Russian government has approved the draft law on taxation of profits of controlled foreign companies, introduced last week by deputies. 


On October 24 this year in Dublin representatives of tax authorities, members of the Forum on Tax Administration (FTA), including a member of the forum, the Federal Tax Service (FTS), presented a communiqué describing the measures to improve fiscal control. 


On 14 October 2014 Switzerland and the EU have signed a joint statement on business taxation thereby putting an end to a bilateral controversy which had place for many years. 


The Swiss Federal Council has started a consultation on changes to the flat-rate tax credit to relieve permanent establishments of companies that are located in Switzerland double tax for.

The proposed change attributes to permanent establishments in Switzerland that are part of a company domiciled in a country with which Switzerland has signed a double tax agreement (DTA).


Federal Service for Financial Monitoring developed a new draft law "On Amendments to the Federal Law 115-FZ " Concerning the Counteraction of the Legitimization of Proceeds of Crime and the Financing of Terrorism", which may oblige banks to reveal information about foreign legal entities (trusts and similar entities established in accordance with the laws of a foreign country) and their beneficial owners.


On September 16, 2014 the OECD has released its first recommendations for realizing the Action Plan on Base Erosion and Profit Shifting (BEPS) designed to combat schemes used by multinational enterprises for lowering tax base and shifting profits.  


Recently, the State Duma of the Russian Federation reviewed a draft law on ratification of the OECD Convention on Mutual Administrative Assistance in Tax Matters, which was signed by Russia at the summit G20 in November 2011. 


Russia's Ministry of Finance submitted to the government an updated version of the draft law on the taxation of income of controlled foreign companies (CFC) and the income of foreign companies. 


Financial experts have broadly welcomed plans by Prime Minister Nikola Gruevski to set up tax havens that will boost employment in the financial and legal sectors.


Germany's Ministry of Finance announced that a law enabling the implementation of the United States' Foreign Account Tax Compliance Act (FATCA) has come into force. The law entered into force on July 23, 2014.

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