Public consultation on the proposed revision of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations was held on 12-14 November in the OECD headquarters in Paris.
Advisory
Cyprus and Ukraine signed a double tax treaty
On 8 November 2012, the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income as well as Protocol to the Convention which forms an integral part of the Convention have been signed in Nicosia.
Cyprus will be excluded from Russian ‘black list’
An order of the Russian Ministry of Finance with removing the Republic of Cyprus from the list of offshore zones (so-called “black list”) has been published.
Russia and Latvia to avoid double taxation
The Russian president Vladimir Putin has approved ratification of the agreement between the Russian Federation and the Republic of Latvia on avoidance of double taxation and prevention of tax evasion with regard to income and capital gains tax.
Cyprus removed from Russia's notorious 'blacklist'
Russia's lower house of parliament, the Duma, has ratified the pending Protocol to the double tax avoidance agreement with Cyprus, confirming removal of the nation from Russia's notorious 'blacklist'.
Binding rulings and advance pricing agreements introduced in Lithuania
In October 2011 the Lithuanian Tax Authority under the Ministry of Finance of the Republic if Lithuania approved the rules on filing an application for a biding ruling or APA, “Examination of applications, decision making und change”.
London aims to become a Renminbi trading centre
UK signed a deal with Hong Kong aimed at helping turn the City into an offshore trading centre for the renminbi.
Germany, France urge EU to speed tax coordination
Germany and France are pushing the European Union to speed up tax coordination efforts, despite British and Irish opposition, and will soon make proposals to harmonise their corporate tax rates.
Tax Amnesty in Cyprus
We would like to bring to your attention that the House of Representatives voted the Special Settlement of Tax Liability Law of 2011. The relevant Law has been published in the Government's Official Gazette on 12 December 2011.