The Government of the British Virgin Islands announced the conclusion of negotiations with the United States on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA), paving the way for its imminent signing and implementation in Territory.




The protocol amending the DTA in the area of taxes on income and on capital concluded between Switzerland and Kazakhstan entered into force on 26 February 2014 and will be applicable from 1 January 2015.


The Russian Ministry of Finance has submitted the Controlled Foreign Companies (CFC) draft law for public discussion.


An agreement for the exchange of tax information (TIEA) between the British Virgin Islands and Canada, signed in May 2013, entered into force on 11 March 2014.


On 25 February 2014, during the meeting of the Federal Tax Service Board, Finance Minister Anton Siluanov announced that Russia’s Ministry of Finance was preparing new model DTA and was going to revise those in force.


On 5 March 2014, the Luxembourg Finance Minister presented the State budget 2014 to Parliament, although excluding measures to raise value-added tax (VAT) in 2014 as initially planned. 


On 1 March 2014, under The Financial Services Authority Act 2013, the Seychelles International Business Authority (SIBA) changed its name to the Financial Services Authority (FSA), and became the regulator for offshore non-bank financial services in the Seychelles.


On 10 February 2014 the Prime Minister of Russia Dmitry Medvedev signed the Government Directive No. 162-r that approved the Roadmap for improving tax administration in Russia (the “Roadmap”).

The Roadmap is aimed at improving Russia’s position in the World Bank’s Doing Business ratings. Russia was ranked 64th in relation to paying taxes in 2013 and now it is planned to reach 50th by 2015 and 40th by 2018.


On 24 February 2014 amendments to Federal Tax Law 2014 (Abgabenänderungsgesetz 2014) were passed by the National Assembly of Austria.


26 February 2014 European Parliament supported a new standard VAT return proposed by EU Commission. The aim of this initiative is to ease tax compliance and make tax administrations across the Union more efficient as a commitment to the Commission's Regulatory Fitness and Performance Programme (REFIT).

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