International Updates
On December 10 2018, Portugal published Notice 144/2018 in the Official Gazette, announcing the new income tax treaty with Montenegro.
Under the 60-day rule in Cyprus, individuals are considered tax residents of Cyprus and benefit from the island's tax regime.
Russian legal entities that make capital gains from the sale of shares are eligible for a 0% tax rate, yet the criteria for satisfying this arrangement may not always be so simple.
Canada's Revenue Agency (CRA) confirmed in a recent technical interpretation (2017-071330117) that Canadian withholding tax can apply to the accrued (but unpaid) interest on a debt owed by a Canadian resident to a non-resident when the debt is assumed by another entity and such an assumption constitutes a "novation" of the debt obligation for purposes of the applicable commercial law.
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Sponsored by Deloitte LuxembourgOn October 2 2018, the EU Council agreed to adopt several proposals from the European Commission to reform the EU VAT system. These proposals included four 'quick fixes' to the prevailing regime that will apply to improve the functioning of the existing VAT system, pending the introduction of the 'definitive' VAT system that is still the subject of continuing discussion. -
Sponsored by Garrigues SpainSpain levies a net wealth tax on the net assets of individuals for the purposes of which any individual owning assets located, or rights which can be exercised, in a Spanish territory is classed as a taxable person by virtue of an in rem obligation.
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Sponsored by Eurofast SerbiaSerbia and San Marino signed a double taxation agreement (DTA) on April 16 2018, thus effectively resulting in the removal of San Marino from the Serbian list of countries with a preferential tax regime. The Law on Confirmation of the DTA was adopted by the Serbian Assembly on September 25 2018 and San Marino is expected to start the application of the DTA as of January 2019.
