Ukraine-Adopted amendments to Tax Code
The parliament of Ukraine adopted a draft law amending the Tax Code on 21 December 2016. According to the adopted law, costs for repairing and maintenance of non-productive fixed assets will no longer be considered as deductible expenses. Previously
See MoreAndorra deposits instrument of ratification for amending protocol to savings agreement with EU
On 20 December 2016, Andorra deposited its instrument of ratification for the amending protocol to the EU Savings Directive Agreement that was signed on 12 February 2016, concluding the legal requirements for its entry into force. The amending
See MoreProtocol to DTA between Switzerland and Norway enter into force
The amending protocol, signed on 4 September 2015, to the Income and Capital Tax Treaty (1987) between Norway and Switzerland. The Income and Capital Tax Treaty (1987) between Norway and Switzerland amended by the 2005 and 2009 protocols and entered
See MoreTIEA between Switzerland and Brazil approved
The tax information exchange agreement (TIEA) between Switzerland and Brazil has been approved by the Swiss parliament on 16 December 2016. The agreement was signed on November 23 2015. This TIEA contains tax-related information on request
See MoreUAE ratified income tax treaty with Andorra
The United Arab Emirates (UAE) have ratified the income tax treaty with Andorra that was signed on 28 July 2015. The federal decree 166/2016 ratifying the treaty was issued by the president of the United Arab Emirates and was published in a recent
See MoreKorea-Exchange of information agreement with Andorra enters into force
The Exchange of Information Agreement (2014) between Andorra and Korea (Rep.) entered into force on 21 December 2016 and this will generally be applicable from 21 December 2016 for criminal tax matters and from 1 January 2017 for all other tax
See MoreGuernsey, United Kingdom amending protocol enters into force
On 6 December 2016, the amending protocol and exchange of letters of income tax treaty between Guernsey and United Kingdom entered into force that was signed on 9 March 2016 by Guernsey and on 29 February 2016 by the United
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Iceland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Iceland on 13 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreAmendments to VAT Act enacted in Isle of Man
On 15 November 2016, the recently published Value Added Tax (VAT) Act 1996 (Amendment) Order 2016 was approved by Tynwald and applicable from 1 October 2016. According to the amended section 48 of the VAT Act 1996, the Treasury may require a taxable
See MoreMontenegro: Draft Budget for 2017 adopted
The government of Montenegro has adopted the draft budget 2017 on 18th December 2016. The main changes are given as follows: the application of 11% increased tax rate for personal income more than the average salary will be extended until 2019;
See MoreGeorgia-Amendments to the Tax Code related to VAT rules
The government of Georgia submitted a draft law to the parliament on 5 December 2016 addressing certain amendments to the existing Tax Code. According to the proposed amendments, in case of an advance payment of VAT the taxable supply date will be
See MoreSerbia: Government planning to changes excise duties on tobacco and coffee
The Serbian government sent a proposal to amend the Excise Duties Law to the parliament on 13 December 2016. The proposal include a gradual increase in the minimum rates of excise duty on tobacco for the period 2017-2020, as prescribed by Council
See MoreTIEA between Isle of Man and Turks and Caicos Islands enters into force
On 29 December 2016, the tax information exchange agreement (TIEA) between Isle of Man and Turks and Caicos Islands will enter into force. The agreement will apply from 29 December 2016 for criminal tax matters and from 1 January 2016 for the
See MoreJersey: Country-by-country reporting announced
The Taxation Regulation 2016 of Jersey regarding Country-by-country reporting has been made on 14th December 2016 and the regulations will entry into force on 21st December 2016. It covers a country-by-country (CbC) reporting obligation for
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreGeorgia-Amendments to Tax Code submitted to parliament
The government of Georgia submitted a draft law to the parliament introducing certain amendments to the current Tax Code on 5 December 2016. The draft law recommends a significant increase of excise duty rates on tobacco products, passenger cars,
See MoreMontenegro: Lump-sum taxation of business and professional income
The Tax Administration published a declaration reminding taxpayers of the likelihood of lump-sum taxation of business and professional income under article 49 of the Individual Income Tax Law. Additionally, taxpayers participated in listed
See MoreGuernsey: Tax authority updates the tax penalty statement for non-compliance
The tax authority of Guernsey had updated the Statement of Practice M46 on penalties imposed for non-submission of tax returns which was published on 8 December 2016. As per the statement, all taxpayers are required by law to submit income tax
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