Ukraine: New transfer pricing rules
A law “On the Amendments to the Tax Code of Ukraine Regarding Transfer Pricing” passed its second and final reading on 4 July 2013 and was adopted by the Ukrainian Parliament. This legislation will become effective from 1 September
See MoreUkraine and Malta to sign double tax convention
The governments of Ukraine and Malta are intending sign a convention on the avoidance of double taxation and the prevention of tax evasion. It approved by Ukraine’s Cabinet of Ministers on July 24, 2013. Under the draft convention, the withholding
See MoreRussia- Clarification on documentation to verify appropriate transfer pricing method
The Ministry of Finance of Russia has issued public letter No. 03-01-18/26965 in relation to transfer pricing documentation on July 11, 2013 that clarifies process for preparing and submitting transfer pricing documentation for a particular
See MoreRussia planning to implement rules to follow FATCA
One of the main issues facing Russian financial institutions is the fact that recent legal obstacles do not allow them to follow the US Foreign Account Tax Compliance Act (FATCA) in Russia by entering into direct contracts with the Internal Revenue
See MoreUnited States and Swiss agree on FATCA signification
The United States and Swiss governments have signed a memorandum of understanding on interpretations of their agreement on implementing the Foreign Account Tax Compliance Act, or FATCA on 7 June 2013 in Washington. The memorandum summarizes the
See MoreTIEA between Japan and Guernsey entered into force
The mutual ratification procedures were completed for entry into force of the “Agreement between the Government of Japan and the Government of Guernsey for the Exchange of Information relating to Tax Matters and the Avoidance of Double Taxation
See MoreSwitzerland: Pay first tranche of tax on unrevealed assets
Switzerland has paid the UK tax authorities £258m in unpaid taxes on hidden assets representing the first tranche specified under the UK and Switzerland tax agreement. Converted into Swiss francs, almost CHF900m (USD969m) was transferred in tax and
See MoreSwiss Federal Tax Administration publishes instructions on tax agreements with Austria and UK
The Swiss Federal Tax Administration published on 16 July 2013, the latest version of the instructions on the agreements on cooperation in the area of taxation with other states and the federal international withholding tax act. The Agreements with
See MoreRussia: Variation in mineral tax rates
The upper chamber of Russian parliament approved draft Law No. 297807-6 on July 10, 2013 which changes the Federal Law on Customs Tariff and introduces a differentiation in mineral tax rates. The law changes the previous flat rate of tax on natural
See MoreChina and Switzerland Free Trade Agreement signed
A bilateral free trade agreement was signed on 6 July 2013 between China and Switzerland in Beijing. It is expected to enter into effect in 2014. It contains provisions on the protection of intellectual property rights. In order to combat
See MoreUkraine: penalty for failure to submit a controlled transaction report
From 1st September 2013, under the new transfer pricing law introduced in Ukraine, certain transactions between related and unrelated parties will be subject to the arm’s length principle and will be treated as controlled transactions under the
See MoreSwitzerland: Retain flat tax for foreigners
Switzerland’s Federal Council accepted a resolution rejecting the Swiss people’s initiative calling for an end to the flat tax regime currently benefiting wealthy foreigners in the Confederation on 1 July 2013. Switzerland’s flat tax regime is
See MoreRussia: Elimination of Cyprus from the ‘Black List’
The Ministry of Finance of the Russian Federation has removed Cyprus from the 'Black List' that applies for the purpose of certain tax provisions and it effects from 1 January 2013. Dividends paid from Cyprus companies to Russian companies will be
See MoreSwitzerland: Plans to raise VAT for Pension Fund
Switzerland has declared plans for increase two percent value-added tax (VAT) rate, which will be started on a transitional basis beginning in 2020. On June 21, 2013 the Swiss Government announced the tentative proposals include an increase in the
See MoreUkraine: Related-Party information returns to file with APA requests
The transfer pricing rules introduced by Ukraine from 1 January 2013 provide for the possibility of negotiating advance pricing agreements with the tax authorities. The Ukraine Ministry of Finance has approved an information form concerning related
See MoreNorway : Tax Cut Plan for 2014
The Norwegian Prime Minister announced plans on 5 May 2013 for a modest tax cut for mainland businesses and for increasing taxes on oil companies and multinationals. This plan includes a reduction in the general corporate tax to 27% from 28%
See MoreUkraine: Draft Law amendments regarding the formation of a tax group
Draft Law No. 2737 introduces amendments regarding the formation of a tax group. On 5 April 2013, amendments to the Tax Code were sent to be approved by the parliament. The legislation will allow companies in Ukraine to form a consolidated tax group
See MoreRussia: Offering New Transfer Pricing Deadlines
The Russian government has sent Draft Law No. 79859-6, which offers to set new transfer pricing deadlines for taxpayers for the second reading to the lower house of the Russian parliament. These changes may impact international businesses operating
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