UK government introduced to Parliament a draft Bill to set up a registry of the real owners of companies and trusts.

It should be noted that the original target of 'beneficial ownership' transparency does not appear in the legislation. Instead, the bill introduced the notion 'people with significant control' or PSCs defined as those who have 'significant influence or control' over the company.


A bill to support the small businesses and to ease the tax burden on them was brought in the Russia’s State Duma.


Upon approval, small companies will enjoy the tax exemption for the period of 2 years from their state registration, as well as the considerable reduction of the contribution rates. At the same time, the regional authorities will be able to limit the types of business to which these tax holidays shall apply.


The amendments are expected to enter into force from 1 January 2015.


For the purpose of further supporting the development of small and micro businesses and to ease the financial burden on them, upon approval by the State Council, starting from 1 July 2014, companies now paying 4% or 6% in value-added tax will pay 3%.


The government is expected to announce further reductions in VAT rates, particularly for larger firms.


Kazakhtan's President, Nursultan Nazarbayev, has signed into law tax concessions to promote foreign investment.


Approved measures include a 10-year exemption from corporation tax, an 8-year exemption from property tax, and a 10-year freeze on most other taxes.


During the European Union’s Economic and Financial Affairs Council (ECOFIN) meeting in Brussels on 6 May 2014, it was suggested to split the proposed amendment relating to hybrid loans and general anti-avoidance rule (GAAR) in order to achieve progress faster and to introduce an antihybrid rule into the parent-subsidiary directive (PSD)at the next council’s meeting on 20 June 2014.


And indeed, on 20 June 2014, ECOFIN reached political agreement on a proposed amendment to the PSD. This amendment is targeted at cross-border hybrid loans and aims at neutralizing international mismatches that may arise due to international qualification differences of such loans. It is anticipated that the Member States implement the amendments in their domestic tax laws by 31 December 2015 at the latest.


The Department of Business Innovation & Skills (BIS), a UK ministerial department for economic growth, released a discussion paper on corporate transparency, which put forward proposals that would potentially affect limited liability partnerships (LLPs).


On 12 June 2014, the ratification of the tax treaty with Panama by the Israeli Government has been completed. The tax treaty was signed on 8 November 2012 and will be effective on 1 January 2015.



17.06.2014 Russia’s State Duma passed draft law to allow local banks to disclose information to foreign tax authorities in a first reading.


The bill, amending the core tax law of 1962, has been submitted to parliament, and its passage is a precondition for the release of the next bailout tranche by Cyprus’ international lenders.


The Court of Justice of the European Union (CJEU) has recently released a judgment in two joined cases (C-24/12 and C-27/12) regarding the possible infringement the free movement of capital principle in the Treaty on the Functioning of the European Union caused by the levy of 8.3% withholding tax on dividends paid by Dutch company to the resident of the Netherlands Antilles (its 100% parent company).


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