Andorra approves draft bill on exchange of information upon request and spontaneous exchange
The government pronounced that it had approved a draft bill on exchange of information upon request and spontaneous exchange of information, on 8 March 2017. The text contains all the legal changes regarding exchange of fiscal information as per the
See MoreAndorra’s Government submits draft legislation for introducing tax crimes to Criminal Code
On 1 March 2016, the government of Andorra submitted draft legislation to the General Council (the country’s parliament), to introduce tax crimes into the Andorran Criminal Code for the first time. Until now, the only tax-related crime was the
See MoreRussia: Clarifications on carry-forward of CFC losses
The Ministry of Finance (MoF) issued Guidance Letter No. 03-04-05/5577(2 February 2017), clarifying the issue of losses incurred by a controlled foreign company (CFC) on 7 March 2017. The Ministry of Finance identified that, under Article 25.15,
See MoreIsle of Man enacts Budget for 2017-18
The parliament of Isle of Man approved the measures of Budget for 2017-18 were enacted by way of: Income Tax (Rates of Income Tax) (Resident Non-Corporate Taxpayers) Order 2017; Income Tax (Resident Individuals) (Income Tax Cap) Order 2017;
See MoreDTA between Jersey and Mauritius signed
A Double Taxation Agreement (DTA) between Jersey and Mauritius for the avoidance of double taxation and the prevention of fiscal evasion was signed on 3 March 2017 in
See MoreRussia: Simplified expense deduction for corporate income tax purposes
The Federal Tax Service on 21 February 2017, explained the deduction of expenses for Corporate Income Tax (CIT) purposes. Accordingly, a taxpayer may deduct expenses from corporate income in the tax period in which they are incurred, regardless of
See MoreUkraine: Amendments to tax code effective from 1 January 2017
The amendments to the Tax Code have been effective, with some exceptions, since 1 January 2017. Below is a summary of the most significant changes in corporate profit tax and transfer pricing. Corporate profit tax: The general tax rate remains
See MoreIsle of Man: Treasury Minister presents Budget for 2017-18
On 21 February 2017, the Treasury Minister presented the Budget 2017-18 in Tynwald. Details of the draft proposals are summarized below: Key features of the 2017-18 Budget include: Personal income tax allowance increased by £2,000 to £12,500,
See MoreTIEA between Norway and UAE enters into force
The Exchange of Information Agreement regarding tax matters (TIEA) between Norway and the United Arab Emirates that was signed in 2015 entered into force on 15th February 2017. This treaty generally applies from 15th February 2017 for criminal tax
See MoreDTA between Russia and Spain: Russia clarifies taxation of dividends paid to non-resident
The Russian Ministry of Finance (MoF) on 22 February 2017, issued Guidance Letter No. 03-08-05/73316 of 7 December 2016, clarifying the taxation under the Russia - Spain Income and Capital Tax Treaty of the dividends derived by a Spanish
See MoreDTA between Macedonia (FYR) and UAE enters into force
The Income Tax Treaty of 2015 between Macedonia (FYR) and United Arab Emirates entered into force on 8th February 2017. The treaty will be applicable from 1st January
See MoreSwitzerland: Tax Administration announces safe harbor inter-company interest rates for 2017
The Swiss Federal Tax Administration (SFTA) published safe harbor interest rates on intra-group loans in Swiss Franc as well as in foreign currencies. On 13 February 2017, SFTA released a circular in relation to safe haven interest rates. According
See MoreSwitzerland: Automatic exchange of information with various counties
The Federal Department of Finance announced on 2 February 2017 that a consultation will be held on the execution of the Automatic Exchange of information (AEOI) with: Antigua and Barbuda, Aruba, Belize, China (People's Rep.), Colombia, the Cook
See MoreSlovak Republic: DTA with Armenia enter into force
The 2015 Double Tax Agreement (DTA) between Slovak Republic and Armenia was entered into force on 1st of February 2017. It will be applicable from 1st of January 2018. In accordance with this treaty, tax withholding rates are 5% or 10% in case of
See MoreAndorra imposes 10% tax on tobacco products
The government of Andorra has announced that a proposal to amend the law on taxes on consumption had been approved, increasing the tax levied on tobacco products by 10%, on 1 February
See MoreUS: FATCA agreement signed with Ukraine
An intergovernmental agreement between Ukraine and the United States was signed on 7 February 2017 to improve international tax compliance with respect to the US Foreign Account Tax Compliance Act (FATCA). The agreement helps to reduce the
See MoreSwitzerland clarifies procedure for recovery of interest paid
The Federal Finance Department has explained the refund procedure regarding the recovery of interest paid for late reporting of intra-group dividend distributions on 1 February 2017. The explanation results from revisions of the procedure for
See MoreBelgium ratifies Social Security Agreement with Turkey
On 23 December 2016, Belgium ratified the Social Security Agreement with Turkey, as published in the Belgian Official Gazette of 2 February 2017. Once in force and effective, the new agreement will replace the existing agreement of
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