Ukraine clarifies the definition of controlled transactions for transfer pricing purposes
On 19 January 2018, the State Fiscal Service (SFS) released Guidance Letter No. 119/6 / 99-99-15-02-02-15 / IPK of January 12, 2018, which defines the definition of controlled transactions for cross border transaction purposes. Under the amendments
See MoreSwitzerland: Federal Council set the parameters for the dispatch on tax proposal 17
The Swiss Federal Council announced that it has set the parameters for the dispatch on the country's tax reform proposal (tax proposal 17) on 31st January 2018. The Federal Council's parameters that will be contained in the dispatch on tax proposal
See MoreIceland: Parliament adopts increased withholding tax rates for 2018
The parliament has approved the Budget for 2018 and it has implemented an overall increase in withholding tax rates effective 1 January 2018 as follows: the standard rate of withholding tax on Icelandic interest, capital gains and dividend income
See MoreUAE: Cabinet approves DTA with Croatia
The Cabinet of United Arab Emirates has approved the income tax agreement on January 7, 2018, with Croatia for the avoidance of double taxation and the prevention of fiscal
See MoreUAE: Cabinet approves DTA with Moldova
The Cabinet of United Arab Emirates has approved the income tax agreement on January 7, 2018, with Moldova for the avoidance of double taxation and the prevention of fiscal
See MoreJapan: DTA with Iceland signed
On 15 January 2018, the Japanese Ministry of Finance issued a press release announcing that the Government of Japan and the Government of the Republic of Iceland signed the Convention between Japan and Iceland for the Elimination of Double Taxation
See MoreIceland: Parliament approves budget for 2018
On 29th December 2017, The Icelandic Parliament has approved a number of tax changes under the 2018 budget. The budget increase tax on investment income, environmental and sin taxes, and it also extended the value-added tax break on supplies of
See MoreChina and Georgia: Both the Chinese and Georgian FTA hits the spotlight together
Both the Government of the People’s Republic of China and Georgia came into agreement regarding Free Trade which commenced from 1st January
See MoreGeorgia: Parliament amends the Tax Code
The Parliament approved amendments to the Tax Code which will be entering into force the moment it receives the signature of the President and receives the publication in the Official Gazette. The Parliament adopted the amendments made to the Tax
See MoreChina, Georgia FTA enters into Force
On 1 January 2018, the Free Trade Agreement (FTA) between China and Georgia entered into force and implemented. China-Georgia FTA is the first FTA China has signed with Eurasian countries as well as the first Free Trade Agreement China has initiated
See MoreUkraine: Parliament adopts the amendment to the Tax Code
On 7 December 2017, the Ukrainian Parliament passed the Law of Ukraine "On Amendments to the Tax Code of Ukraine and Certain Laws of Ukraine on Securing Balance of Budget Revenues in 2018” No. 2245-VIII (“Law”). The law came into force on 1
See MoreUkraine changes in Transfer Pricing Rules from January 1, 2018
On 7 December 2017, the Ukrainian Parliament passed the Law of Ukraine "On Amendments to the Tax Code of Ukraine and Certain Laws of Ukraine on Securing Balance of Budget Revenues in 2018” No. 2245-VIII (“Law”). The law came into force on 1
See MoreGeorgia: Longing for repairing of sluggish VAT Refund Process
Georgia is suffering from a huge calamity on their VAT Refund System, it is arising a massive aggregation of claims towards the system. So this tells us noticeably, that there is a loophole to dig in to figure out what’s wrong with the VAT Refund
See MoreRussia publishes clarification regarding the simplified tax system
On 20 November 2017 the Federal Tax Service (FTS) published a clarification regarding the procedure for switching legal entities to a simplified tax system from 2018 onwards. As from 2018, in order to switch to the simplified tax regime, legal
See MoreIceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MoreGeorgia: Free Trade Zone MoU with China
At the "Tbilisi Belt and Road Forum" on 28 November 2017, China and Georgia have signed an agreement on the creation of free trade zones in Georgia that would facilitate Georgia's role in China's Belt and Road initiative. The China-Georgia Free
See MoreRussia: FTS publishes CbC reporting formats for public consultation
The Federal Tax Service (FTS) publishes country-specific reporting (CbC) formats and a report on participation in multinational enterprise groups on its official website. The new forms comply with BEPS Action 13 requirements for CbC and transfer
See MoreRussia: Approves profit-based oil tax regime
On 23 November 2017, the Government approved a plan to introduce a profit-based tax on the oil industry, expected to come into force on January 1, 2019, later than previously thought. Currently, the tax regime for the oil industry stipulates that
See More