British Virgin Islands intends to create public register of beneficial owners by 2023
As one of the anti-money laundering measures adopted in accordance with international standards, the government of the British Virgin Islands plans to create a public register of beneficial owners of companies registered there by 2023.
The Convention between Japan and Uzbekistan on the elimination of double taxation comes into force
On 17 September 2020, there were completed the procedures for the entry into force of the “Convention between Japan and the Republic of Uzbekistan on the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance” (the “Convention”) signed in December 2019. The Convention will enter into force on 17 October 2020.
VAT action plan: Azerbaijan
The Cabinet of Ministers of the Republic of Azerbaijan adopted an action plan in accordance with paragraph 10.2 of Order No. 1950 of the President of the Republic of Azerbaijan dated 19 March 2020.
Excise tax on imported vehicles and recycling fee
According to the Presidential Decree “On measures to further streamline foreign economic activity and stimulate the development of the domestic market for motor vehicles” dated 3 June 2020, No.ПП-4739, from 1 August 2020, the current excise tax rates on the following types of imported vehicles are canceled:
Parliament of Georgia adopted a new law on Changes to the Tax Code of Georgia
The Parliament of Georgia adopted the Law # on Changes to the Tax Code of Georgia #6815-RS from 14 July 2020.
Transition to a simplified tax system in 2020
The simplified tax system has been the most popular preferential tax treatment for several million taxpayers for many years.
Changes in the Personal Income Tax in 2020
On 31 July 2020, on the official web portal of legal information http://www.pravo.gov.ru, the federal law No 265-FZ ‘On Amendments to Part Two of the Tax Code of the Russian Federation’ was published and constituted.
By sub-clause 2 of Article 1 of the law 265-FZ, Article 207 of the Tax Code is supplemented with sub-clause 2.2. Despite the fact that the law 265-FZ was put into force on 31 July 2020, the provisions of clause 2.2 of Article 207 of the Tax Code of the Russian Federation apply to legal relations that arose from 1 January 2020.
By sub-clause 2 of Article 1 of the law 265-FZ, Article 207 of the Tax Code is supplemented with sub-clause 2.2. Despite the fact that the law 265-FZ was put into force on 31 July 2020, the provisions of clause 2.2 of Article 207 of the Tax Code of the Russian Federation apply to legal relations that arose from 1 January 2020.
The Republic of Cyprus has agreed to a new double tax Treaty with Russia
The Republic of Cyprus has agreed to a new double taxation agreement (DTA) with Russia and is ready
to raise the withholding tax increase to 15% for dividends and interest. This was announced on August
10 by the Ministry of Finance of the Russian Federation.
to raise the withholding tax increase to 15% for dividends and interest. This was announced on August
10 by the Ministry of Finance of the Russian Federation.
The state duma proposed to cancel the transport tax on the russian cars
The State Duma proposed to abolish the transport tax on the cars of Russian brands as a measure of support for citizens and the domestic auto industry. This initiative was made by the deputy Vasily Vlasov, who sent a corresponding letter to the head of the Ministry of Finance Anton Siluanov.
The State Tax Committee adopted the Regulation on the procedure for conducting on-site tax audits
The Tax Committee approved the Regulation on the procedure for conducting an on-site tax audit (hereinafter referred to as the "Regulation") within the framework of Article 139 of the Tax Code by the Resolution "On approval of the Regulation on the procedure for conducting an on-site tax audit" No. 3247 dated 18 June 2020.
Road map for reducing the share of shadow economy is adopted
On 20 June 2020, there was adopted a Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On measures for reducing the share of the" shadow economy "in the Republic of Uzbekistan" No.394, according to which the "Road map" was approved.
FTS launches a service for checking criteria for tax benefits
The Federal tax service (FTS) of Russia has launched a service that allows taxpayers to check whether they are exempt from paying taxes in the second quarter of this year due to the spread of coronavirus. The service is called "Checking the possibility of exemption from taxes and insurance premiums for reporting periods related to the second quarter of 2020".