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Reasoned opinion of the European Commission against the fines charged in Spain for failure to fill the tax declaration on assets held abroad

Reasoned opinion of the European Commission against the fines charged in Spain for failure to fill the tax declaration on assets held abroad

After the claims filed in November, 2015, by foreigners residing in Spain, the European Commission has recently issued a reasoned opinion requesting Spain to change its rules on assets held in other EU or the European Economic Area (EEA) Member States (so-called “Modelo 720”), as the fines charged for failure ... Read More »

Fiscal Representatives (Financial Services Undertakings Exercising a European Right) (Revocation) Regulations 2016 – L.N. 3 of 2016

Fiscal Representatives (Financial Services Undertakings Exercising a European Right) (Revocation) Regulations 2016 – L.N. 3 of 2016

The Fiscal Representatives (Financial Services Undertakings Exercising a European Right) Regulations issued during year 2004 state that any European credit institution, European insurance undertaking or European investment firm which seeks to provide services in Malta without being resident in Malta and without having a place of business in Malta, shall ... Read More »

Expenses allowable for tax deduction purposes will highly depend on presentation of valid VAT invoices.

Expenses allowable for tax deduction purposes will highly depend on presentation of valid VAT invoices.

The 2016 Budget Measures Bill proposes that from year of assessment 2017, all expenses will be considered allowable for tax deduction, only if the invoice/fiscal receipt presented is valid for VAT purposes. Should the new provision be enacted, it will consequently amend Article 14 of the Income Tax Act-“Deductions”, whereby ... Read More »

Information return on assets and rights held abroad for residents in Spain to be fulfilled by 31th march

Information return on assets and rights held abroad for residents in Spain to be fulfilled by 31th march

Those who are tax resident in Spain (both local Spanish residents and expats resident in Spain) are legally obliged to provide information to the Spanish tax authorities regarding any offshore accounts, offshore investments, and real estate located abroad. Although this declaration of assets and right abroad is solely informative and ... Read More »

The Russian Judiciary (Chapter 3)

The Russian Judiciary (Chapter 3)

This is the third chapter from the ‘Awara Russian Tax Guide’ book written by Jon Hellevig, Anton Kabakov and Artem Usov and updated in 2015. The Russian judicial system is currently undergoing serious reform. The main reform is that the previously acting specialized court for commercial disputes (the Supreme Commercial ... Read More »

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