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.


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.

© 1997—2014 DS Express, Inc

84, Spyrou Kyprianou, 

2nd floor, Limassol 4004


tel +357 25 731-042


11 Solzhenitsyna Street

Moscow 109004 Russia

tel +7 495 956-1727

fax +7 495 234-0735

15 Kreshchatik Street, office 149

Kyiv 01001 Ukraine

tel +38 044 237-2222

fax +38 044 278-6714


52 Angliyskaya Emb., office 28

St.Petersburg 190000 Russia

tel +7 812 570-1564

fax +7 812 325-723

More contact details and office maps can be found in the section Contacts

© 2015 DS Express Ltd  All rights reserved