Jurisdictions news

18.09.2012 Changes in company accounting in 2013

  In the Federal Law “On accounting” № 402-FL crucial amendments were made, relating to preparing of documents for accounting submission of organizations. Today the frequency of accounting submission to tax authorities – quarter or year (ss. 5, section 1, article 23 Tax Code of the RF).

14.09.2012 Switzerland – country with most competitive economics
In accordance with rating of competitiveness 2012-2013, constituted by the World Economic Forum, Switzerland is the country with the most competitive economics in the world the fourth consecutive year.

13.09.2012 Ukraine stimulates investments abroad
The President of Ukraine Victor Yanukovich signed the Law № 5083-VI of 5th July 2012 that amends the Tax Code of Ukraine. This Law entered into force on 12th August 2012 (some provisions will enter into force from 1st January 2013).

12.09.2012 UK Reduces requirements for accounting reports of companies
As the Business Secretary of the UK Department of Business, Innovations and Skills Vince Cable announced, amendments to companies’ reporting rules will save millions of pounds for small business.

11.09.2012 Tax planning department of Barclays is under threat
The famous UK Bank Barclays can reject the tax planning department in the near future, the reason of which is the conflict with the UK tax authorities.

07.09.2012 Panama changed transfer pricing rules
Several days ago Panama adopted amendment prescribing application of transfer pricing rules for transactions with foreign related entities regardless of whether one of the parties is a tax resident in country which concluded double taxation avoidance agreement with Panama.

06.09.2012 Liechtenstein for disclosure of bank secret
The Premier Minister of the Liechtenstein principality Klaus Tschuetscher in interview from 5th September 2012 claimed to the newspaper Tages-Anzeiger of the possibility of introducing of automatic system of data exchange on bank accounts of clients with EU members.

05.09.2012 FATF session in Paris
From 17 to 19 October in Paris under chairmanship of Norway the regular session of FATF will take place.

04.09.2012 Russia intends to credit Cyprus again
According to negotiations with the International Monetary Fund Russia intends to provide a credit to Cyprus in total of EUR 5 bn.

31.08.2012 South Korean authorities broaden the tax base
National Tax Service of the Republic continues to strengthen tax State policy by expanding the tax base.

28.08.2012 The Hong Kong Minister of Finance advances cooperation with Russia
The bilateral trade between Hong Kong and Russia increased by 44% in the first half of the year, as was announced by the Hong Kong Minister of Finance John Tsang.

27.08.2012 Belize nears default
Belize, one of the popular and demanded offshore zones in the world, nears default.

23.08.2012 Property in Seychelles is very expensive treat!
Recently it became known that one of the richest women in the world,  L'Oreal billionaire heiress, Liliane Bettencourt has sold her private island D'Arro in Seychelles, according to the island nation’s government.

22.08.2012 Ukraine ratified the Regional Free Trade Agreement
On 9th August 2012 the President of Ukraine Victor Yanukovich signed the Law № 5193-VI “On ratification of Free Trade Agreement in the CIS”. This agreement will take force on 23rd September 2012. Thus, Ukraine has become the third country which ratified the Regional Free Trade Agreement after Russia and Belorussia.

22.08.2012 HSBC disclose information on its employees
The Swiss branch of HSBC Bank provides the USA information on its employees, worked or still working with American clients on the territory of Switzerland.

21.08.2012 Amendments in IP objects taxation in Cyprus
New amendments were introduced into the Income Tax Law 2002 approved by the Parliament that invoke changes in IP objects taxation, in particular, relating to income from such objects in the form of royalty.

20.08.2012 The Bermuda Stock Exchange is for easing of “60/40” rule
The Chief Executive Officer of the Bermuda Stock Exchange (BSX) Greg Wojciechowski estimates the easing of “60/40” rule as a positive development of the domestic capital market.

16.08.2012 What tax preferences are donated to the Ukraine’s IT sector
We would like to remind that earlier on our web-site the news on introducing of tax preferences to the Ukraine’s IT sector was published

15.08.2012 New investment agreement was signed between China and Taiwan
Taiwan's government actively pursues a policy of rapprochement with China in the field of economic cooperation.

14.08.2012 The Cayman Islands revise the budget measures for 2012-2013 fiscal year
The government of the Cayman Islands is planning to spread the burden of tax hikes to financial services and tourism sectors due to the new budget measures which were announced to replace the proposals including direct taxes on workers – expatriates (expats).

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