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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 »

Recent Amendments to the Estonian Tax Laws

Recent Amendments to the Estonian Tax Laws

1. “EUR 1000 invoices” On 1 November 2014, a much-criticised obligation came into force requiring legal entities to submit data about their purchase and sales invoices to the tax authority in addition to regular VAT returns. According to the new regime, Estonian VAT liable companies shall submit monthly VAT return ... Read More »

Sanction to the Kingdom of Spain for unequal treatment between Spanish residents and non-residents on the Inheritance and Gift Tax

Sanction to the Kingdom of Spain for unequal treatment between Spanish residents and non-residents on the Inheritance and Gift Tax

On the 3rd of September, the European Union Court of Justice delivered judgment on the infringement proceedings commenced by the European Union against the Kingdom of Spain. It stated that Spain had failed to comply with its obligations regarding the free movement of capital within the European Union and the ... Read More »

Amendments on Estonian tax legislation

Amendments on Estonian tax legislation

1. Value Added Tax Act On 1 November 2014, a new and already much-criticised obligations comes into force requesting legal entities to submit data about purchase and sales invoices to the tax authority in addition to a regular VAT returns. According to the new regime, Estonian VAT liable companies shall ... Read More »

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