International Updates
Under the 60-day rule in Cyprus, individuals are considered tax residents of Cyprus and benefit from the island's tax regime.
On December 10 2018, Portugal published Notice 144/2018 in the Official Gazette, announcing the new income tax treaty with Montenegro.
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 PwC BrazilThe Brazilian tax authorities have provided guidance on the application of the reduced 0% income withholding tax rate on international charter leasing payments. -
Sponsored by Eurofast GeorgiaGeorgia continues to pursue a business-friendly tax and customs policy, which – along with economic reform – implies a complete harmonisation of the legislation with EU standards. At this stage, work on the new Customs Code project has been completed with the participation of experts from the EU, and fully meeting the EU standards.
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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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