News

News

06.06.2014

Russian Government submitted a draft law on ratification of the OECD’s multilateral Convention on mutual administrative assistance in tax matters to the State Duma.

05.06.2014

The Inland Revenue Authority of Singapore (IRAS) has published e-Tax guide setting out the income tax treatment of hybrid instruments (HI), including the factors generally used to determine whether they are debt or equity instruments for income tax purposes. This guide will be relevant to you if you are an issuer, investor or potential investor of hybrid instruments. 

04.06.2014

The Internal Revenue Service (IRS) has published a Foreign Financial Institution (FFI) list on its site. The list contains the names of around 77,000 financial institutions and other entities that have completed Foreign Account Tax Compliance Act (FATCA) registration with the IRS and obtained a global intermediary identification number (GIIN).

23.05.2014

At its meeting 21.05.2014, the Federal Council, Switzerland's government, adopted draft negotiation mandates for introducing the automatic exchange of information in tax matters with partner states, based on the Organization for Economic Co-operation and Development (OECD) global standard. The relevant parliamentary committees and cantons will be consulted on the draft mandates in the next few months and they should definitively be adopted in the autumn.

22.05.2014

Malta completed its domestic ratification procedures in respect of the Double Taxation Convention signed with Russia on April 2, 2014. The agreement enters into force today, on May 22, 2014.

21.05.2014

The International Monetary Fund (IMF) released a report upon the conclusion of its 2014 Article IV consultation with Luxembourg. The IMF has backed Luxembourg's planned value-added tax hikes, and suggested that the government should consider increasing the yield from property taxes.

20.05.2014

The Inland Revenue Authority of Singapore (IRAS) has published a revised second edition of e-Tax Guide setting out the details of Singapore's mergers and acquisitions (M&A) allowance and stamp duty relief scheme, which was announced in Budget 2010 and enhanced in Budget 2012. IRAS's revised e-Tax Guide also includes the introduction in Budget 2012 of a double tax deduction scheme for transaction costs incurred on qualifying share acquisitions.

 

16.05.2014

 

On Tuesday Ukrainian Parliament adopted the following amendments to the transfer pricing regulations:

• the deadline for 2013 reporting on controlled transactions is postponed from 1 May  to 1 October 2014;

• penalties have been significantly reduced. Taxpayer will face 100 minimum wages fine for failure to file a controlled transactions report, and 10 minimum wages fine for failure to file a transfer pricing documentation;

• the application period of the token fine of UAH 1 for transfer pricing adjustments will be extended from 01.09.2014 until 31.01.2014;

• the fines for transfer pricing self-adjustments will not apply until 31.01.2014.

Those companies that had filed a controlled transactions report by 01.05.2014 need not file any additional reports. Moreover; they are free to amend their returns without fear of being fined.

14.05.2014

A Bill providing for the establishment of a “Unified Single Tax Authority” which will deal with all tax issues in the country has been recently submitted to the Cyprus Parliament and is expected to be examined in the coming weeks.

New tax authority will succeed to the powers of the Cyprus Income Tax Authority and the Cyprus VAT Authority while the last two fiscal bodies are to be abolished.

The Cyprus government believes that such unification will contribute to a more efficient customer service.

12.05.2014

Russian Government has approved amendments to model double tax agreement (DTA).

The document expounds the meaning of the terms “person” and “company” and introduces the concept of “business” (any entrepreneurial activities).

Changes affected the article 6 of Russian Model DTA regulating taxation of the income earned on using real estate. From now on these provisions also cover the profit on immovable property obtained by the business.

It is evident that Russia’s Ministry of Finance plan to prepare new model DTA and to revise those in force is in the development stage yet.

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