Jurisdictions news

22.05.2014 Corporate Tax reform in USA

The Chairman of USA Budget Commission once again published proposals on reform of Tax system of USA. Besides changes in PIT, this proposal submits the decrease of corporate tax.

21.05.2014 Freedom of business activity is in Hong Kong’s DNA.

Hong Kong Minister of Finance, John C Tsang, decided to name the main perks of the financial center for business among other jurisdictions at the Asian business forum.

20.05.2014 Scotland will fight tax evaders on its own.

On the 20^th of May, 2014 the report for Bill on the fight with tax evasion was submitted to the Parliament of Scotland. The Bill was prepared in December, 2013.

19.05.2014 Decrease of corporate tax in the Philippines

As a part of ASEAN movement toward single market between its Member States, Tax Department of Philippines Senate studied which precise measures should be taken by the state.

13.05.2014 Everything about UK Partnerships

Revenue Service in UK (HMRS) created single manual about Partnerships in the country. This manual is an almanac of all information needed to find an answer for any question about creation, functioning and liquidation of all types of partnerships in United Kingdome.

12.05.2014 Tax on financial transaction?

Directive on tax on financial transactions, introduced by European Commission in February, 2013 still has no support from EU member-states.

09.05.2014 OECD Declaration on automatic exchange of information in tax matters is signed.
Ministers of the OECD member-states signed Declaration on automatic exchange of information in meeting, which was held on 6-7 of May, 2014 in Paris. The aim of the Declaration is to implement single international standard for exchange of tax information.

06.05.2014 Singapore is listed as FATCA-jurisdiction.
Singapore expressed its desire to conclude an intergovernmental agreement on FATCA on 14th of May, 2013, but only on 5th of May, 2014 this request was considered by the Government of the United States of America.

05.05.2014 Australia joined FATCA.
Australia and United States of America signed intergovernmental agreement on 28th of April, 2014 in order to improve compliance with international tax legislation and enforcement of FATCA. 

30.04.2014 Switzerland is to decrease taxes.

Swiss Federal Council considered results of consultations between cantons about corporate tax reform. The upcoming changes in legislation suppose to strengthen the competitiveness of Swiss tax system, especially in the light of modifications in international taxation

28.04.2014 Russian Ministry of Finance continues its attack on offshores.

Measures to fight tax evasion form Russian Ministry of Finance is more serious and tougher with each step. Although, there is no mechanisms of following and all the more so of the collection of “unpaid” for the time being. Ministry of Finance is just “thinking” about the enforcement of aforementioned. And such letters do not keep even the fairest of the businessmen calm. Nobody knows if he will discover himself in the heat of the moment.

The question about the prevailing law arises – domestic or international. Although, Constitution, as the main law of the state, gives clear understanding that international obligations are beyond her status, do not expect that after the enforcement of this law, there will be no cases in courts.

Businessmen are supposed to prove the legality of their scheme, and it is possible, that they will prove it. But the amount of time wasted and the formulation of the question is terrifying and worrying.

It is clear that not all business schemes will die, the part of them will transform. It is just a question of time and right strategy

25.04.2014 Exchange of tax information becomes mainstream.

On the 25^th of April, 2014 official gazette of Hong Kong published an order for the implementation of the Agreement with USA on the exchange of tax information as a matter of preparation for the enforcement of FATCA

24.04.2014 Switzerland is preparing for the FATCA enforcement.

Foreign Account Tax Compliance Act (FATCA), that was singed by USA Congress in September, 2010, is expected to enter into force on the 1^st of July 2014.

23.04.2014 Monetary Authority of Singapore and Autoriti Monetari Brunei Darussalam signed a Memorandum of Understanding on Bilateral Cooperation.

According to the Memorandum, authorities of Singapore and Brunei will be cooperating on capital market development and capacity building.

18.04.2014 UK toughens criminal penalties for tax evaders

The UK Government holds consultations on the issue of introduction of new types of criminal offenses for hiding money in offshores. In light of new amendments the tax authorities do not have to prove that taxpayers, who have unreported income in offshores, did not pay income tax intentionally.

17.04.2014 KPMG defined the most attractive countries for business

KPMG (one of the Big Four audit firms) prepares an annual report about the financial situation in 10 countries: Australia, Canada, France, Germany, Italy, Japan, Mexico, the Netherlands, UK and the USA.

16.04.2014 Crimea: banks are opened, banks are closed

“Rossiyskaya gazeta” reports that today Bank of Cyprus is phasing out its engagement in Crimea. All three offices, located in Simferopol, Sevastopol, Yalta, are closed. This action will cause negative consequences for habitants of Crimea: they have to go to Ukraine to withdraw cash from accounts. Such decision of bank may be connected with Ukrainian sanctions against Crimea and with tax and currency risks.

15.04.2014 It is going to be easier to contact with state budget funds
The President of the Russian Federation signed the Federal Law №59-FZ «On Amendments to certain legislative acts with regard to reduction of terms of the registration of legal entities and individual entrepreneurs in the state budget funds and the abolition of certain provisions of the Federal Law “On insurance contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal Compulsory Medical Insurance Fund”».

14.04.2014 Sobinbank refused to open accounts in euro

This decision of the bank may be related to the fact that the owner of Sobinbank is the bank "Rossiya". Not long ago it refused to perform payments in euros and dollars and completely switched to rubles.

08.04.2014 Ministry of Finance of Russian Federation proposes to strengthen companies’ liability for “grey” salaries.

Russian Ministry of Finance proposed to strengthen companies’ liability for “grey” salaries: if a company will not submit to Revenue Service its report on personal income tax or the sum submitted in such report will be suspiciously low without any justification from a company, then there will be serious sanctions for a business.

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