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    Lawyer's Blogs by tag #Tax reporting

    Analysis of exchange of tax information and investment in exchange for citizenship, taking into account the first results of the discussion organized by the OECD

    Published:   24.05.2018 | blog
    Tags:
    #Asset Management#Citizenship#Confidentiality#De-offshorization#Double taxation#Financial statements#Investments#Legislation#Offshore accounts#Offshore schemes#Offshores#Residence Permit#Tax planning#Tax reporting#TaxationOECD

    Back in the first quarter of 2018, namely on February 19, 2018, a draft of advisory document was published on the official website of the Organization for Economic Cooperation and Development (OECD), which called on all interested parties to join the discussion on the OECD strategy for combating the loopholes on using the Common Reporting Standard (CRS, Single standard of tax information exchange) in the “citizenship by the investment” (CBI - granting citizenship in exchange for investments) and “residence by the investment” (RBI - granting a residence permit in exchange for investments). To date, more than 70 jurisdictions in the world offer these schemes. On April 17, 2018, a 96-page document was published on the OECD website (PUBLIC INPUT RECEIVED ON MISUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD), which, in fact, summarized the first results of the discussion and the contents of the official letters to the organization. More than 20 structures were the speakers, including: AFME office in London (Association of Financial Markets in Europe, it brings together the largest agents in the capital markets in the region); Italian...

    Changes in transfer pricing

    Published:   21.02.2018 |
    Tags:
    #Tax disputes#Tax reporting

    As we have noted earlier, numerous amendments to the tax legislation have been introduced by the Law of Ukraine No. 2245-VII “On Amendments to the Tax Code of Ukraine and certain legislative acts of Ukraine regarding ensuring the balanced budget income in 2018”. In this article, we want to highlight the changes that transfer pricing has undergone, namely the changes introduced by the above-mentioned Law in article 39 of the Tax Code of Ukraine. The first significant step has been the introduction of changes in the criteria that are applied by the Cabinet of Ministers of Ukraine in determining “low-tax” states (territories). If previously, one of such criteria has been the existence of a profit tax rate in the state (territory), which is 5 and more percentage points lower than in Ukraine (subparagraph 39.2.1.2, paragraph 39.2, article 39 of the TCU), but now, except for the low rate of income tax, those states (territories) “that provide economic entities with preferential taxation regimes or in which the features of calculating the tax base actually allow business entities not to pay corporate income tax (corporate tax) or pay it at the rate, which is 5 percentage...

    The tax residency

    Published:   04.11.2016 | blog
    Tags:
    #Tax reporting#Ukraine

    Against the background of the active introduction of more and more countries, the automatic exchange of financial accounting information provided by the multilateral agreement of the competent authorities ("The Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information", abbr. "MCAA") becomes apparent inevitability of joining in the near future Ukraine's this agreement. Recall that the MCAA involves automatic annual exchange of information on the accounts of non-residents between the competent (tax) authorities of countries that have signed the agreement. This fundamental question is the definition of tax residence of the account holder, as the information about it will be sent to the competent tax authorities of the country, the tax which he is a resident. Tax residency financial institution is determined primarily through independent determination of the account holder, on the basis of the information specified in the documentation to open an account. If the account holder declares the absence of residence for tax purposes, the financial institution determines its residency at the main office location. It is important to understand that...