Swiss Bankers Ask France to Increase Amnesty Uptake
The President of the Swiss Bankers Association (SBA), has suggested that France should extend and enhance its tax regularization facility to allow more taxpayers to make a voluntary declaration to normalize their tax affairs. At the moment the
See MoreMalta – Russia DTA
On May 22 2014 the double taxation agreement (DTA) between Malta and Russia is to enter into force. Under the agreement, withholding tax on dividends paid from Russia is restricted to 5% where the recipient company has a 25% shareholding in the
See MoreUkraine Unveils IMF-Backed Fiscal Reforms
A raft of economic reforms has been published by Ukraine including some tax measures. Government revenue is to be increased by combating direct tax evasion and tightening the value added tax system to reduce the amount of avoidance and fraud. The
See MoreNetherlands Agrees to Amend the Russian DTA
The Netherlands are to begin negotiations with Russia to amend the double taxation agreement (DTA) concluded in 1996, with a first round of negotiations expected to be held in June 2014. Russia has asked for a revision to the agreement to bring it
See MoreRomania: Announces tax reforms
Romania is introducing a tax exemption on reinvested profit as part of an emergency ordinance. The tax exemption is to apply from 1 July 2014 and is to continue until the end of 2015. This is intended to encourage more investment in new assets in an
See MoreUkraine: Tax cut on medical supplies
Ukraine’s Cabinet has asked parliament to approve a bill to reduce tax rates in respect of medicines and medical products, and to approve a visa-free procedure with the European Union. The Ukraine government is looking to introduce changes to the
See MorePoland – Reduction of VAT by 2017
In Poland the government intends to raise the standard rate of VAT again by 2017. The standard rate has already been raised to 23% from January 2011 as a consequence of the financial crisis. Although Poland did not undergo a recession after the
See MoreMalta and Moldova Sign DTA
Malta and Moldova signed a double taxation agreement (DTA) on 10 April 2014. This is the first DTA signed between these two countries, in an effort to increase trade between them and boost investment on both sides. Malta joined the EU in 2004 and
See MoreBelgium – Tax Penalties for Non-Compliance ranging 10% to 200%
Belgium is determined to enforce tax penalties to ensure that taxpayers submit their latest tax returns on time. The Finance Ministry has encouraged taxpayers to send in a complete and correct income tax declaration for 2013, to avoid incurring a
See MoreSwitzerland – Pakistan DTA Negotiation
According to some media reports, Pakistan is looking to revise the double taxation agreement (DTA) with Switzerland. The current double tax agreement between the two countries was signed on 19 July 2005 and entered into force in 2008. No further
See MoreProtocol to treaty between Belgium and Switzerland signed
On 10 April 2014, Belgium and Switzerland signed an amending protocol to the double taxation treaty originally concluded between the two countries in 1978. No further details of the Protocol are currently
See MoreCayman Islands-Malta TIEA
The bilateral agreement for the exchange of tax information concluded by the Cayman Islands and Malta entered into force on April 1, 2014. By entering a Tax Information Exchange Agreements (TIEAs) the territories agree to co-operate in tax matters
See MoreUkraine Increases Tax and Slashes Spending
Ukraine has approved tax reforms that will allow the country to access increased financial aid from the IMF. Ukraine requires the IMF funding to ensure the stability of its finances. For this reason some planned tax cuts will not be implemented and
See MoreSwitzerland – Committee rejects IHT and VAT changes
A Swiss government committed has rejected an inheritance tax proposal from the Socialist Party and has also rejected a suggestion to introduce a consumption tax on energy in place of the VAT. The inheritance tax suggested by the Socialists would
See MoreSwitzerland – Bankers demand Investment Law Revision
The new Financial Market Infrastructure Act (FMIA) is being supported by the Association of Swiss Private Banks but the latter organization is also concerned that the legislation should not damage the competitive nature of the financial sector in
See MoreRussian Appeal Court rules on thin capitalization
Russia’s Arbitration Court of Appeal issued a decision on 24 February 2014 holding that a loan from a foreign related company of United Bakers Pskov LLC1 was subject to the thin capitalization legislation. This ruling by the Court was made on the
See MoreRussia-Malta DTA ratified
On 2 April 2014 Russia ratified the double taxation agreement (DTA) signed with Malta. The tax treaty between Malta and Russia was signed on 24 April 2013 and ratified by Malta on 18 June 2013. This DTA provides for lower withholding tax rates on
See MoreMalta Enhances Financial Sector Oversight
Malta’s Financial Services Authority (MFSA) has announced further cooperation with the Maltese Financial Intelligence Analysis Unit (FIAU). The announcement on March 26, 2014, follows the signing last month of a Memorandum of Understanding (MoU)
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