Montenegro: Tax debt payment plan announced
The Law on Tax Debt Payment Plan has entered into force and been published in Official Gazette on 31st December 2016. On the basis of the Law, a tax debt may be paid back in 60 monthly installments, if at least 10% of the total debt is repaid in
See MoreJersey: DTA with the Seychelles enters into force
The Income Tax Treaty of 2015 between Jersey and Seychelles entered into force on 5th January 2017. The provisions of the treaty will be applicable from 1st January
See MoreUK-Swiss Confederation: Taxation Co-operation Agreement terminated
The UK-Swiss Confederation Taxation Co-operation Agreement ended on 31 December 2016. An agreement terminating the UK-Swiss Taxation Co-operation Agreement was signed on 14 November 2016 by HM Revenue and Customs Permanent Secretary and Executive
See MoreIsle of Man: Consultation response for additional requirements regarding accounting records
The Income Tax Division of Isle of Man published a summary of responses received from the stakeholders to the consultation on enhanced requirements for accounting records on 6 January 2017. According to consultation, the Treasury believes that no
See MoreIceland: Threshold increases for VAT registration
The Directorate of Internal Revenue issued a declaration on 9 January 2017 regarding VAT registration and invoice issuance. If the supply of goods and services is below ISK 2 million within a tax year duration, the business does not need to register
See MoreIceland: The Directorate of Internal Revenue publishes tax rates and allowances for 2017
The Directorate of Internal Revenue has published some information on 29th of December 2016 regarding the applicable rates and amounts for corporate and individual taxation. A 20% corporate tax rate is pertinent for public and private limited
See MoreBelgium approves DTA with Russia
On 23 December 2016, the Belgian Council of Ministers approved the double tax agreement (DTA) with Russia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Once in force and effective, the
See MoreProtocol and exchange of letters to DTA between UK and Isle of Man enter into force
On 29 November 2016, the exchange of letters and amending protocol of double tax agreement (DTA) between Isle of Man and United Kingdom was entered into force and that was signed on 8 March 2016 by the Isle of Man and on 29 February 2016 by the
See MoreDTA between Albania and Iceland enters into force
The Icelandic tax authorities announced the Albania - Iceland Income Tax Treaty of 2014 entered into force on 6 January 2016 and applies from 1 January
See MoreExchange of information agreement between Grenada and Switzerland enters into force
The Grenada - Switzerland Exchange of Information Agreement of 2015 entered into force on 21 December 2016 and the agreement applies from 1 January
See MoreProtocol and exchange of letters to DTA between UK and Jersey enter into force
On 2 December 2016, the exchange of letters and amending protocol of double tax agreement (DTA) between Jersey and United Kingdom was entered into force and that was signed on 8 March 2016 by Jersey and on 29 February 2016 by the United Kingdom. The
See MoreMontenegro: Mandatory electronic filing
The Corporate Income Tax Law has been amended to oblige taxpayers to submit their annual tax declaration and tax returns electronically through the portal of the Tax Administration. The mandatory electronic filing applies from 1st January 2017. In
See MoreIceland: Ministry of Finance publishes regulation on country-by-country reporting
The Ministry of Finance and the Economy published Regulation No. 1166/2016 on the submission of country-by-country reports (CbC) on 22 December 2016. Under the article 3 of the regulation, Iceland’s parent company resident need to submit a CbC
See MoreIsle of Man releases an industry advisory notice
On 21 December 2016, the income tax department of Isle of Man released a new Industry Advisory Notice that applicable to all financial organizations, sponsors, agents and third parties concerning the automatic exchange of information in respect of
See MoreLuxembourg: Parliament ratified amending protocol to treaty with Ukraine
Luxembourg ratified the Luxembourg–Ukraine amending protocol to income and capital tax treaty (1997) on 23 December 2016. The protocol was signed on 30 September
See MoreDTA between Kazakhstan and Serbia enters into force
The Income and Capital Tax Treaty (2015) between Kazakhstan and Serbia entered into force on 24th November 2016 and generally applies from 1st January
See MoreGeorgia-Published draft order introducing new corporate income tax return form
The Ministry of Finance of Georgia published a draft order on 5 December 2016 which introduces a monthly corporate income tax return form. Recently a new corporate income tax regime has been adopted and this will become effective from 1 January
See MoreUkraine: High court decided to zero VAT rate for goods which are lower than market level
Recently Ukraine Higher Administrative Court decided to zero VAT rate if prices of goods are lower than market level. According to decision, goods exported from Ukraine at prices below the market level should be subject to zero rate VAT pursuant to
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