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).



Dear Clients and Partners,

Please note that our offices in Moscow and St. Petersburg will be closed on 12-13 June 2014 due to celebration of public holiday Day of Russia.

We will re-open on Monday 16 June.

Office in Kiev will keep working in accordance with regular schedule.


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.


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. 


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).


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.


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.

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