See MoreSwitzerland: Ruled against the replacement of VAT with Energy Levy
Value-added tax (VAT) in Switzerland to be replaced with a tax on energy has been rejected by The Swiss Federal Council. The council argued that in order to replacement of VAT because the rate of the energy tax will be very high and abolishing VAT
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