Search results for

Chilean finance minister

Samantha Schmitz-Merle

Myranda Chatzimatthaiou The Cyprus Stock Exchange (CSE) was established by virtue of The Cyprus Stock Exchange Laws and Regulations of 1993 and 1995. The legislation provides the basis for the formation and operation of the CSE and for the development of the securities market in Cyprus. The Cyprus Securities and Exchange Commission (CySec) is the competent authority for the supervision of the CSE's actions. The CSE currently provides a range of services, including the provision of investor services in relation to the Cyprus Depository, the settlement of transactions through specialised systems and the Listing and Trading of Securities. The CSE provides for trading on both the regulated market and the Emerging Companies Market (ECM) which was established in 2009.

Tim Stewart The Inland Revenue has issued a final statement (Income tax: scenarios on tax avoidance) which considers whether New Zealand's general anti-avoidance rule (GAAR) would apply to three instances. The final statement follows the release in May 2014 of a draft statement. The GAAR and the draft statement were considered in an article in the September issue of International Tax Review (see "NZ Inland Revenue releases draft GAAR guidance", August 29 2014). As explained in that article, when determining whether an arrangement is a tax avoidance arrangement and therefore subject to the GAAR, Inland Revenue applies a parliamentary contemplation test. Under this test, the question is: "Does the arrangement, viewed in a commercially and economically realistic way, use (or circumvent) the relevant [specific] provisions in a manner that is consistent with parliament's purpose?" If not, the arrangement will be a tax avoidance arrangement unless the tax avoidance is "merely incidental" to some other purpose or effect.

Donald Vella

Ayesha Lau

Elena Kostovska The Law on Value Added Tax in FYR Macedonia underwent several revisions in 2014, with the most recent reform taking place in early September. Published in the Official Gazette no. 130/2014 and effective as of September 11 2014, the new Law on VAT introduces some amendments that are expected to impact a large percentage of small and medium businesses. According to the Law, as of 2015, the threshold for mandatory VAT registration is being slashed in half, from the current MKD 2 million ($40,000) in annual turnover to a mere MKD 1 million. It is expected that this change alone will make VAT registration mandatory for a large number of micro and small entities that are currently outside the VAT scheme based on lower annual turnovers. As a reminder, companies that have elected not to voluntarily register for VAT purposes before realising the turnover threshold are required to do so within 15 calendar days of the day on which the threshold turnover is reached. As the Law will be in force as of 2015, this will create an obligation for a large number of companies that will reach a turnover of MKD 1 million within the 2014 fiscal year to mandatorily register for VAT purposes in the first 15 days of 2015.

Ignacio Burrull

Renata Dluska

Joe Duffy