The rates of value added tax (VAT) in France, effective 1 January 2014, are as follows:

  • The standard 19.6% VAT rate is increased to 20%.
  • The intermediary 7% VAT rate has been increased to 10%.
  • The 8% rate applicable in Corsica has been increased to 10%.

On 28 January 2014, President Obama delivered his fifth State of the Union Address.

In his speech, President Barack Obama provided few new ideas on tax reform, but included the corporate tax cut arrangements he has proposed many times before since 2012.

President Obama again put forward the plan to eliminate corporate "tax loopholes" and provide for a minimum tax on foreign earnings, while lowering the top corporate tax rate from 35 percent to 28 percent.



On 12 December 2013, Vladimir Putin delivered the annual Presidential Address to the Federal Assembly. Mr. President announced a set of initiatives to crack down on Russian companies who register and pay taxes in offshore jurisdictions. And now the proposal to prohibit Russian companies registered in offshore jurisdictions to bid at state tenders is being implemented at the legislative level.


On January 18, 2014 the State Duma introduced a bill on ratification of the Organization for Economic Cooperation and Development (OECD) Multilateral Convention on Mutual Administrative Assistance in Tax Matters signed by Russia back in 2011.


On 14 January 2014, the U.S. Treasury Department published an updated list of countries that are treated as having in effect a FATCA Intergovernmental Agreement (IGA).

The updated list includes the following six additional countries:

  • Bermuda;
  • Guernsey;
  • Isle of Man;
  • Jersey;
  • Malta;
  • Netherlands.

As announced last year in Cyprus the standard and reduced value added tax rates were increased by one percent from January 13, 2014. The standard VAT rate of 18% was increased to 19% and the reduced rate of 8% was increased to 9%.


On 10 January 2014, the USA and Italy signed an Intergovernmental Agreement (IGA), on the basis of a Model 1 template, in order to implement the Foreign Account Tax Compliance Act (FATCA).


On October 2013 a draft law submitted to the Parliament by the former government transposing the Article 8 of EU directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation (“EUACD”) into Luxembourg tax legislation. 


Uniform Customs Code entered into force on 30 October 2013,but its substantive provisions will apply only on 1 May 2016, and would replace the current Community Customs Code.


In Gibraltar, recently enacted legislation amends the income tax treatment of royalties. The changes made to the Income Tax Act 2010 are effective 1 January 2014.

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