Cyprus will sign agreements with Ukraine on Friday, as President Nicos Anastasiades visits Ukraine to make deals on bilateral issues such as double taxation, higher education, energy, and other areas of cooperation. Anastasiades is on an official visit to Ukraine and will meet on Friday with the President of Ukraine… – Continue reading
Ukraine’s state budget next year may amount to only $38 billion. For perspective, that is less than half of the municipal budget of New York City, with eight million residents, compared to Ukraine’s 43 million people. But viewed another way, the spending represents 40 percent of the official gross domestic… – Continue reading
A digital TV monopoly left over from the era of ex-President Viktor Yanukovych has caught the eye of anti-trust authorities and lawmakers. The Antimonopoly Committee of Ukraine on Dec. 4 fined Zeonbud, the nation’s monopoly digital TV provider, Hr 44 million (less than $2 million) for abusing its position on… – Continue reading
In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with… – Continue reading
Corporate corruption is still prevalent in rich Group of 20 nations despite their pledges last year to close loopholes, according to Transparency International. It has listed Brazil, China and the US among the offenders. Transparency International on Thursday labeled this weekend’s G20 summit in Turkey as a mere “photo opportunity,”… – Continue reading
KIEV, Nov 2 (Reuters) – The Ukrainian parliament and the finance ministry are close to deadlock over planned tax cuts, lawmaker Nina Yuzhanina said on Monday, threatening reforms that are crucial to unlocking a further $4 billion in international loans. Ukraine promised to revamp its tax system under an International… – Continue reading
MPs have proposed that the basic rate of profit tax should be reduced to 15% from the current of 18%, and taxation of distributed profit and payments equaled to it should be introduced, according to a draft bill on tax reform registered in the parliament by 114 lawmakers on Monday…. – Continue reading
The convention between Ukraine and Luxembourg will be signed shortly, Ukrainian President Petro Poroshenko said at a joint press conference with Prime Minister of Luxembourg Xavier Bettel, who is now on a working visit to Ukraine. “As for the bilateral relations, I would like to note the significant progress that… – Continue reading
Several close associates of Russian President Vladimir Putin may have benefited from Deutsche Bank AG trades that are now coming under the glare of U.S. prosecutors, according to people familiar with the matter. The U.S. Department of Justice is investigating whether Germany’s biggest bank properly vetted as much as $6… – Continue reading
The new Protocol to the Cyprus – Ukraine double taxation agreement The Cyprus Ministry of Finance has announced that agreement has been reached with Ukraine on a Protocol that will amend the existing DTA between the two countries. The existing DTA was signed in 2012 and entered into force on… – Continue reading
Negotiations took place, on 2 July 2015, at the Ministry of Finance of the Republic of Cyprus, concluding a Protocol that will amend the Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income, when it expires. The agreed protocol, when… – Continue reading
On September 8, 2015 the Cypriot Ministry of Finance published an announcement titled: “Conclusion of a Protocol that will amend the Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income between the Republic of Cyprus and the Government of Ukraine… – Continue reading
Intangible assets in the oil and gas industry have become incredibly valuable. Taxpayers need to understand how to manage compliance to mitigate their transfer pricing risks What do recent Western economic sanctions against Russia; the US’ growing energy independence; and ultra-deepwater oil and gas (O&G) discoveries off the coast of… – Continue reading
Funds Discovered in Kolomoyskyi’s Cyprus Kitty Investigative reporters have discovered that IMF bailout funds intended for Ukraine have mysteriously found their way to a Cyprus bank account controlled by notorious Ukrainian oligarch Ihor Kolomoyskyi. A huge chunk of the $17 billion in bailout money the IMF granted to Ukraine in… – Continue reading
In the overview of tax treaties as published on the website of the Irish Revenue, the Irish Revenue has published a statement announcing that the Convention between the Government of Ireland and the Government of Ukraine for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect… – Continue reading
Improvement of the e-management system for value added tax The Law of Ukraine “On Amending the Tax Code of Ukraine on improving the management of value added tax” No. 643 was adopted by the Verkhovna Rada of Ukraine on 16 July 2015. The law in its main part came into… – Continue reading
The FINANCIAL — The Ukrainian Grain Association appealed to Natalie Jaresko, Minister of Finance of Ukraine, with a proposal to create the special working group to solve the existing problems of grain exports, declared the press-service of the Association on August 13. According to the announcement, to date there are… – Continue reading
The Finance Ministry of Ukraine has proposed that the limit for transactions subject to control under transfer pricing rules should removed and will provide a simulation in the short presentation on tax reform that will be prepared by September. The ministry also proposed that the upper limit of fines for… – Continue reading
Ukraine’s President, Petro Poroshenko, has ratified three acts containing changes to tax law in the areas of transfer pricing, the obligations of taxpayers, and tax rules for non-profit organizations. The first, “On Amendments to the Tax Code of Ukraine Concerning Transfer Pricing,” increases the thresholds for companies’ transactions that will… – Continue reading
After its ratification by all EU member states, the EU-Ukraine Association Agreement will constitute a solid base for comprehensive reforms in Ukraine. The agreement, which includes a deep and comprehensive free trade area, is a pioneering document which will not only open up our markets further but also address competitiveness… – Continue reading
On 25 July 2015 the Cabinet of Ministers of Ukraine published an order on the conclusion of advance pricing agreements (“APA”) in respect of controlled transactions for transfer pricing purposes* (“the APA Order”). The APA Order replaces the former procedure for the conclusion of APAs which became outdated due to… – Continue reading
In cooperation with their Latvian colleagues, Ukrainian investigators have uncovered and frozen more than USD 80 mln (EUR 73 mln) worth of funds in Latvian bank accounts. The funds were moved there by Serhiy Kurchenko, a well-known associate of ousted president Viktor Yanukovych, the Russian LSM site reported yesterday via… – Continue reading
Ukraine and Cyprus have agreed to review bilateral agreements on taxation to prevent the withdrawal of capital to offshore zones, Finance Minister Natalie Jaresko wrote on Facebook. “After very lengthy negotiations, we’ve finally taken an important step in the fight against capital withdrawal to offshore zones: we have with the… – Continue reading
Ukraine’s Cabinet of Ministers will remove Austria from the list of countries transactions with whose counterparties are subject to control under the law on transfer pricing on August 1, 2015. This is stipulated in Cabinet resolution No. 677 dated July 1, 2015, which is available on the government website on… – Continue reading
Former head of the Security Service of Ukraine (SBU) Valentyn Nalyvaichenko has unveiled the names of offshore companies which he says received the money of former Minister of Energy and Coal Industry of Ukraine Eduard Stavytsky which was derived from Ukraine, Advisor to the Interior Minister, MP Anton Heraschenko has… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
Some of the first banks that streamed into Crimea after Russia wrested control of the region from Ukraine in 2014 were better known for laundering money than banking. Five of the banks have questionable histories, including ties to the US$ 20 billion money laundering scandal known as the Russian Laundromat… – Continue reading
The Ukrainian legislation for transfer pricing came into force in 2013, with implementation of respective amendments to the Tax Code of Ukraine (“CCU”). However, at present the transfer pricing rules (provided for the CCU) are not applied accurately. In light of the above, in order to clarify the transfer pricing… – Continue reading
The Ukrainian legislation for transfer pricing came into force in 2013, with implementation of respective amendments to the Tax Code of Ukraine (“CCU”). However, at present the transfer pricing rules (provided for the CCU) are not applied accurately. In light of the above, in order to clarify the transfer pricing… – Continue reading
The Cabinet of Ministers of Ukraine has added Austria, Turkmenistan, Hong Kong and Niue to the list of countries transactions with which are subject to control under the administration of the law on transfer pricing. Corresponding Cabinet decree No. 449 dated May 14 has been posted on the website of… – Continue reading
THE global economic recovery, which has been assessed as uneven with manifest divergences across countries and regions, has however, been supported by Emerging Markets and Developing Countries (EMDCs) as the major drivers of global growth, although it is currently moderating in some countries. But the Intergovernmental Group of Twenty-Four on… – Continue reading
Lithuania thanks Japan for lending support to the ambition to join OECD On 15 April 2015, Minister of Foreign Affairs of Lithuania Linas Linkevicius in a meeting with Parliamentary Deputy Minister for Foreign Affairs of Japan Kentaro Sonoura expressed his gratitude to Japan for supporting Lithuania’s ambition to join the… – Continue reading
The Ukrainian government will review the system of taxation of gas production companies irrespective of their form of ownership. This is stipulated in the draft guidelines of Ukraine’s budget policy, or the budget resolution, for 2016, which was tabled by the Cabinet of Ministers in parliament. Among the other priorities… – Continue reading
DONETSK: The year-long conflict in east Ukraine has closed businesses across this industrial heartland, ramping up unemployment, crippling finances and leaving it ever more reliant on Moscow. Fierce fighting between government forces and pro-Russian rebels has ravaged a region that once provided 25 percent of the nation’s exports and has… – Continue reading
Except for a few family members and a dwindling number of those who consider him a dissident, most people who have followed the Mukhtar Ablyazov story have nothing good to say about him. They see him as an embezzler, swindler and con man par excellence – a guy whose theft… – Continue reading
MEPs vote this week on a financial grant to Ukraine, debate the results of last week’s European Council summit as well as discuss new legislation to tackle corporate tax avoidance. They will also take part in a meeting on the importance of inter-religious dialogue. On Monday, the economic affairs committee… – Continue reading
Compliance departments are feeling increasingly challenged by higher regulatory expectations, coupled with staff shortages and technology concerns, according to a joint Dow Jones Risk & Compliance and Association of Certified Anti-Money Laundering Specialists (ACAMS) global survey. “This year’s survey once again highlights the issues and emerging trends that are shaping… – Continue reading
BELGRADE — Serbia and Portugal have “very good political and friendly relations” with Lisbon “strongly supporting” Serbia’s EU integration, it has been said in Belgrade. Portugal also supports Serbia’s bid to open accession negotiations chapters with the EU, the country’s Foreign Minister Rui Machete said during a joint news conference… – Continue reading
The International Monetary Fund (IMF) has shown its support for recent fiscal reforms in Ukraine by approving a four-year funding plan. The Executive Board of the IMF has now approved a four-year extended arrangement for Ukraine, worth about USD17.5bn, approved under the Fund’s exceptional access policy. This program will replace… – Continue reading
British Foreign Secretary Philip Hammond is considering a plan to reveal the hidden financial assets of Russia President Vladimir Putin and his inner circle to embarrass them in front of their struggling citizens, The Daily Telegraph reported. The pressure to broadcast the extraordinary secret wealth of Putin and his powerful… – Continue reading
Growing trend of chasing ‘high net worth foreign nationals’? Cooperation between HM Revenue and Customs (HMRC) and foreign tax authorities will only increase as more countries sign up to automatic tax information exchange agreements. This is according to Pinsent Masons, the law firm behind Out-Law.com, which obtained figures showing a… – Continue reading
The number of requests from foreign governments for tax information from the UK rose by 45 percent in 2013, according to international law firm Pinsent Masons. 2,466 requests were received by HM Revenue and Customs (HMRC) in the year to December 31, 2013, up from 1,701 recorded in 2012. James… – Continue reading
Britain’s tax office has seen a surge in foreign governments making information requests about tax evasion over recent years. The number of requests to HM Revenue & Customs rose by 45% in 2013 to total 2,466, research from international law firm Pinsent Masons revealed. Ukraine had the biggest boost in… – Continue reading
To comply with unconstitutional pseudo-treaties negotiated by the Obama administration without the consent of Congress or any semblance of constitutional authority, the IRS announced that it will be sharing private financial information on U.S. bank account holders with foreign powers. No warrant is needed for foreign governments or tyrants to… – Continue reading
2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review. PRUDENTIAL REGULATION: GUIDANCE FROM OSFI Proposed New Bail-in Regime for Large Banks On August 1, 2014, the Government… – Continue reading
President Vladimir Putin is pushing harder on Russia’s richest citizens to repatriate offshore assets amid a slump in the ruble and the imposition of sanctions by the US and the European Union, The Business Times said. Under new tax rules signed into law by a presidential decree in November, Russian… – Continue reading
On December 28, 2014 Ukrainian Parliament has adopted the Draft law No. 1264-1 “On amending the Tax Code of Ukraine regarding improvement of tax control over transfer pricing” as of 22.12.2014 (the Draft Law). In order to become effective, the Draft law has to be signed by the President of… – Continue reading
The decision by the Cabinet of Ministers of Ukraine and the possible future adoption by parliament of the bill dissolving a convention between the governments of Ukraine and Cyprus on the avoidance of double taxation and the prevention of tax evasion regarding income tax and the related protocol does not… – Continue reading
The amendments to the Tax Code of Ukraine, proposed in the draft law on improving tax control on transfer pricing, bring the Tax Code in line with the requirements of the Organisation for Economic Co-operation and Development (OECD) on transfer pricing for multinational companies and tax services. According to a… – Continue reading
The total number of reports on controlled transfer pricing operations, received by the State Fiscal Service of Ukraine, as of October 1, 2014 exceeded 2,500. The head of the department for transfer pricing inspections at the Fiscal Service, Mykola Mishin, said at the round table “Transfer pricing in Ukraine: problems… – Continue reading
