Finance Business Service
ул. Антоновича, 72/74 03150 Киев, Украина
+38 044 498 56 40, info@fbs-group.com
+38 044 451 50 50
Mon-Fri from 08:00 till 19:00 Kyiv
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Only letter and space (from 2 till 30 characters)
Enter correct number, ex. +380777777777

Recent News

MFU Has Developed a Draft Resolution for the Operation of VAT Risk System

Published: 13/02/2018 | news
Tags:
#Taxation#Taxes#VAT

The Ministry of Finance of Ukraine has developed a draft Resolution on the further operation of the VAT risk system. This mechanism is a necessary measure aimed at the prevention of VAT embezzlement schemes and uninterrupted process of automatic VAT refund. We remind that in December last year, the work of the VAT risk system was suspended in order to develop a coordinated effective solution which would not entail new risks. So, the MFU together with the SFS have developed and agreed upon a decision that was made public on the official website of the Ministry on February 9, for public discussion. Now the draft Resolution is under consideration of people’s deputies of the Tax and Customs Policy Committee. It includes the following changes: In order to reduce the cases of suspension of the registration of tax invoices, a “cutoff criterion” of 3% and a threshold of the volume of supply for the month of 500 thousand UAH are established. Earlier, the coordination of evaluation criteria continued for some time, that allowed some payers to use a fictitious loan. It is proposed the SFS to establish criteria for risk assessment for a prompt response. In order to ensure the...

Cyprus Imposes 19% VAT on Building Land

Published: 19/01/2018 | news
Tags:
#Cyprus#Taxes#VAT

From January 2, 2018 in Cyprus, the new VAT Law has entered into force, providing for changes in the main VAT Law No.95(I)/2000. The document introduces VAT at a standard rate for the sale of building land, as well as leasing/rental of business premises on the conditions specified in the law. It also introduces the reverse charge mechanism for VAT-subject supplies of land and property under a loan restructuring/force-sale arrangement, which will mostly influence financial institutions. Imposition of VAT at the standard rate of 19% on building land The standard VAT rate of 19% will be applied in the following cases: transfer of ownership; transfer of indivisible land portion; transfer of ownership via contract or sale agreement or agreement which specifies that the ownership will be transferred in the future or leasing agreement with buyout option. The above shall apply to non-developed building land which is meant for the construction of one or more structures in the course of carrying out a business activity. More clarifications are still needed for the application of the law, such as the circumstances whereby a transfer is not considered to be a part of a person’s...

Procedural Codes will Undergo Another Changes

Published: 21/12/2017 | news
Tags:
#Tax disputes#Tax exemptions#Taxes#Ukraine

The Verkhovna Rada of Ukraine has registered changes in the Code of Civil Procedure, the Code of Economic Procedure and the Code of Administrative Court Procedure provided for by three relevant draft laws. We remind that on December 15, the Law which had already been amended by these codes came into effect. However, as it was noted in the explanatory notes to the latest drafts, it was adopted in violation of the regulation. In addition, the Law contains a number of contradictory norms, on the correction of which the proposed changes are aimed. In general, it is proposed to rewrite the editions of the CCP, CEP and CACP, which have just come into effect. During the consideration of the procedural codes in the parliament, none of the amendments proposed by the deputies was adopted, although several thousand amendments were submitted at the stage of their preparation. Instead, before voting for the Law as a whole, only amendments were brought to a vote approved by the profile...

Sales Threshold without Cash Registers Has Been Raised to 250-500 thousand UAH per Year

Published: 20/12/2017 | news
Tags:
#Tax disputes#Tax planning#Taxes#Ukraine

The Cabineta of Ministers of Ukraine has increased the threshold of the annual sales volume without using the RCT (registrar of clearing transactions) from 75-200 thousand UAH up to 250-500 thousand UAH per one structural subdivision of the subject, depending on its organizational form and activity. Such changes are provided for by the Resolution of the CMU, as reported by the information agency “Interfax-Ukraine”. As noted, it will enable business entities that have several separate objects of trade (provision of services) not to use the RCT in the event that none of them exceeds the threshold of clearing transactions. According to the explanatory note, which the IA possesses, the Resolution also provides that the enterprises which annual income exceeds UAH 1 million are required to use cash registers, regardless of the type of their activity. The document does not apply to economic entities that carry out retail trade of excisable goods, as well as technically complex household goods. The Resolution defines a list of activities that are exempted from compulsory use of the RCT, in particular the provision of public services on the territory of villages. According to the...

Automatic Blocking System of TI Will Be Temporarily Suspended

Published: 13/12/2017 | news
Tags:
#Tax disputes#Tax exemptions#Taxation#Taxes#Ukraine

The changes provided by the amendments to the draft Law “On Amendments to the Tax Code of Ukraine regarding the Balance of Budget Revenues in 2018” has been made in the procedure of the blocking system of tax invoices. According to the announcement made on December 7, 2017, the following has been done: 1. Clause 74.2 of the TCU has been deleted, which stipulates that the URTI ensures constant automated monitoring of the compliance of TI/AC with the criteria for assessing the degree of risk sufficient to suspend the registration. This provision will come into force on the day following the day of the publication of the Law. It is also noted that, within two months from the date of entry into force of the Law, the Cabinet of Ministers must: determine the procedure for suspension of the registration of TI/AC in the URTI in accordance with clause 201.16 of the TCU; ensure the revision and bringing of the normative legal acts in compliance with this Law by the ministries and other central executive bodies. In addition, the Cabinet is obliged, within a period of three months from the date of entry into force of this Law: to adopt the normative legal acts which are...

DTA entered into force between Russia and Hong Kong

Published: 08/08/2016 | news
Tags:
#Double taxation#Exchange of tax information#Hong Kong#Russia

Comprehensive agreement for the avoidance of double taxation (CDTA) was signed in January of this year between Hong Kong and Russia, which came into force on 29 July 2016. According to the sources, this agreement shall remain in force for Hong Kong each year since its signing to double taxation, which took place on or after April 1, 2017. The CDTA is informed about what is required to support efforts to expand the tax obligations undertaken by the two countries in the framework of the «Belt and Road», which is a project of the Chinese government for the economic development aiming at the integration of trade and investment between the approximately 60 countries in Eurasia. In the absence of the CDTA program, of Hong Kong companies income, which conduct their entrepreneurial activities with the help of permanent missions in Russia and taxed in both places if their earnings was received in Hong Kong. On this basis, in the new agreement, double taxation is eliminated, and now any Russian tax paid by the companies on their earnings, will be allowed to tax payable in Hong Kong. Besides, in accordance with this agreement, the rate in Russia on income tax on royalties,...

EU signed tax agreement with IOTA

Published: 01/08/2016 | news
Tags:
#EU#Exchange of tax information

The Intra-European Organization of Tax Administrations (IOTA ) has signed tax agreement with European Commission to develop the solution of more effective way to common targets which this two brunches are working on and also one kind of them activity to prevent double tax avoidance. According to announce of IOTA 26 of July the main brunches of co-working in agreement frames include battle against swindle, information exchange, alternate support, support of tax departments to increase the level of maintenance by taxpayers. The agreement was signed between IOTA and the Taxation and Customs Union Directorate General (DG TAXUD) of the European Commission 7 of July. Edery said: «Commission has get a support IOTA from the day it start exist and attentively watching it progress. We have common target to support European states in development and modernization of tax administration. Based in Budapest, IOTA is a non-profit intergovernmental organization, created to promote using the best practice in tax administration direction and more effective co-working with 46 tax authorities’ members. Author: Olena Kutova senior lawyer of the Finance...

Italian-Swiss TIEA goes into force

Published: 27/07/2016 | news
Tags:
#Exchange of tax information#Italy#Switzerland

The Italiam Ministry of economy and finance claimed that protocol about tax information of double tax agreement between Italy and Switzerland wich was signed 23 of February, 2016 goes into force 13 of July, 2016. The agreement protocol comprises all kind of taxes, point out that country can't deny to represent asking information only because this information has in keeping on bank or any other financial constitution. Much less the country need to empty of all own inner legal proceedings before than protocol can ask information from other. Also need to indicate person or persons who are the object of asking request, period of time need to ask the information, descrabing of information need to and the reason of request if its known, the name and adress of suppose owner of information. This specifications was added for avoiding any want of judgment, general compromative information, and he also added that the second list of specifications don't using for placing obstacles on the way of effective agreements between these countries. This protocol also approves that this contributions will use retrospectively to the data that existed prior to or after the date of...

General information about the global standard automatic exchange of information on accounts (AEOI & CRS)

Published: 06/06/2016 | news
Tags:
#Exchange of tax information#Offshores

What is the Global standard of automatic exchange of information about financial accounts (AEOI & CRS) (hereinafter - the "Global standard")? The global standard of automatic exchange of information on financial accounts (original title in English - Global Standard for Automatic Exchange of Financial Account Information in Tax Matters and Common Reporting Standard) is an international political initiative of the G20 member countries and countries participating in the Organization of Economic Cooperation and development (OECD / OECD), aimed at joint international fight against tax evasion and the illegal concealment of undeclared income in foreign financial institutions. How the requirements of Global standard implemented in real life? The OECD has developed and published the fundamentals and practical tools implementation of the Global standard, which were endorsed by the member countries of G20 at summit in September 2014. International obligations of countries participating in the global standard, in the vast majority are fixed in the form of accession to the Convention on mutual administrative assistance in the tax area on 25.01.1988 and by the signing and...

Japan-Panama, the tax information exchange

Published: 25/05/2016 | news
Tags:
#Exchange of tax information#Japan#Panama

Japan and Panama have agreed to conclude an agreement on the exchange of tax information. Negotiations for this agreement were launched after the Japan-Panama summit meeting which took place on April 20 this year between Prime Minister Shinzo Abe and President of Panama Juan Carlos Varela. The two leaders shared the view that Japan and Panama must immediately begin formal negotiations on an agreement on the exchange of tax information. Currently it is likely that Japan will become the first country to sign an agreement on the exchange of tax information with Panama after the leak "Panama Papers" earlier this year. The agreement will include the rules in accordance with the general standard of the automatic exchange of tax information between countries created by the Organization for Economic Cooperation and Development. Author: Sergey Panovmanaging partner Finance Business...