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.


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).

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