Russia: Declares tax treatment applicable to contractual penalties
The Russian Finance Ministry released Letter No. GD-4-3/12689 issued on July 3, 2014, whereby it declared the taxation of contractual penalties paid by a Russian company to a Cypriot company. The Ministry of Finance referred to article 309 of the
See MoreDTA between Mauritius and Guernsey enters into force
Mauritius and Guernsey signed a double tax agreement on 17 December 2017 . The agreement will enter into force from 27 July 2014. In both countries the agreement applies to income tax and will apply to all taxable years commencing on or after 1
See MoreSwitzerland-Iceland: Signed Double Taxation Agreement
Iceland and Switzerland signed double tax treaty on 10 July 2014 and after July 2014; this new treaty will replace the 1988 treaty between Switzerland and
See MoreUkraine: Tax authorities updated on certain transfer pricing issues
On 1 July 2014, the Ministry of Revenues and Levies of Ukraine has issued Order No.368 which approves an updated of "Generalized Tax Consultation on Application of Certain Provisions of the Tax Legislation on Transfer Pricing." The Order
See MoreRussia: Applicability of thin capitalization rules under certain conditions
The Ministry of Finance has issued Letter No. 03-08-05/9669 on May 6, 2014 that clarifies the application of thin capitalization rules to the interest paid by a Russian company (borrower) to another Russian company (lender) under a controlled loan
See MoreUruguay and Guernsey signed Exchange of Information Agreement
Uruguay and Guernsey signed an Exchange of Information Agreement on 2 July 2014. The agreement will enter into force after ratification by both parties, and the possible date for entry into force is not
See MoreDuty-Free export of petroleum products and gas from Russia
The President of Russia has signed into law a cooperation agreement with Armenia that approves duty-free export of petroleum products, natural gas and uncut diamonds from Russia. Last month, Russia has customized its duty-free oil arrangement with
See MoreRussia: MoF clarifies tax agents’ obligations of the securities depositories
The Ministry of Finance (MoF) has issued Letter No. 03-08-13/22654 on May 14, 2014 for clarifying the tax agents' responsibilities of the securities depositories making transfers to Russian and foreign companies further to dividend distributions.
See MoreNorway : Indirect tax has been Amended
Norway indirect tax has been amended in the revised budget which will be effective from 1st July 2014. Amendments regarding VAT: The process of deciding for taxation of the letting of immovable property has been simplified and the decision time
See MoreSwitzerland – China: Free trade agreement comes into force
A free trade agreement between Switzerland and China came into effect on 1 July 2014 with some reduction on industrial exports. It will also control property rights for economic exchange. Under this agreement, Switzerland will implement zero tariffs
See MoreRussia: Relief from tax liability and non-payment of withholding tax due on dividends
The Federal Law No. 167-FZ that amended tax code has entered into force with effect from June 24, 2014. On the basis of Federal law, companies that failed to complete their withholding tax obligations subject to dividends paid to Russian companies
See MoreRussia: Withholding tax for pensions has reimbursed under certain situations
The Federal Law that adopts the amending tax code has entered into force with effect from June 24, 2014. On the basis of Federal Law No. 166-FZ, pensions paid to individuals under non-state pension insurance agreements signed by their employers with
See MoreCzech Republic -Ukraine DTT protocol ratified
The Czech Republic has ratified the amending protocol to the Czech Republic - Ukraine Income and Capital Tax Treaty (1997) on June 24, 2014 and it was signed on October 21, 2013. Further details will be reported
See MoreFrance-Signed Protocol to DTA with Switzerland
France and Switzerland has signed a protocol on 25 June 2014 to the agreement of 1966 for the avoidance of double taxation. The protocol would amend the existing agreement by updated provisions on the administrative assistance in tax matters and
See MoreUkraine: Plans to crack down on the gray economy
The Government is fighting against tax evasion, highlighting a new policy of focusing efforts on the tax affairs of major companies and new policy to counter the gray economy, said Ukraine’s Deputy Minister of Revenue and Duties, Volodymyr
See MoreKazakhstan-Amendment of excise tax
The president of Kazakhstan has signed Law No. 210-V due to amend the excise tax rules on June 18, 2014 and this law will be effective from January 1, 2015. Excise taxes are levied at rates applicable during import if excisable goods are both
See MoreSwitzerland – Uzbekistan: Signed a protocol treaty
On 1 July 2014 Switzerland and Uzbekistan signed a treaty to amend their double taxation
See MoreRussia – Legislation needed for FATCA implementation
Legislation that is needed to implement the FATCA regime in Russia was signed into law on June 30, 2014. The legislation authorizes Russian financial organizations to give information on foreign tax authorities that is needed to collect taxes and
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