Russia: 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
See MoreUkraine: 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
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