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.


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.




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.


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.


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.


New details of a national plan to combat money laundering, tax evasion, offshore tax evaders were received. This deoffshorisation strategy was prepared by the Federal Service for Financial Monitoring and recently approved by the Russia’s Government.


Russia’s Ministry for Economic Development published draft amendments to fiscal legislation and regulation of the activity of the Bank for Development and Foreign Economic Affairs (Vnesheconombank).


Dear Clients and Partners!

Due to celebration of International Labor Day and then Victory Day in World War II  in Russia and Ukraine, our offices will be working as follows:

  • 1-4 May - offices closed,
  • 5-8 May - working days,
  • 9-11 May - offices closed.  

During the holidays season you can address your urgent questions to We will do our best to reply you as soon as possible.


On 28 March 2014, the UK government published long awaited consultation paper with details of its plans to extend capital gains taxation (CGT) on non-UK residents who dispose their UK residential property. This tax measure was previously announced in the Chancellor of the Exchequer’s Autumn Statement speech in December 2013 and then confirmed in the UK budget for 2014. 



On 02 April 2014 the European Parliament gave strong backing to the Commission's proposal to revise the Parent-Subsidiary Directive (Proposal) in the context of the fight against tax fraud and evasion and aggressive tax planning in the Europe.

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