Russia - Ministry of Finance clarifies the tax treatment of assets received free of charge from independent parties

On 8 November 2012, the Ministry of Finance issued a letter No. 03-01-18/8-162 clarifying the tax treatment applicable to assets (works, services, or property rights) received free of charge in transactions between independent parties. The Ministry of Finance clarified that assets received free of charge from an independent entity should be reported by the beneficiary […]

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China - Expected changes in taxation of qualified foreign institutional investors

It has been reported that the China Securities Regulatory Commission (CSRC) and the State Administration of Taxation (SAT) have agreed on expanding the taxation of qualified foreign institutional investors (QFII) recently. Currently, QFIIs are subject to enterprise income tax at a rate of 10% on dividends, profits and interest and are exempt from capital gains […]

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UK - Settlement opportunity for participant in tax avoidance schemes

On 8 January 2013, HM Revenue & Customs (HMRC) announced that it will offer to individuals, companies and partnerships that have entered into specific tax avoidance schemes, the opportunity to finalize their tax position and settle their tax liabilities by agreement without recourse to litigation. The schemes covered include UK Generally Accepted Accounting Practice (GAAP) […]

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Swiss bank enters guilty plea for US tax evasion schemes

The US Department of Justice (DOJ) and the US Internal Revenue Service (IRS) have announced that a Swiss private bank (Wegelin & Co.) entered a guilty plea before a US District Court for conspiring with US taxpayers and others to hide more than USD 1.2 billion in secret Swiss accounts and to evade US taxes […]

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France - 75% tax rate for high income earners removed by Constitutional Council

On 29 December 2012, the Constitutional Council considered incompatible the temporary 75% tax rate on high income earners with the French Constitution. The 75% rate was supposed to apply to the part of the income exceeding EUR 1 million and be levied only for fiscal years 2013 and 2014. The 75% tax rate for high […]

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