The Head of Cyprus's new Economic Policy Council reported that Cyprus would rise in corporation tax from 10% to 12.5% as part of a bailout deal.

Cyprus continues to negotiate the terms of a bailout from the EU and the IMF. Cyprus applied for a bailout in June 2012, becoming the fifth European country who did so, and it is seeking around EUR 17 bln to recapitalize its banks. The country has already implemented a number of tax rises, including a 2% rise in VAT (from 15% to 17%).


Recently the Netherlands’ Ministerial Council has approved a bill reducing the timeframe for the issuance of final tax assessments by the tax authorities.


After the recent EU Council of Economic and Finance Ministers meeting in Brussels, Luxembourg’s Finance Minister Luc Frieden and his Czech colleague Miroslav Kalousek signed a bilateral double taxation agreement.


The Moscow City Court issued Ruling on December 25, 2012 № 4g/2-12260/12 regarding the case where the real estate possessed by the debtor through a chain of offshore companies was seized by the creditor.



The Inland Revenue Authority of Singapore has issued a Guide making the administrative changes to the objective and appeal process on corporate income tax assessments, which will be introduced with effect from January 01, 2014.


The Swiss Federal Council has decided not to revise the laws ruling foundations and the supervision of foundations in Switzerland.


Recently the Swiss Federal Department of Finance has announced that measures aimed at tightening the controversial tax regime benefiting wealthy foreigners are to apply fully from 2016


Earlier this week the UK government announced that it had concluded negotiations with authorities of the Isle of Man regarding an agreement to automatically exchange tax information, and the introduction of an amnesty program for taxpayers with outstanding tax dues.


The Isle of Man Government launched a consultation on a draft Companies Bill 2013 aimed to modernize the corporate legislation.


Switzerland and the USA have signed a Foreign Account Tax Compliance Act (FATCA) agreement in Bern. It is expected that the agreement will help Swiss financial institutions in the implementation of the US tax legislation.

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