Jurisdictions news

24.10.2024 Portugal introduces tax benefits for young people
Portugal plans to introduce tax breaks for young people under 35, including foreign workers.

23.10.2024 Cyprus takes care of transfer pricing
The Cyprus Tax Department has updated the frequently asked questions in English about transfer pricing.

17.10.2024 Croatia extends the validity period of the EU Blue Card
The country is preparing amendments to the Law on Foreigners: The EU Blue Card will become valid for 4 years, which will significantly increase the duration of stay of highly qualified foreign workers in Croatia.

10.10.2024 TOP cities in the world with the most overrated real estate

The large Swiss bank UBS has published the results of its annual real estate market survey UBS Global Real Estate Index for 2024.

09.10.2024 Turkey launches a new visa

The new Türkiye Tech Visa program is a 3–year work permit for technology professionals and entrepreneurs who plan to launch a startup.

04.10.2024 Canada makes changes for work permits

Canada's immigration system is undergoing major changes: by November 1, 2024, the Government of Canada plans to submit a new Immigration Levels Plan for the next 3 years.

01.10.2024 Dubai is adopting stricter rules regarding the marketing of crypto investments.

Dubai's cryptocurrency regulator has updated its recommendations on the marketing of virtual assets: new rules require companies to include a disclaimer explaining the risks of such investments.

30.09.2024 Bulgaria is preparing to switch to the euro

Bulgaria plans to switch from the lev (BGN) to the euro (EUR) in just over a year as part of its strategy to join the eurozone.

24.09.2024 The UK introduces electronic permits for holders of "golden passports"

The UK government has announced the introduction of Electronic Travel Authorization (ETA) - electronic travel permits to control border crossings, enhance national security and counter illegal immigration.

18.09.2024 SWIFT optimizes transfers

Interest in digital assets and currencies continues to grow, and the SWIFT International Financial Messaging System has decided to create its own infrastructure for transactions with digital assets.

10.09.2024 The best cities in Europe with the most favorable air quality

The European Environment Agency (EEA) has compiled a rating of cities with the most favorable air quality.

09.09.2024 Kyrgyzstan restricts payments

In order to ensure economic security and maintain the financial stability of the country, the National Bank of Kyrgyzstan prohibits payments from foreign countries without actual delivery of goods to the country.

04.09.2024 UAE launches a single platform for foreign workers

The UAE government has announced the launch of a single online platform for foreign specialists and the launch of the second stage of the Work Bundle program aimed at increasing the country's competitiveness and attractiveness as a leading global center.

23.08.2024 Work permit in France under new rules

A new immigration law in France aimed at tightening the rules for foreign workers will come into force on September 1, 2024.

22.08.2024 The "Golden visa" in the UAE becomes gold

For professionals working in the United Arab Emirates (UAE) who wish to obtain a golden visa for long-term stay, a minimum monthly salary of 30 000 dirhams (approximately 8 000 EUR) is established.

19.08.2024 In the UK, the issuance of visas to migrants is reduced

The latest UK government data shows a reduction in the number of work and student visas in 2024.

13.08.2024 Bulgaria simplifies the issuance of visas

The Bulgarian Minister of Tourism and the Deputy Minister of Foreign Affairs discussed plans to simplify the issuance of tourist and work visas.

01.08.2024 15 Best Countries for Digital Nomads

Consulting company Global Citizen Solutions has compiled a ranking of the best countries in the world for digital nomads, comparing relocation programs in 65 countries.

31.07.2024 Crypto Investors in Portugal will receive a "golden visa"

Portugal may become the first European country to offer foreigners a residence permit in exchange for investments made using a decentralized cryptocurrency such as bitcoin.

30.07.2024 G20 to support progressive taxation

The leaders of the G20 financial organizations meeting in Brazil are preparing a joint statement in support of progressive taxation, but do not support the proposal to introduce a global "tax on billionaires."

29.07.2024 Does Revolut break the rules?

The European Central Bank (hereinafter, the ECB) requires Revolut Ltd. to improve control over financial crimes after the audit.

26.07.2024 TOP 10 safest countries for travelers

According to a new study by Forbes Advisor, Singapore is recognized as the safest city in the world for tourists.

18.07.2024 The most livable small towns in the world

The Compare The Market AU portal has compiled a rating of small cities in the world in terms of quality of life for those who prefer a calm and measured lifestyle.

26.06.2024 Italy simplifies the rules for obtaining an EU Blue Card

Italy is striving to simplify the procedure and create more favorable conditions for attracting foreign specialists.

19.06.2024 The United States has suspended the agreement on avoidance of double taxation

The US Treasury Department has notified the Russian government of the decision to suspend the agreement on avoidance of double taxation from August 16, 2024.

13.06.2024 10 best universities in the world

The analytical company Quacquarelli Symonds has published an annual ranking of the best universities in the world. 1,500 universities from 104 countries participated in the study.

06.06.2024 Will Turkey join the BRICS?

Turkish Foreign Minister Hakan Fidan, who is on a visit to China, announced Turkey's desire to become a member of the BRICS.

23.05.2024 The EU will issue a single work and stay permit

From May 20, EU countries will issue a single work and stay permit.

21.05.2024 Bulgaria will not switch to the euro

According to Dimitar Radaev, chairman of the Bulgarian National Bank (BNB), Bulgaria will not be able to meet all the requirements for joining the eurozone by the time the convergence report is published in June.

16.05.2024 Turkey Introduces Regulation of Crypto Assets

Turkey's ruling Justice and Development Party plans to submit to parliament a bill on the control of transactions with crypto assets and regulation of this sphere in general.

14.05.2024 UAE simplifies obtaining resident visas

The Federal Office for Identity Identification, Citizenship, Customs and Port Security (ICP) announced the simplification of procedures for obtaining resident cards (Emirates ID cards), as well as passports and residence permits.

13.05.2024 Dual citizenship in Lithuania

On May 12, 2024, the first round of elections of the President of the Republic of Lithuania took place, during which a referendum was held on the preservation of Lithuanian citizenship.

03.05.2024 UAE is on the European Commission's grey list

The UAE is still on the European Commission's grey list.

27.04.2024 The annual fee in Cyprus

In accordance with the Company Law Act (Amendments) of 2024 N.25(I)/2024, published in the Official Gazette of the Republic of Cyprus on March 15, 2024...

25.04.2024 Finland is tightening up the acquisition of citizenship

The Government of the country has approved a number of amendments to the laws on immigration and citizenship.

23.04.2024 The 15 most expensive cities in the world to build

Economists at the Arcadis consulting company compared construction costs in 100 cities around the world and identified the most expensive megacities.

18.04.2024 Portugal - new plan until 2028

Portugal has approved a Government action plan for the period up to 2028, which will reduce Income Tax Rates (IRS) on income, which will lead to an overall tax cut of about €1.5 billion compared to last year.

16.04.2024 UAE - the best for a startup

According to a new study, the United Arab Emirates (UAE) has become one of the best countries in the world where entrepreneurs will be able to launch their startup in 2024.

09.04.2024 Sri Lanka extends the issuance of free visas

The Sri Lankan government has decided to extend until April 30, 2024 a pilot project to provide free visas to citizens of six countries (China, India, Indonesia, Thailand, Malaysia, Japan).

08.04.2024 Kazakhstan will issue IIN to foreigners in embassies

Kazakhstan will issue individual identification numbers (IINS) to foreigners at embassies and consulates from April 13 until the end of this year.

05.04.2024 New law on cultural “golden visa” in Portugal

The Portuguese Ministry of Culture has prepared and submitted to Parliament for approval a bill on the creation of a Fund for the acquisition of works of art for national museums and palaces.

04.04.2024 Caribbean Gold passports will rise in price

Caribbean "golden passports" are becoming more expensive, which is a response to pressure from the United States and the European Union to tighten the sale of citizenship.

28.03.2024 Cyprus plans to open an embassy in Kazakhstan

The authorities of the Republic of Cyprus have taken the initiative to open an embassy in Astana, as well as to offer a visa-free regime for citizens of Kazakhstan.

26.03.2024 The historic agreement between the Caribbean States.

The Caribbean States of Antigua and Barbuda, Grenada, Dominica and Saint Kitts and Nevis signed a historic Memorandum on the implementation of the Citizenship by Investment program.

25.03.2024 Does the EU stop visa-free travel?

The European Union plans to update the mechanism that allows suspending the visa-free regime for third countries whose citizens are exempt from visa obligations when traveling to the Schengen area.

20.03.2024 The 10 happiest and most unhappy countries in the world

The Sapien Labs research group has published an annual report on the mental State of the World.

19.03.2024 Romania: new conditions for EU blue cards

On March 8, 2024, new rules governing the use of EU Blue Cards and other work permits came into force in Romania.

12.03.2024 Croatia launches an innovative program

On March 6, 2024, Croatia launches the country's first foreign worker integration program.

04.03.2024 Almost 1 million people have become EU citizens

Eurostat conducted an analysis and made conclusions about obtaining EU citizenship in 2022.

01.03.2024 Hong Kong budget and key changes

Hong Kong's finance minister has unveiled the budget for the 2024-2025 fiscal year.

29.02.2024 The EU has updated its blacklist again

The EU Council has excluded the Bahamas, Belize, Seychelles and Turks and Caicos Islands from its “blacklist” of jurisdictions that did not cooperate with the EU in the field of taxation.

28.02.2024 UAE announced fines

The Ministry of Finance of the United Arab Emirates (UAE) announced the imposition of fines for late payment of corporate tax, as well as for late submission of an application for registration for tax payment.

27.02.2024 Bulgaria tightens citizenship criteria

The Bulgarian Parliament has voted to amend the Law on Citizenship, making knowledge of the Bulgarian language mandatory.

26.02.2024 Will Kazakhstan move on?

Since 2024, new rules for foreigners to obtain IIN and a number of other important documents, such as a residence permit, will begin to apply in Kazakhstan.

22.02.2024 Bermuda: Updated Tax Guide

Bermuda is updating its Corporate Tax Guide, including new questions most frequently asked by taxpayers.

21.02.2024 New changes to the UK Companies Act

The first package of amendments to the Companies Act will come into force in the UK on March 2024.

20.02.2024 New Zealand exchanges financial information

The New Zealand Taxation Office has updated the list of countries exchanging financial information in accordance with the Unified Reporting Standard for the Automatic Exchange of Financial Information.

16.02.2024 Quality of life in Europe for workers

According to the latest edition of the report published by the European Commission, Rostock in Germany ranks first in terms of job satisfaction among respondents: 85 percent of them have positive impressions of working in this German city.

15.02.2024 Jersey discusses changes to CRS and FATCA rules

The Island of Jersey has begun discussing possible changes to its rules for the automatic exchange of information on tax payments (AEOI), which comply with the OECD General Reporting Standard (CRS) and the American Financial Accounts Tax Compliance Act (FATCA).

14.02.2024 South Africa plans to introduce a visa for "digital nomads"

The South African government has announced changes to its visa policy. It is planned to introduce special visas for foreign remote employees and freelancers working for foreign companies.

12.02.2024 Is Hong Kong introducing a global minimum tax?

The Hong Kong government is starting to discuss proposals for a global minimum tax of 15% and a domestic additional tax, which are planned to be introduced from 2025 for international companies.

07.02.2024 Canada prohibits the purchase of real estate for foreigners

According to the statement of the Deputy Prime Minister of Canada, foreign citizens and foreign companies will not be able to buy residential real estate in Canada until 2027.

06.02.2024 The EU will force the adoption of provisions on minimum corporate tax

The European Commission has begun to take measures against member States that have not yet fulfilled the requirements for the introduction of a 15% minimum corporate tax provided for by the international agreement of the OECD and G20 countries under Component 2.

05.02.2024 TOP 15 safest countries in the world in 2024

The Numbeo data aggregator website has compiled a rating of the world's countries in terms of security in 2024 among 146 countries.

04.02.2024 Malta has launched a new immigration program

In January 2024, Malta launched the Professionals Initiative (SEI), which provides an alternative immigration route for highly qualified third-country nationals.

01.02.2024 The UAE does not plan to introduce income tax

The UAE does not intend to introduce an income tax on individuals

30.01.2024 Cayman Islands leave the EU Grey list

The exclusion of the Cayman Islands from the list of EU jurisdictions with deficiencies in AML/CFT regimes (countering money laundering and terrorist financing – Approx.) will enter into force on February 7, 2024.

26.01.2024 On a golden UAE visa for each buyer of real estate?

Buyers of real estate in Dubai are no longer required to make a minimum down payment of 1 million dirhams to be eligible for a "golden visa", as the government has relaxed the requirements for real estate investors.

25.01.2024 The consumer price aggregator website Numbeo has compiled a ranking of the world's cities by cost of living in 2024.

The consumer price aggregator website Numbeo has compiled a ranking of the world's cities by cost of living in 2024.

22.01.2024 Germany has adopted a law on second citizenship

The Bundestag discussed in the second and final, third reading and voted for the reform of the German citizenship law. At the request of the opposition, the vote was carried out by roll-call.

19.01.2024 The EU will ban cash payments over 10 thousand euros

The European Union will ban cash payments in the amount of more than 10 thousand euros.

18.01.2024 Corporate tax in Bermuda

Bermuda will introduce a corporate tax from January 2025.

12.01.2024 Global Minimum Tax

The OECD has released a working paper on the Global Minimum Tax.

11.01.2024 Greek golden visa at the old price

Greece has extended the validity of the Immigration Code until March 31, 2024.

10.01.2024 Is Saudi Arabia getting off the "oil needle"?

Saudi Arabia has placed $12 billion in dollar bonds. It was the kingdom's biggest release since 2017.

09.01.2024 Portugal changes the citizenship law?

The Portuguese Parliament has approved amendments to the country's citizenship law, which will allow residents to start counting down the required five years to obtain citizenship from the date of applying for a residence permit, rather than from the date of its approval.

27.12.2023 Residence permit and work permit in the EU at the same time?

The European Union will simplify the rules of employment for citizens of third countries. Now it will be possible to obtain a work permit and a residence permit at the same time.

20.12.2023 Ambiguity of American Corporate Transparency Act

On January 1, 2024, the Federal Law on Corporate Transparency comes into force in the United States, which obliges millions of legal entities to register their beneficial owners with the Financial Crimes Enforcement Agency of the U.S. Treasury (FinCEN).

14.12.2023 Turkey has launched investigation into speculation in the real estate sector

The Association of the Capital Markets Council (SPK) has launched an investigation into the real estate sector and organizations after large-scale facts of speculation were revealed, especially when selling real estate to foreigners wishing to obtain Turkish citizenship.

13.12.2023 Dubai introduces unified business license

The Dubai Department of Economy and Tourism (DET), in collaboration with the Dubai Free Zones Council, announced the launch of the Dubai Unified License (DUL), a unique commercial identifier provided to all businesses in Dubai in order to simplify various business processes.

11.12.2023 Europe completes work on the AI bill

The EU member states and the European Parliament have reached an agreement on a law that regulates the use of artificial intelligence (AI). This was reported by the Spanish representation in the Council of the EU

08.12.2023 Lisbon – the innovative capital of Europe

The European Commission has announced the winners of the European Capital of Innovation Awards.

06.12.2023 The UK will tighten the conditions for expats to stay in the country

The UK government continues to fight migrants and has announced a new package of measures to reduce visitors to the country.

05.12.2023 Portugal cancels tax benefits for foreigners

Portugal is going to abolish the preferential tax regime (Non-Habitual Resident, NHR), which allows certain categories of foreigners to pay reduced taxes for 10 years after moving to the country.

04.12.2023 Top most expensive cities in the world
The analytical division of the British magazine The Economist (Economist Intelligence Unit, EIU – Approx.) has published a rating of the most expensive cities in the world.

30.11.2023 Cyprus will offer citizenship to "talents" from third countries

A bill on granting citizenship of the Republic of Cyprus to "talents" from third countries was submitted for a vote in the Parliament of Cyprus on November 30.

29.11.2023 Is unemployment rising – is inflation falling?

The US labor market is weakening. The government reported that the number of initial applications for unemployment benefits in the last week was 231,000, up 13,000 from the previous week and the highest in almost three months.

28.11.2023 Will the UAE support the introduction of a Global minimum tax?

The United Arab Emirates has published Law No. 60 of 2023, which amends some provisions of Law No. 47 of 2022 (Corporate Tax Law).

27.11.2023 Luxembourg has declared the wealth tax unconstitutional

The Constitutional Court of Luxembourg, in its decision of November 10, 2023, ruled that the wealth tax regime applied to enterprises contradicts the constitutional principle of equality before the law.

23.11.2023 The USA and Switzerland are moving to mutual automatic exchange

Switzerland and the United States have revised their agreement on the implementation of the American Foreign Account Taxation Act (FATCA).

13.11.2023 Cyprus cancels "golden visas"?

The Audit Service of the Republic of Cyprus has published a report on the results of the audit of the investment program for foreigners who bought real estate or shares of Cypriot companies in the amount of at least 300,000 euros

09.11.2023 Will Cyprus return the funds to the Russian depositor?

The decision of the Limassol District Court concerning the former depositor of Laiki Bank can be described as historic.

07.11.2023 Italy changes tax residency rules

The Council of Ministers of Italy has given preliminary consent to make significant changes to the definition of "tax residence" for both individuals and legal entities.

03.11.2023 EU countries against the Shell Companies Directive?

The directive proposed by the European Union (EU), directed against shell companies, formally being the third revision of the EU Directive 2016/1164 (Anti-Tax Avoidance Directive, ATAD), is becoming less likely to be adopted in in the planned form in the face of opposition from some participating countries.

18.05.2023 The Brazilian Tax Service pays attention to trusts

The Brazilian Government has published Interim Measure No. 1171/23 on the distribution of foreign trust assets. In fact, this measure changes the rules for taxation of income from foreign sources received by Brazilian residents from financial investments and controlled organizations.

13.04.2023 UAE - Corporate tax exemption rules

The UAE Ministry of Finance has adopted Decision No. 43 on exemption from tax registration for the purposes of the Corporate Tax Law.

01.02.2023 EU members did not meet the deadline?

Fourteen EU member States have missed the official deadline set for the implementation of the provisions of Council Directive (EU) 2021/514 (DAC7) into national legislation.

10.08.2022 Central Bank of Cyprus` warning
The Central Bank of Cyprus (hereinafter referred to as the "CBC") has warned that the Limassol–based Sabax Bank has absolutely no license to operate issued by the supervisory authority.

28.10.2021 New FATF "grey List"
The Financial Action Task Force on Money Laundering (FATF) has announced that it is removing Mauritius and Botswana from its "grey list".

26.03.2021 Keeping Track of Your Sales Online

The European Parliament has decided to amend Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC7).

23.03.2021 Synthesized Tax Convention with Great Britain Has Been Published

The Ministry of Finance of the Russian Federation has published a synthesized version of the double taxation convention with the United Kingdom on its website.

19.03.2021 Amending the Model Tax Convention on the Digital Economy

The United Nations Tax Committee has published an update on the process for amending the UN Model Tax Convention regarding the digital economy.

09.03.2021 Changes in the Accreditation Procedure for Representative Offices and Branches

The Federal Tax Service has published on its website information on forthcoming changes in the procedure for foreign representations and branches to receive accreditation in Russia.

25.02.2021 Replenishment in the black list of the European Union

The European Union is once again updating its list of tax havens. The EU Council has decided to update the list of territories that do not cooperate on tax issues and do not disclose their beneficiaries.

18.02.2021 Ukraine establishes the procedure for cross-country reporting

In early February of this year, the Ministry of Justice of the Ukraine registered an Order of the Ministry of Finance establishing procedures for cross-country reporting (Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, hereinafter CbC), which was introduced in 2020.

15.02.2021 Germany: We will exchange information with you

In early February of this year, the Ministry of Finance of the Federal Republic of Germany published an updated list of countries and territories with which the state will automatically exchange information on financial accounts until September 30, 2021.

10.02.2021 You can't hide from us: the law on digital financial assets in the Russian Federation

On January 1, 2021, Federal Law No. 259 "On Digital Financial Assets, digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation” came into force.

18.01.2021 Cyprus: We will reveal your beneficiaries

According to the 4th and 5th Directives on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing (AML) adopted by the European Union, the participating countries are obliged to implement the provisions of these acts in their legislation, as well as to ensure that companies, trusts, foundations and other legal entities disclose their beneficial owners to a specially authorized body. 

15.01.2021 Changes in the tax regulation of CFC in the Russian Federation

Since January 1, Russia has changed the tax regulation of controlled foreign companies (CFC).

13.01.2021 United Kingdom: Brexit is not a hindrance to trade

Recall that since January 1 of this year, Britain has fully completed the Brexit process and left the ranks of the EU members, in connection with which the state needs to build its own trade policy, but not as a member of the EU.

12.01.2021 Malta has revealed the names of the holders of the « golden passports»

The government of Malta has published a list of more than three thousand people who received citizenship in 2019 in exchange for investment.

18.12.2020 Cyprus Parliament approves tax breaks for foreigners

The Parliament of the Republic of Cyprus has approved a bill on granting tax benefits to foreign citizens. The document was developed by the Ministry of Finance of Cyprus. 

08.12.2020 Saxo Bank has published "shocking predictions" for 2021

Denmark's Saxo Bank has published its annual "shocking predictions", which mainly concern unlikely and underestimated events, but if they happen, they threaten to have a strong impact on financial markets.

07.12.2020 Denunciation of the Agreement with the Netherlands

The Ministry of Finance of the Russian Federation begins to denounce the agreement on the avoidance of a double taxation with the Netherlands.

04.12.2020 The US requires Switzerland to comply with FATCA

The Internal Revenue Service of the United States of America (IRS) sent a group request to Swiss banks that previously provided a customer information in accordance with the US Foreign Account Tax Compliance Act (FATCA), which indicated that it was also necessary to disclose all the details of customer accounts that were not provided at the time of the request. 

23.11.2020 New rules for issuing "golden passports" in Malta

The Government of Malta has developed and introduced new rules for granting citizenship to foreigners in exchange for investment. No more than 400 applicants per year will now be able to obtain citizenship.

11.11.2020 Introduction of a fixed income tax CFC in the Russian Federation

On November 9, 2020, the Federal Law was published, which amends Parts one and two of the Tax Code of the Russian Federation. The adopted amendments directly affected the issue of taxation of controlled foreign companies (hereinafter referred to as CFC).

09.11.2020 Russia and Luxembourg: changes in the tax agreement between the countries

On November 6, the protocol on amendments to the agreement on the avoidance of double taxation between the Russian Federation and Luxembourg was signed. 

03.11.2020 Iceland is excluded from the FATF grey list

On 23 October 2020, the Government of Iceland announced its removal from the FATF Grey List, which is a list of States under enhanced monitoring.

30.10.2020 In Russia increase Personal Income Tax rate

In the State Duma passed the first reading Draft law on raising taxes on the income of individuals with the current 13% to 15% on the income that exceeds 5 million rubles a year has passed. It is planned that this Draft law if it is accepted will start working from 1 January 2021. 

27.10.2020 The European Commission has launched an investigation into Cyprus and Malta

Last week, the European Commission began the investigation into Cyprus and Malta over citizenship for investment programs in the national economy. 

15.10.2020 New tax regime for CFC holders in Russia

The RF Ministry of Finance proposes to amend the Tax Code and establish a new tax regime for controlled foreign companies. On October 15, the executive body sent the proposed amendments to the Government.

01.10.2020 Expanding the access of the Federal Tax Service of the Russian Federation to banking secrecy

On the website of the Ministry of Finance of the Russian Federation, the project "Main directions of budget, tax and customs tariff policy for 2021 and the planning period 2022-2023" was posted, which was submitted to the State Duma on Wednesday, September 30.

22.09.2020 UK reforms Companies House

On September 18, the UK government announced plans to reform Companies House in an effort to curb fraud and increase the company's credibility in transactions.

15.09.2020 The Dutch government has published a tax plan for 2021

The Dutch Government has published a tax plan for 2021, including additional measures to stimulate the economic growth during the crisis. The previously announced reduction in the corporate tax rate will be canceled and the rate will remain at the same level - 25%. The freed up funds will help to strengthen the economy.

07.09.2020 "Golden Passports" of Cyprus

The Cypriot newspaper Politis has published a list of holders of "golden passports" who received citizenship of the Republic of Cyprus in exchange for investments in the period from 2008 to 2012. The publication included 34 citizens of the Russian Federation, Ukraine, and Syria in the list of persons with suspicious passports.

04.09.2020 Shareholders meetings will be held remotely in the Russian Federation

On September 1, 2020, the Ministry of Economic Development of the Russian Federation introduced a bill to the Federal Law “On Joint Stock Companies”. The amendments were developed according to the account of the continuing threat of the spread of coronavirus. If the Amendments are adopted, then joint stock companies will be able to hold meetings in a remote form.

20.08.2020 Information about integration of EU instruction against tax evasion
On August 19, 2020, the European Commission published the first report on the implementation of EU Directive 2016/1164 of 12 July 2016 (Council Directive (EU) 2016/1164 of 12 July 2016), which includes rules for the fight against tax evasion.

19.08.2020 The first cryptocurrency credit was issued in Russia

For the first time in Russia, a deal with digital assets was conducted – the first credit, secured by blockchain tokens, was issued.

14.08.2020 USA adopted some new measures countering money laundering
On August 14, 2020, the Internal Revenue Service and the US Treasury released amendments to the already published rules to combat tax base erosion and abuse of tax treaties.

13.08.2020 Russian Federation is planning to revise tax agreements

On August, 11, 2020 Deputy Prime-Minister of Russian Government announced a possible reconsider of Agreements for avoidance of double taxation with Switzerland and Hong-Kong. 

12.08.2020 UK Resumes Forced Deregistration of Companies
From October 10, 2020, the UK will resume the procedure for the forced deletion of companies from the public register. The voluntary liquidation process will be available from September 10th. This statement was published on the state portal on August 10, 2020.

11.08.2020 Island of Aphrodite or the new agreement
After another negotiation, that took place between Russian and Cyprus parties concerning agreement for avoidance of double taxation between Russian Federation and Cyprus Republic, Cyprus agreed to increase the withholding tax rate to 15 % regarding to dividends and interest. The new changes will be enshrined in the Agreement on the avoidance of double taxation.

10.08.2020 Malta – Luxembourg – Russia
On August 09, 2020 it became known that Malta and Luxembourg agreed to increase the withholding tax rates on dividends and interest transferred from Russia.

11.03.2020 Decline taxes in Great Britain

According to last changes, published on the website of Tax Service Great Britain main rate of corporate tax on the 2020 is established in amount of 17%.

17.02.2020 European Comission sends legal warnings regarding anti-money laundering laws

The European Commission has sent legal warnings to Cyprus, Portugal, the Netherlands and five other EU states over their delays in applying new anti-money laundering rules

14.02.2020 UK aims to launch freeports

The UK government has launched a consultation on creating up to 10 freeports with special tariff and duty status – an idea ministers argue will fuel growth but critics say could encourage money laundering and other crimes.

12.02.2020 Ukraine approved the amendments regarding the BEPS plan

The Government of Ukraine announced the adoption by Parliament the bills to improve tax administration and the implementation of several measures from the action plan regarding domestic tax base erosion and profit shifting (BEPS).

11.02.2020 UK verifies legality of real estate acquisition

On February 5, the High Court of London rejected the appeal of Zamira Hadzhieva, the wife of Jahangir Hadzhiev, who was a head of International Bank of Azerbaijan from 2001 to 2015 and is now jailed in Azerbaijan for fraud.

10.02.2020 Jersey's Royal Court fines Abu Dhabi Commercial bank

On 5 February 2020, the Royal Court sentenced Abu Dhabi Commercial Bank PJSC, Jersey Branch (ADCBJ) to a fine of £475,000, and awarded costs of £25,000, for failing to comply with the requirements of Money Laundering (Jersey) Order 2008.

07.02.2020 Russian Ministry of Finance improves transfer pricing

The Ministry of Finance of Russia has proposed amendments aimed at improving the control of transfer pricing.

06.02.2020 The central banks agree on the issue of digital currencies

The heads of the central banks of the European Union, Great Britain, Canada, Switzerland, Sweden and Japan are now agreeing to hold a meeting in mid-April to agree on their digital currencies.

05.02.2020 The company Erich Krause could not cancel the additional charge of taxes

The Arbitration Court of the Moscow District upheld the judicial acts of two lower instances, which confirmed the legality of the decision of the tax authority, which obliged Erich Krause Finland to pay about 45 million rubles in taxes and fines to the Russian budget.

03.02.2020 Cyprus’ future amendments to the law on investment citizenship

Currently, according to the process of deprivation of citizenship announced at the end of last year for investments of 26 people, no proceedings have been undertaken.

31.01.2020 OECD publishes the statement following a meeting of 137 countries

On January 31, 2020, the OECD issued a statement following a meeting of representatives of 137 countries that have already joined the BEPS plan on taxation of profits of international companies in the digital economy.

30.01.2020 Bank of China settles money laundering case for $4 million

The Bank of China agreed to pay a large fine to the French tax authorities.

29.01.2020 Reduce of personal income tax rate for non-residents

Experts from the Ministry of Finance are working on the adoption of a law by which the tax on income of non-resident individuals will be reduced to 13%.

27.01.2020 Cyprus and Saudi Arabia deposit their instruments of ratification for the MLI

On January 23, Cyprus and Saudi Arabia deposited with the OECD documents confirming the ratification of the Convention.

24.01.2020 Unified Identification System within the EAEU

On January 21, 2020, the Board of the Eurasian Economic Commission approved a draft agreement on a unified system of identification of participants in foreign economic activity (FEA) within the framework of the Eurasian Economic Union (EAEU).

23.01.2020 The Queen signs Brexit act

The prime minister's Withdrawal Agreement Act was signed off by the Queen on Thursday after completing its journey through parliament. Now the deal has officially become UK law.

21.01.2020 Netherlands add new countries to the “low tax list”

On December 30, 2019, the Dutch Ministry of Finance added Barbados and Turkmenistan to the list of low tax countries.

20.01.2020 OECD initiatives on the international taxation rules

In October 2019, the OECD published for public discussion its proposals for Pillar One as a part of the implementation of the Program for the development of an agreed solution to tax issues arising from the digitalization of the economy, approved by the G20 at the Japan Summit in June 2019.

17.01.2020 Record number of anti-money laundering penalties

In 2019 there were 58 anti-money laundering (AML) penalties totaling $8.14bn, representing double the amount, and nearly double the value, of penalties handed out in 2018 in the world.

15.01.2020 Case of Metkombank

On October 31, 2011, a loan agreement was concluded between PJSC Metkombank and E3 OCM-Asset LLC, and in 2014 the Metkombank was notified of the conclusion of the assignment agreement between the LLC and the defendant, WINTERLUX LIMITED (Company), a company registered in Cyprus.

14.01.2020 Panama approves bill on beneficial owner register

On December 19, the Panama Legislative Assembly approved a bill introducing the Register of Beneficial Owners of Companies (Bill No. 169).

27.12.2019 Mandatory exchange of information in cross-border arrangements

On July 1, 2020 the EU Council Directive 2018/822 comes into force.

25.12.2019 Bermuda publishes new economic substance laws

On 24 December 2019, the Bermuda Minister of Finance released changes to Bermuda’s economic substance laws and related guidance, including the Economic Substance Amendment (No. 2) Act 2019 (“ESA”), the Economic Substance Amendment (No. 3) Regulations 2019 (“Regulations”), and the final version of the General Principles Guidance Notes (“Guidance Notes”).

18.12.2019 Offshore Companies Disclosure Bill

A bill was submitted to the State Duma introducing the requirement of mandatory disclosure of information about the founders (participants) and beneficiaries of offshore companies when registering with the Unified State Register of Legal Entities (initiated by deputies G. Zyuganov and others).

16.12.2019 Switzerland Redrafts Double Tax Treaty Law

The Swiss Government has released new legislation governing Switzerland's application of provisions in its network of double tax agreements.

09.12.2019 International corporations have been asked to disclose information about taxes paid in different countries

International corporations may begin to publish in open sources data on taxes paid in each country.

06.12.2019 Changes in Structure of the Group ABLV Bank, AS

There were changes in the structure of the Group of ABLV Bank, AS in liquidation in early December 2019.

05.12.2019 Tax-free regime in St. Vincent comes to the end

After June 30, 2021, international commercial companies (IBCs) registered in St. Vincent will automatically be recognized simply as commercial companies (BCs) and will be taxed at a rate of 30% of all global income (received in St. Vincent and outside the jurisdiction).

04.12.2019 France adds Seychelles to blacklist of tax heavens

France has added Seychelles to its tax-haven blacklist because the island state did not provide full information about some French offshore entities acting on Seychelles.

03.10.2019 New rules of tax residency in Russia

The Ministry of Finance of the Russian Federation has suggested to strict rules of tax residency in its Draft Law of National budget on 2020-2022.

01.10.2019 Negative rates in foreign currency deposits in the Russian Federation

Central Bank of Russia got an offer to introduce negative rates on foreign currency deposits from Russian banks.

25.09.2019 Ukrainian authorities reduce pressure on business

On September 18^th, 2019, the Verkhovna Rada of Ukraine adopted the law “On Amending the Criminal Code of Ukraine and the Criminal Procedure Code, regarding the reduction of pressure on business”.

24.09.2019 Dutch tax plans for 2020

On September 17^th, 2019, a draft tax amendment for 2020 was introduced to the House of Representatives of the Netherlands.

12.09.2019 Ukraine ratifies the FATCA

On September 6^th, 2019, the Cabinet of Ministers of Ukraine approved a bill ratifying the FATCA (Foreign Account Tax Compliance Act) agreement between Ukraine and the United States.

11.09.2019 Taxes can be paid with a foreign bank card in Russia

On September 6^th, 2019, the Federal Tax Agency of Russia on its official website launched a service called “Payment of taxes by a foreign bank card”.

04.09.2019 Sweden plans to introduce a tax for banks on defense against the Russian Federation
The Swedish government plans to introduce a new tax in the financial industry in order to increase defense spending to counter Russia's buildup of military power in the Baltic Sea. This was announced by Minister Magdalena Anderson in the interview with Bloomberg.

03.09.2019 Deripaska is not an oligarch?
On September 2nd, 2019 Oleg Deripaska’s lawyer, Eric Ferrari, has filed a new petition with the District of Columbia District Court to declare the inclusion of Deripaska in the sanctions list illegal, explaining why his client is not an oligarch. Thus, the billionaire does not abandon attempts to get out of the personal sanctions of the United States Treasury.

02.09.2019 Luxembourg extended the registration terms of beneficiaries register

On August 29^th, 2019 on the official website of the Luxembourg Register of Beneficiaries it was announced the extension of the deadline for filing registration applications

26.08.2019 Switzerland has released a guide for the blockchain company

On August 26^th, 2019, the Swiss Financial Market Authority (FINMA) issued a guide with the requirements on combating money laundering for blockchain companies.

21.08.2019 For the first time Switzerland will provide data on automatic exchange with the Russian Federation

On August 14^th, after a meeting of the Swiss Federal Council, it was officially confirmed that in September Switzerland will exchange information on bank accounts of foreign residents for the first time under CRS with 33 partner-countries for automatic exchange.

20.08.2019 Bank of America will launch a cryptocurrency wallet

The American bank, one of the four largest financial conglomerates in the USA, has patented a multi-level system for storing digital money.

16.08.2019 PNB Bank suspended the implementation of financial transactions

Since August 15^th, 2019 PNB Bank suspended the implementation of financial transactions by decision of the Latvian Finance and Capital Market Commission.

14.08.2019 Monitoring of BEPS plan reports

On August 13^th, 2019, the OECD published inspection reports of Belgium, Canada, the Netherlands, Switzerland, the United Kingdom and the United States on the implementation of BEPS recommendations for dispute resolution.

12.08.2019 A register of beneficiaries has been introduced in Liechtenstein

Since August 1^st, 2019, the Law on the Beneficiary Register entered into force in the Kingdom of Liechtenstein.

08.08.2019 Switzerland and New Zealand update double taxation avoidance agreement

August 08^th, 2019 Switzerland and New Zealand signed a protocol updating the Double Taxation Treaty between the two countries.

06.08.2019 UBS will give the French authorities information about their customers

On July 26^th, 2019, the Swiss Federal Court ruled in the UBS case.

29.07.2019 Regulation of cryptocurrency in the Russian Federation

The chairman of the State Duma Committee on the Financial Market of the Russian Federation, Anatoly Aksakov declared that the Law on Digital Financial Assets could be adopted before October 1 of the current year.

24.07.2019 Swiss banks pay extra for loans?

A number of Swiss banks, notably Zuger Kantonalbank and Graubündner Kantonalbank, have started to lend to their customers at a very low or even zero rate.

22.07.2019 A unified database of citizens will be created in Russia

On July 22^nd, 2019, the Government of the Russian Federation introduced a bill to the State Duma on the creation of a unified federal database containing information about the country's country population.

18.07.2019 Visa-free for Russian citizens on the Maldives

On June 6^th, 2019, the Government of the Russian Federation published the Decree of the Government on signing the Agreement between the Russian Federation and the Republic of Maldives on mutual abolition of visa requirements for Russian citizens and citizens of the Republic of Maldives on its official website.

17.07.2019 Bulgaria is actively strengthening relations with the OECD

On June 5^th, 2019, the Prime Minister of Bulgaria presented an Plan of actions to improve public policy, as well as to develop a program of reforms that meet OECD standards.

16.07.2019 Morocco signed a Memorandum of understanding in the framework of the OECD

On June 25^th, 2019, the Government of Morocco signed the Memorandum of Understanding to renew the Country Programme on a 3-year period in the OECD framework.

15.07.2019 The French Parliament has approved the digital tax

On July 11^th, 2019, the both houses of the French Parliament have approved the digital services tax.

11.07.2019 The State Duma adopted amendments to currency regulation

On June 11^th, 2019, the State Duma adopted amendments to the Federal law "On currency regulation and currency control" concerning the requirements for the repatriation of export revenues in the first reading.

09.07.2019 Croatia enters the Eurozone

On July 4^th, 2019, Croatia notified the EU of its intention to join the ERM II mechanism (European Exchange Rate Mechanism) in its official letter.

08.07.2019 Unified platform for KYC in Scandinavia

The six largest Scandinavian banks decided to set up platform for handling Know Your Customer (KYC) data.

05.07.2019 OECD produces international system of information disclosure for the purposes of the CRS

On 27^th June the OECD published administrative and operational mechanism for the exchange of information collected in accordance with Standard rules of the OECD mandatory disclosure of information (MDRs) in order to support the automatic exchange of information collected in accordance with Common Reporting Standards (CRS).

03.07.2019 The companies can be compulsory liquidated in Latvia

According to the Law “On combating money laundering and financing of terrorism”, which entered into force in Latvia on 29th June 2019, companies registered in Latvia and owned by foreign citizens must submit information about their ultimate beneficiaries /beneficiaries to the Latvian Register of Enterprises.

02.07.2019 The Treaty on Fundaments of Relations between Russian Federation and the Commonwealth of Dominica

On June 26^th, 2019, the Federation Council approved the law on ratification of the Treaty on the basis of international cooperation with the Commonwealth of Dominica.

01.07.2019 Countries submit instruments of ratification to OECD in the framework of a Multilateral Convention

As of 28^th June, 2019, Multilateral Convention to implementation Tax Treaty Related Measures to Prevent BEPS had been signed by 89 jurisdictions, ratified and deposited instruments of ratification by 29 jurisdictions.

28.06.2019 FATF has published a guide to the legal settlement of cryptocurrency

The FATF has published a Guide to the application of state control over virtual assets for 37 states, including the Russian Federation on its official website.

27.06.2019 Ratification of the Convention with Belize

On June 26^th, 2019, the Federation Council has approved the draft law of ratification of the Convention on international cooperation with Belize.

26.06.2019 Panama and San Marino will be excluded from the "black" list

The Federal Tax Service of Russia plans to exclude Panama and San Marino from the list of States and territories that do not provide information exchange for taxation with the Russian Federation.

25.06.2019 EU has published a modified "black" list of jurisdictions

On June 14^th, 2019, the EU published an updated black list of non-cooperating tax jurisdictions on its official website.

24.06.2019 The Commonwealth of Dominica is not in the "black" list

On June 14^th, 2019, the EU published an amended “black” list of tax jurisdictions on its official website.

11.06.2019 OECD has published a report on the disclosure of tax information

June 7^th, 2019, on the official website of the OECD were published data about the results of financial information disclosure in accordance with the general reporting standard CRS.

10.06.2019 Russia signed an agreement with bitwise Antigua and Barbuda

On June 7^th, 2019, Russian Minister of Foreign Affairs Sergey Lavrov and Gaston Brown, Prime Minister of Antigua and Barbuda, have signed an agreement to waive visa formalities for travel of citizens of their countries.

07.06.2019 Terms of limitation on tax disputes in the Russian Federation will increase?

The Plenum of the Supreme Court of the Russian Federation is preparing a resolution which can extend the statute of limitations on tax crimes.

04.06.2019 Switzerland introduces automatic exchange of tax information

On May 29, 2019, the Swiss Federal Council signed agreements on the automatic exchange of tax information with 19 more jurisdictions:

03.06.2019 Changes of Companies House in United Kingdom

On May 5^th, 2019 on the official website of the English registry Companies House there was published a new package of possible reforms, which provides:

31.05.2019 Switzerland introduces automatic exchange with another 19 countries

Currently, more than 100 countries have committed themselves to adopt the Automatic Exchange of Information (AEOI) standard, which is aimed to prevent tax evasion and increase tax transparency.

30.05.2019 Russia passed a law on the third stage of capital amnesty

On May 30^th, 2019 The President of the Russian Federation signed a package of laws on capital amnesty.

29.05.2019 UAE will participate in the automatic exchange

On May 29^th, 2019, the United Arab Emirates (UAE) deposited its instrument of ratification of the Multilateral Convention on the Implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) of the Organization for Economic Co-operation and Development (OECD).

21.05.2019 EU approved new «blacklist» of jurisdictions

On May 17^th, 2019, the EU revised «the blacklist» of jurisdictions, excluding Aruba, Barbados and Bermudas from it.

20.05.2019 Criminal case against LLC "TC "Vyatich"

In Kirov, law enforcement authorities opened a criminal case over illegal foreign exchange transactions worth more than EUR 3.8 million, which were committed by the top management of “TC “Vyatich” , which was engaged in the sale of products of the “Vyatich” brewery in Kirov.

16.05.2019 The European Commission fined a number of large banks for cartel conspiracy

The European Commission fined five banks for participating in cartel agreements in the foreign exchange market.

15.05.2019 Austria introduces digital tax

The Government of the Republic of Austria is planing to introduce a digital tax.

14.05.2019 The European Parliament adopted a new resolution on fair taxation

On March 26^th , 2019, the European Parliament approved a tax resolution aimed at ensuring of efficient and fair taxation, as well as combating the financing of terrorism.

07.05.2019 Adjustments to the Convention on the avoidance of double taxation between Russia and Austria

The President of the Russian Federation signed the law on ratification of the protocol to the convention between the Russian Federation and the Republic of Austria on the avoidance of double taxation with respect to taxes on income and capital.

06.05.2019 Guernsey, Jersey and Isle of Man published a joint guide to economic presence

On April 26, 2019 Guernsey, Jersey and Isle of Man released a joint guide to economic presence (“Guidance on aspects in relation to the economic substance requirements as issued by Guernsey, Isle of Man and Jersey”).

26.04.2019 British Virgin Islands - economic presence to be

On April 22, 2019, the British Virgin Islands (BVI) published a draft Economic Substance Code.

25.04.2019 Federal Tax Service of Russia will launch a risk register

By the end of the year, the Federal Tax Service of Russia will launch the Risk Register - an integrated system that will allow the creation of assessment models, as well as industry cards for timely informing taxpayers of possible risks.

23.04.2019 European countries continue to enter the register of beneficiaries

In the spring of 2019 Cyprus, Ireland, Slovakia and Belgium announced the introduction of open beneficiary registries.

18.04.2019 The Finance Ministry has developed a transferring of the 5 non-tax payments in tax collections

On April 2, 2019, the Ministry of Finance of the Russian Federation published a bill to expand the list of Federal tax collections.

16.04.2019 Luxembourg ratified BEPS
On April 9th, 2019 Luxembourg has ratified the Tax Treaty Related Measures To Prevent Base Erosion And Profit Shifting (MLI BEPS) Agreement; it will enter into force since August 1st, 2019.

12.04.2019 Exporters of services will be provided with a tax deduction in the Russian Federation

Companies selling goods as well as providing services abroad will be able to receive a tax deduction on value added tax (VAT), which they will pay in Russia when purchasing materials or equipment.

11.04.2019 The foreign companies will be able to open accounts in Ukrainian banks

The National Bank of Ukraine has provided an opportunity to open accounts for subjects of the financial market of Ukraine - non-resident legal entities, including foreign investment funds and asset management companies that act on behalf of such funds.

10.04.2019 International Court of Justice for resolving investment disputes in the EU

On March 20^th, 2018, the EU Council approved the adoption of the Directive on the creation of an International Court of Justice for the resolving of investment disputes.

08.04.2019 The European Commission examines foreign investments

The EU will adopt a new framework for the verification of foreign investments for security providing and regulation of public order.

05.04.2019 EU has postponed plans to adopt the digital tax

Currently, the EU has refused to introduce a tax on digital services in the near future, after the Finance Ministers once again failed to agree on proposals.

04.04.2019 In Singapore amendments to the BEPS agreement has entered into force

The Singapore Internal Revenue Service reported that the Multilateral Convention on the implementation of measures relating to tax agreements, in order to counter the erosion of the tax base and the withdrawal of profits from taxation (MLI BEPS) entered into force on April 1^st, 2019 for several jurisdiction agreements concerning avoidance of double taxation.

03.04.2019 The ban on the maintenance of Shell-companies in Cyprus

The Central Bank (CB), being the Financial Regulator of Cyprus, has established a ban on the service of shell companies (dummy companies).

01.04.2019 The registry of beneficiaries in Cyprus will be introduced on January 1st, 2020

 Since January 1st, 2020, a register of final beneficiaries will be introduced in Cyprus, in accordance with 5th Anti-Money Laundering EU Directive entered in force in July, 2018

22.03.2019 Global Forum on the definition of beneficial owners

On March 20th, in the framework of the OECD Global Forum together with the Inter-American Development Bank a toolkit was prepared to assist law enforcement agencies in ensuring forum standards and as well as assistance in accessing to reliable information on identifying the ultimate beneficial owners of companies.

21.03.2019 Section about foreign companies on the website of the FTS of the Russian Federation

The Federal tax service has created a special section "Controlled foreign companies and controlling persons" on its website.

18.03.2019 Did the exchange with the UK stop?

On March 15th, 2019 Great Britain excluded Russia from the list of engaged in the automatic exchange of financial information, according to «The Bell».

14.03.2019 EU updated the list of "not cooperating" tax jurisdictions

On March 12th, 2019 the European Commission updated the list of non-cooperating tax jurisdictions.

13.03.2019 OECD updated the list of countries

The official OECD website has published list of countries which joined to the expanded BEPS cooperation program by March 2019.

11.03.2019 Nepal and Bangladesh have signed an agreement on the avoidance of double taxation

On March 6^th, 2019, Nepal and Bangladesh have signed an agreement on the avoidance of double taxation.

11.03.2019 Nepal and Bangladesh signed double taxation avoidance agreement

On March 6^th, 2019, Nepal and Bangladesh signed a double tax treaty.

07.03.2019 Ratification of the Protocol on Amendments to the Agreement with Sweden

On March 6^th, 2019, the President of the Russian Federation signed the Law on ratification of the Protocol to the Convention between the Russian Federation and Sweden on the avoidance of double taxation with respect to taxes on income.

04.03.2019 Americans track implementation of BEPS Plan

On February 21^st , 2019, the inter - American Center of Tax Administration (CIAT) published a database reflecting the status of 36 participating countries in the implementation of agreements to combat the erosion of the tax base and the financing of terrorism within the framework of BEPS.

01.03.2019 Cyprus changes its citizenship by investment program

On February 13^th, 2019 the Cabinet of Ministers of Cyprus has made a number of changes to the citizenship by investment program (Cyprus Investment program).

28.02.2019 Penalties for UBS

The Paris Сourt found the Swiss Bank UBS guilty of tax fraud.

28.02.2019 Fines for UBS?

A Parisian court found Swiss bank UBS guilty in tax fraud.

21.02.2019 Armenia has joined OECD special program

“The Inclusive Framework Program” is a project of the Organization for Economic Cooperation and Development (OECD) with respect to the regulation of the erosion of the tax base and the withdrawal of income from taxation (BEPS).

18.02.2019 Panama introduces criminal liability for tax evasion

On January 31^st, 2019, the President of Panama signed the Law on Criminal Responsibility for Tax Evasion.

14.02.2019 The European Commission has approved a new “black list”

The European Commission approved a new list of 23 countries with deficiencies in the fight against money laundering and the financing of terrorism.

07.02.2019 Switzerland and Ukraine - amendments to the agreement on avoidance of double taxation

On January 24^th, 2019, Ukraine and the Confederation of Switzerland signed the Protocol on amendments to the agreement on avoidance of double taxation dated 30.10.2000.

28.01.2019 The Netherlands has created a «black list»

On December 28^th, 2018 the Dutch government has published a national list of jurisdictions with low tax rates, which will be used as a tool to combat cross-border schemes to dilute the tax base and remove income from taxation.

25.01.2019 Owners of British offshore will be revealed not earlier than 2023 year

The UK government specified the deadline for launching public registries of beneficiaries of companies established in the Overseas Territories.

24.01.2019 Qatar, Saint Kitts and Nevis have joined the OECD BEPS agreement

On January, 18^th, 2019, Qatar, Saint Kitts and Nevis have joined the BEPS program on base erosion and profit shifting.

23.01.2019 The EU has made changes in the VAT system for Internet companies

The European Council has adopted new rules designed to facilitate Internet companies to trade within the EU.

17.01.2019 The National Bank of Ukraine has completed the exchange control regulations

In early January 2019, the National Bank of Ukraine (NBU) approved the regulations for a proper operation of the new currency regulation system.

09.01.2019 Law on economic substance in the BVI

On January 1^st, 2019, Economic substance (Companies and Limited Partnerships) AСT, 2018 entered into force in the British Virgin Islands.

21.12.2018 Malta and Singapore have ratified the Multilateral Convention

On December 21^st , 2018, Malta and Singapore deposited their instruments of ratification with the Secretary-General of the Organization for economic cooperation and development, reaffirming their positions on the provisions of the Convention for the implementation of the BEPS Plan.

19.12.2018 Baltic International Bank has been recognized as the best Bank in the CIS and Baltic countries

On December 17^th , 2018, Baltic International Bank received the SPEAR’s Russia Wealth Management Awards 2018 as the best Bank in the CIS and Baltic countries in the private banking and wealth management industry.

18.12.2018 Control over cash withdrawals is introduced in the Russian Federation

On December 18^th, 2018, the State Duma of the Russian Federation adopted in the third reading the amendments to the Federal Law “On counteracting the legalization (laundering) of criminally obtained incomes and the financing of terrorism”.

14.12.2018 Plan of the FTS for 2019

On December 14^th, 2018 the Federal Tax Service (FTS) of the Russian Federation published its Plan of activities for 2019 on the official website.

13.12.2018 The country-to-country exchange reporting between the US and Germany

The USA and Germany signed a statement on the implementation about the exchange country-to-country On December 13^th, 2018, reporting during period from 2017.

12.12.2018 Tax residency of companies in the BVI

On December 4^th, 2018, the Government of the British Virgin Islands announced the approval of a bill introducing a requirement for companies to have an «economic substance».

11.12.2018 Foreign investors are required to disclose beneficiaries

The Chairman of the Government of the Russian Federation signed three resolutions establishing the procedure for disclosing information on the ownership structure of foreign investors planning transactions with Russian business entities, including those of strategic importance for ensuring the country's defense and state security.

05.12.2018 Blockchain-companies in Switzerland will accept deposits

The Swiss financial market supervision authority (FINMA) will grant a fintech-license to companies under section 1b of the banking Act.

04.12.2018 Public access to the register of Directors is closed in the Seychelles

On 30^th November, 2018, amendments to the International Business companies Act were adopted in the Seychelles.

03.12.2018 The Federal Tax Agency of the Russian Federation has posted information about companies’ debts

The Federal Tax Agency of Russia has published new sets of the opened data about sums of arrears and debts as per taxes and fees of organizations formed before December 31^st, 2017 and not paid till October 1^st, 2018.

28.11.2018 Danske Bank is accused of money laundering

On November 28^th, 2018, the Danish Prosecutor’s Office for Major Economic and International Crimes filed charges against Danske Bank for violating the Money Laundering Prevention Act.

23.11.2018 OECD reported about results of the first automatic exchange

The Organization for Economic Cooperation and Development has published the report about the results of the first automatic tax exchange in which 86 countries have participated.

09.11.2018 Geneva’s ICO Guide

On October 17^th, 2018 the General Directorate of the Swiss Canton of Geneva has published an updated version of the Initial Coin Allocation Guide (The Initial Coin Offerings).

08.11.2018 The Central Bank of Cyprus issued a circular on working with shell companies

On November 2^nd, 2018, the Central Bank of Cyprus published a circular for all credit and payment organizations related to working with shell companies.

02.11.2018 CIS countries will begin the exchange of information

On November 2^nd, 2018, the CIS member countries signed the Protocol on the electronic exchange of information between the CIS members states for tax administration.

30.10.2018 Belgian Financial Regulator included crypto companies into the black list

The operation of the financial services and markets of Belgium (FSMA) made the black list of crypto companies, whose quantity is 99.

19.10.2018 Cryptocurrency exchange will receive a license in Gibraltar

The London cryptocurrency exchange Coinfloor plans to obtain a license in Gibraltar.

18.10.2018 Switzerland has implemented the first international information exchange

Switzerland reported that the Federal Tax Administration (FTA) has implemented the first exchange of financial information about accounts to EU countries, Canada, Ireland, Japan, Norway and South Korea.

17.10.2018 OECD: Citizenship by investment as a means of tax evasion

On 16^th October, 2018, the Organization for economic cooperation and development published a list of countries (21 States) that, as members of the Multilateral Convention on the automatic exchange of financial information for tax purposes, provide foreign citizens with the opportunity to obtain citizenship or residence permit for investment.

16.10.2018 Singapore has activated the automatic exchange of tax information

On January 15^th, 2018, Singapore announced the start of an automatic exchange of tax information with 61 countries to prevent tax avoidance and tax crime.

16.10.2018 Regulation of cryptoexchanges in Hong Kong

On October 15^th, 2018, the head of the Securities and futures Commission in Hong Kong announced that the Commission does not intend to impose a ban on the activities of cryptocurrency trading platforms.

12.10.2018 New Zealand: current issues of taxation

On September 20^th, 2018, the New Zealand Government's working group on taxes and taxation has published the Report "Taxation in the future".

02.10.2018 EU has revised offshore «black» list

On October 2^nd, 2018 the Council of the European Union has revised the legislation of the states included in the «black» list of offshore companies of the EU once again.

01.10.2018 Ministry of Finance of Ukraine introduces BEPS

On October 24^th, 2018, the Ministry of Finance of Ukraine together with the National Bank of Ukraine (NBU) published a bill on the implementation of the BEPS action Plan.

20.09.2018 Calculation methods for operations with cryptocurrency in the Russian Federation

The Federal Tax Agency of the Russian Federation gave an explanation of how organizations should calculate the income tax received as a result of transactions with cryptocurrency.

18.09.2018 Saudi Arabia has signed the OECD International Convention

On September 18^th, 2018, Saudi Arabia has joined the International Convention of the OECD for the tax agreements aimed at preventing the erosion of the tax base and removing profits from taxation.

10.09.2018 Automatic exchange between Hong Kong and continental China

On September 6^th, 2018, an Agreement on the automatic exchange of financial information for tax purposes between Hong Kong and continental China has entered into force.

07.09.2018 OECD: general results of tax reforms

The Organization for Economic Cooperation and Development published a report on the results of tax reforms over the past two years in various countries.

06.09.2018 Duty to pay a fee for radio and television in Switzerland

On August 30^th, 2018, the Swiss Federal Tax Administration published an information letter explaining in which cases foreign companies, paying VAT and having a legal address in the country, are required to pay a fee for using radio and television.

05.09.2018 Uzbekistan legalized crypto exchanges

On September 2^nd, 2018, the President of the Republic of Uzbekistan issued a Decree “On measures concerning organizing the activities of critical exchanges in the Republic of Uzbekistan”.

29.08.2018 Tracking system for cryptocurrency operations in Russia

Rosfinmonitoring signed a contract with the Moscow Institute for Security and Information Analysis to create a tool for analyzing and detecting illegal activities using cryptocurrencies.

28.08.2018 Canada's largest crypto-exchange plans to enter the EU market

Cryptocurrency market regulated in Canada has stated its intention to enter the European market and provide the opportunity to conduct transactions with bitcoin, bitcoin cash, ethereum, litecoin, XRP, dogecoin, and dash "according to the security standards corresponding to canadian" to its new customers.

27.08.2018 The United Kingdom leaves the EU without an agreement

On August 23^rd, 2018 the UK Government has published 25 guiding explanations regarding to key areas of the country’s economy, providing explanations on further functioning concerning leaving the EU without an agreement.

22.08.2018 The OKE introduces compulsory verification of users

Hong Kong-based cryptocurrency market OKE is preparing to apply new rules, under which all users will need to pass verification if they want to be able to withdraw funds.

21.08.2018 The bank from Liechtenstein issues its own cryptocurrency

Union Bank AG will be the first fully licensed and regulated bank in the world to issue its own Union Bank coins in accordance with the requirements of the FMA Liechtenstein regulatory authority.

20.08.2018 Federal Tax Agency of the Russian Federation revised the "black list" of countries

The list of countries with which Russia does not exchange tax information has been reduced by six positions.

17.08.2018 The issuance of "golden passports" will be limited in the European Union

The European Commissioner for Justice called on EU authorities to tighten the rules for provision of citizenship and residence permits in exchange for investments or real estate purchases.

13.08.2018 The World Bank release the world's first blockchain-bonds

The World Bank appealed to a major participant of the financial services Market- Commonwealth Bank of Australia with offer to issue the world's first bonds on the Ethereum blockchain platform.

10.08.2018 The deadlines for submitting notifications were extended for Russian banks

The Federal Tax Agency of Russia is continuing to receive information from financial market organizations, despite the fact that formally the deadlines for submitting reports ended on July 31.

07.08.2018 The blockhchain courts will appear in Dubai

On July 30^th, 2018 International financial center of Dubai has announced about the formation of blockchain courts.

26.07.2018 The State Duma of the Russian Federation adopted a law on the creation of international companies

On June 26^th, 2018, the State Duma of the Russian Federation approved in third reading the Federal Law on International Companies.

25.07.2018 Employees of the Federal Tax Service stopped looking for due diligence

In a letter dated December 28, 2017 N ED-4-2 / ​​26807, the Federal Tax Service explained the provisions of Article 54.1 of the Tax Code on unjustified tax benefit.

20.07.2018 The Bloomberg’s rating of countries for the purchasing of citizenship

Bloomberg has published a list of countries whose citizenship can be acquired through direct investment in real estate or local business.

20.07.2018 The Bloomberg’s rating of countries for the purchasing of citizenship

Bloomberg has published a list of countries whose citizenship can be acquired through direct investment in real estate or local business.

16.07.2018 Tax service of Great Britain has published clarification on VAT

On July 13^th, 2018, the Tax service of Great Britain issued a Notice on VAT No. 700/22, which explained the rules of application of the system of electronic quarterly tax reporting on VAT.

06.07.2018 Nearly 100 countries are ready to exchange information on offshore accounts

The Organization for Economic Co-operation and Development (OECD) has published data on agreements for the automatic exchange of information on offshore accounts.

04.07.2018 OECD has created a database on tax revenue

The Organization for economic cooperation and development (OECD) has published opened database, (Global Revenue Statistics Database).

02.07.2018 Common consolidated corporate tax base in the EU

On June 19^th, 2018, the Mezeberg Declaration was signed between France and Germany, aimed at regulating migration, ensuring the competitiveness of the economy, as well as strengthening the euro area.

28.06.2018 Brexit received the approval of the Queen of Great Britain

On June 26^th, 2018, the Bill Withdrawing the UK from the EU (The EU Withdrawal Act), took effect after being approved by the Queen.

27.06.2018 Cyprus and Kazakhstan signed the agreement on Avoidance of Double Taxation

On June 20^th, the Cyprus Ministry of Finance reported that on May 30^th, 2018, the final round of negotiations with the Republic of Kazakhstan on the signing of an agreement on the avoidance of double taxation was successfully completed.

21.06.2018 Cryptocurrencies began to be accounted for in accordance with international standards

The Canadian Certified Professional Accountants Association (CPA Canada) has introduced new cryptocurrency accounting guidelines in accordance with international financial reporting standards.

20.06.2018 The Swiss Bank will open a corporate account for crypto firms

Dukascopy Bank has become the second Swiss financial institution opening corporate accounts for crypto firms.

14.06.2018 Cyprus begins the fight against offshores

On June 14^th , the Central Bank of Cyprus issued an internal instruction announcing new requirements for business relations with companies.

13.06.2018 Data on customers of banks of the Russian Federation will be reduced to one register

Deputy Chairman of the Bank of Russia Olga Skorobogatova at the International Financial Congress spoke about the emergence of a single platform for customer identification - a registry of information for mandatory KYC procedures in the banking sector (“know your client”).

08.06.2018 Anti-money laundering in the EU

On June 7^th, 2018 the Council of Europe has adopted the additional norms to the Directive on the prevention of the financial system using for the purposes of money laundering or terrorist financing.

05.06.2018 OECD releases first country report

The Organization for Economic Cooperation and Development presented the first review of the situation with the introduction of a country reporting regime in accordance with the recommendations of its own plan to combat the erosion of the tax base and the transfer of profits (BEPS).

04.06.2018 Paraguay joined to the OECD International Convention

On May 29^th, 2018, Paraguay signed the International Convention on Mutual Administrative Assistance in Tax Matters.

29.05.2018 Register of beneficiaries in DubaiRegister of beneficiaries in Dubai

Dubai International Financial Center (free economic zone in Dubai) has published a bill on disclosure of information on beneficial owners.

24.05.2018 Foreign investors in UAE companies

On May 20^th, 2018, the Cabinet of Ministers of the United Arab Emirates (UAE) decided to grant foreign investors the right to own a 100% shares in companies in the UAE.

23.05.2018 The Convention between the Russian Federation and Belgium for the avoidance of double taxation

On May 23^rd, 2018 Russia has ratified the Convention with Belgium for the avoidance of double taxation.

18.05.2018 Cryptocurrency transactions in Ireland

On May 15^th, 2018, the Irish tax authority published Guidelines on the application of tax laws to cryptocurrency transactions.

11.05.2018 Malta has ratified the OECD Multilateral Convention

On April 27^th, 2018 Malta has ratified the OECD Multilateral Convention of Implementation of the BEPS plan.

10.05.2018 New rules for Australia's crypto-exchanges have been published

Australia's crypto-exchanges are required to comply with the new provisions of the anti-money laundering and terrorist financing Act.

04.05.2018 Customers will be able to rehabilitate in banks of the Russian Federation

After numerous complaints about overzealous actions of banks in relation to the control of suspicious transactions, the law "On combating legalization (laundering) of proceeds from crime and financing of terrorism" there were made amendments which are providing for a mechanism of «rehabilitation» for clients.

03.05.2018 British offshore companies will reveal the names of their owners

Members of the House of Commons of the United Kingdom Parliament have obliged the British Overseas Territories to disclose the names of offshore account holders.

26.04.2018 The Latvian banks aren’t allowed to service shell-companies

On April 26th, 2018 the Sejm of Latvia adopted amendments to the Law Anti-Money Laundering.

24.04.2018 The auditors will be fined for mistakes in Britain

The Financial Reporting Council of the UK heeded the recommendations of the independent opinion of the court of Appeal judge on disciplinary action taken against professional standards-violating audit firms.

23.04.2018 Cryptocurrency will equal to property in New Zealand

The Tax Authority of New Zealand has published a guide under which the cryptocurrency will be treated as a property.

20.04.2018 The implementation of BEPS plan in the UK

The Tax Authority of the UK has published several amendments concerning agreements for avoidance of double taxation.

19.04.2018 The EU imposes the verification of the owners of the cryptocurrency

The European Parliament approved a package of measures to combat money laundering in the cryptocurrency market.

17.04.2018 OECD publishes new transfer pricing reviews

The Organization for Economic Co-operation and Development (OECD) has published new transfer pricing surveys for Australia, China, Estonia, France, Georgia, Hungary, India, Israel, Liechtenstein, Norway, Poland, Portugal, Sweden, Uruguay, increasing their number to 44.

16.04.2018 The Constitutional Court of the Russian Federation recognized the ban on the creation of new legal entities by dishonest citizens as not violating the Constitution

The citizen, appointed by the liquidator of the LLC, even before the filing of the documents with the registering authority, was a participant and a liquidator of other inactive companies with debts, in which his bad faith was manifested.

13.04.2018 Okex crypto exchange enters the Maltese market

On Thursday Okex (Hong Kong cryptocurrency exchange) announced that it plans to expand and open its branch in Malta.

11.04.2018 Russian auditors will be required to report illegal transactions

The State Duma adopted in third reading the bill on amendments to the Federal Law “On counteracting the legalization (laundering) of proceeds from crime and the financing of terrorism” in part regarding audit activities.

09.04.2018 The US Offshore Disclosure Program

On September 28th, 2018 the US Tax Authority announced Offshore Voluntary Disclosure Program (OVDP).

04.04.2018 UK launches VAT accounting system for implementing firms

The UK government has launched the Due Diligence Fulfillment (FHDDS) system, which is designed to ensure that online procurement firms (order executors) report VAT payments.

02.04.2018 OECD Report for G20 Leaders

The Organization for Economic Co-operation and Development (OECD) has published a tax report on the application of the new tax rules in the digital economy for G20 finance ministers and central bank governors.

29.03.2018 ICO regulations in Bermuda

On March 19^th, 2018, the Minister of Finance of Bermuda announced the publication of a bill to regulate the Initial Coin Offering (ICOs).

28.03.2018 Hong Kong and India signed an agreement on avoidance of double taxation

On 19th March Hong Kong and India signed an agreement on avoidance double taxation and reducing tax rates on passive income at source.

26.03.2018 The OECD Multilateral Convention enters into force

The multilateral Convention on the implementation of tax agreements to prevent the erosion of the tax base and the removal of profits from taxation will enter into force on July 01^st, 2018.

16.03.2018 Changes in Hong Kong regulatory legislation company faces

According to the latest amendments to the law “On the Companies (Amendment) Ordinance 2018”, which entered into force on March 1^st, 2018, new requirements are established for persons having a significant impact on the company.

15.03.2018 Three jurisdictions removed, three added to EU list of non-cooperative jurisdictions
On 13 March 2018, the Council of Europe removed Bahrain, the Marshall Islands and Saint
Lucia from the list and added the Bahamas, Saint Kitts and Nevis and the US Virgin Islands.

12.03.2018 ABLV Bank Luxembourg, S.A. recognized as stable

On March 9^th, 2018, the Luxembourg Commercial Court ruled that the regulator refused to start the liquidation process of ABLV Bank Luxembourg, S.A. and appointed external administrators who will work at the bank in the next six months before finding a new investor.

07.03.2018 In the UK have increased penalties

The UK Tax and Duty Administration (HMRC) has warned taxpayers about the proximity of the cut-off date for disclosure of offshore assets.

06.03.2018 Federal Tax Service of Russia will conduct international negotiations on automatic exchange

The Russian government authorized the Federal Tax Service to conduct bilateral negotiations with the competent authorities of foreign states on the conclusion of agreements on the automatic exchange of financial information and country reporting and to sign such agreements.

05.03.2018 In the UK the purchase of real estate must be proved

The new procedure of checking the sources of financing for the purchase of real estate “Unexplained Wealth Order” (UWO) entered into force in the UK on January 31^st, 2018.

15.02.2018 Tax Free system is introducing in Russia

The government has started the gradual introduction of the tax free system in Russia — on February 12th, Dmitry Medvedev announced the signing of resolutions on the start of the pilot project.

13.02.2018 ABLV Bank denied FinCEN's money laundering charges

On February 13^th, 2018, the financial crimes enforcement Agency of the United States Department of the Treasury (FinCEN) published a conclusion and report proposing to ban the opening or maintenance of correspondent accounts in the United States for ABLV Bank.

12.02.2018 Hong Kong implements OECD agreements in its legislation

On February 02^nd, 2018, the Hong Kong Tax authority published a Decree, according to which amendments to the automatic exchange of information on financial accounts for tax purposes will come into force on January 01^st, 2019.

09.02.2018 EU signed an Agreement concerning VAT cooperation with Norway

On February 06^th, 2018, in Sofia an Agreement was concluded between the European Union and Norway to expand cooperation to ensure the proper calculation of value added tax.

05.02.2018 On January 23rd, 2018, the OECD announced the start of a preliminary International Compliance Assure Programme.

On January 23^rd, 2018, the OECD announced the start of a preliminary International Compliance Assure Programme.

30.01.2018 Six States Signed The BEPS Multilateral Instrument

On 24 January 2018 Barbados, Cote d'Ivoire, Jamaica, Malaysia, Panama, and Tunisia signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.

25.01.2018 The draft of Federal Law “About digital financial assets”

On January 25^th, 2018, the Ministry of Finance published a draft federal law “About digital financial assets”.

22.01.2018 In the electronic service it is possible to confirm the status of a Russian tax residence

Since January 16^th, 2018, the electronic service of the Federal Tax Service of Russia “ To confirm the status of a tax resident of the Russian Federation” was launched.

12.01.2018 Gibraltar has introduced licensing of activities using blockchain technology

Starting since 01 January 2018 all firms conducting business activities in Gibraltar, with the use of blockchain technology for the storage or transmission of values to others must obtain the permission from the Commission of Gibraltar for regulation of financial services market.

11.01.2018 New Regulation on the activities of tax agents in the UK

The UK tax and customs administration has updated the Regulation on the activities of tax agents, which sets minimal standards for tax agents and advisers in the provision of services to British taxpayers.

10.01.2018 Changes in the Laws on transfer pricing of Hong Kong

On January 10^th, 2018, amendments to Hong Kong's legislation aimed at consolidating the principles of transfer pricing in the Law on internal taxation of Hong Kong and the minimum standards of the BEPS plan came into force.

09.01.2018 Control over transfer pricing in Ukraine

On 03^rd of January 2018, the Government of Ukraine included Singapore, Mauritius and also 17 other countries in the list of jurisdictions under which control of transfer pricing purposes is realized.

06.12.2017 EU put 17 countries in its tax heaven blacklist

The European Union made the first blacklist of tax heavens and put 17 countries in it.

02.11.2017 Malta will establish a beneficial ownership register

Malta's Ministry for Finance will publish legislation regulating the managing of beneficial ownership register.

03.10.2017 Black lists of clients of Russian banks

Rosfinmonitoring, the Central Bank and banks since October 2, 2017 began to exchange information about dubious customers, which financial organizations refused to serve under the "anti-laundering" legislation.

22.09.2017 Austria introduces the Register of Beneficiaries

The Austrian Parliament passed a law providing for the introduction of the Beneficial Ownership Register.

15.09.2017 Caymans - the best in the ranking of The Banker

The English monthly magazine The Banker, dedicated to international finance, which is owned by The Financial Times, for the ninth time recognized the Cayman Islands as the leader among financial centers.

11.09.2017 Russia and Japan signed the Convention on the Avoidance of Double Taxation

In Vladivostok, representatives of both countries signed the Convention on the Elimination of Double Taxation on Income and on the Prevention of Evasion of Taxes.

06.09.2017 According to the FATF, Russia has achieved success
The FATF, the Financial Action Task Force on Money Laundering (FATF), is an intergovernmental organization that deals with the development of world standards in the field of combating money laundering and the financing of terrorism, and also assesses the conformity of national systems of states to these standards.

05.09.2017 Japan and Estonia signed an agreement on avoidance of double taxation
Japan and Estonia signed the Agreement on Avoidance of Double Taxation in International Trade and Investment (hereinafter referred to as the "SAP") on August 30, which was signed on March 16, 2017. 

04.09.2017 Does it comply with international standards?

On August 21, 2017, the OECD Global Forum on Transparency and Exchange of Tax Information for Tax Purposes published a report containing the results of a meeting of the expert commission with the characteristics of countries' compliance with the OECD international standards of tax transparency.

24.08.2017 Belize tightened the regulation of foreign companies
On July 21, 2017, the Belizean Parliament adopted a number of ambitious amendments to the International Business Companies Act. 

23.08.2017 The Saeima of Latvia change a tax policy

The Latvian Saeima passed final laws on tax reform. As of 2016, there were 16 taxes and 103 state duties in the country.

21.08.2017 The UK tax authority specified the procedure for providing CbS reporting
The UK's Majesty's Revenue and Customs (HMRC) has published a guide to preparing CbC (country-by-country) reporting.

18.08.2017 Remuneration to members of the board of directors of joint-stock companies may be paid in the absence of profit

The Bank of Russia issued an information letter dated 04.08.2017 N-015-28 / 41, explaining that the availability of profits from the JSC is not a prerequisite for the adoption at the general meeting of shareholders of a decision on the payment of remuneration to members of the board of directors.

17.08.2017 In the UK, the regime "On controlling persons of companies" was changed

In accordance with the regime, most companies and partnerships with limited liability (hereinafter referred to as SLP) must create and maintain a register of persons who are PSC (people with significant control) controllers.

16.08.2017 British Virgin Islands: the Beneficial Ownership Secure Search System (BOSS)

The Law on the Beneficial Ownership Secure Search System (BOSS) entered into force on June 30, 2017 as part of the BVI's fulfillment of its obligations to the UK to immediately exchange information on beneficial ownership.

15.08.2017 "Pacific Switzerland" actually loses the status of offshore

Under the influence of global trends in counteracting tax crimes and money laundering, New Zealand introduced new rules for the Look-Trough Company regime ("viewed" companies, LTC).

14.08.2017 An online business support service has been launched in the UK

Since August 1, the UK Tax and Customs Administration has launched a new service to provide business advice and support.

10.08.2017 Switzerland and Belgium began to exchange tax information

The Federal Council of Switzerland announced the entry into force of the rule on the exchange of tax information with Belgium under the treaty on avoidance of double taxation.

09.08.2017 In the UAE adopted a new tax law

In the UAE, the federal law No. 7 of 2017, which is fundamental for tax procedures, was signed.

07.08.2017 Latvian ABLV Bank issued "Annual Report 2016: Fortitude"

The largest independent private bank of Latvia has issued "Annual Report 2016: Fortitude". 

03.08.2017 The law on the Registry of beneficiaries entered into force in Cayman Islands

Cayman Islands in the run-up to the automatic exchange of tax information implement international standards of transparency.

18.07.2017 Singapore and Switzerland signed an agreement on the automatic exchange of information

On 17^th of July 2017, on a working meeting of the Global Forum on Transparency and Exchange of information for tax purposes in Geneva Singapore and Switzerland signed an agreement on the automatic exchange of information.

27.06.2017 Pacific Agreement: elimination of barriers

On June 14, 2017 the Ministry of Foreign Affairs and Trade of Australia announced the signing of the Pacific Agreement on Closer Economic Relations

26.06.2017 Foreign companies may obtain the information from the Unified State Register of Legal Entities in electronic form

The Federal Tax Service of the Russian Federation published the Letter of 14 June 2017 N GD-4-14/11209@.

15.06.2017 International Chamber of Commerce issued Statement on Substance Requirements for Transfer Pricing

The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention) was signed by 68 governments not long ago.

02.06.2017 The Republic of Belarus: electronical certificates of tax residence
The Prescript of Tax and Duties Ministry of the Republic of Belarus № 42 of the 24h of December, 2014 fixed a set of documents which shall be given by alien company to the Ministry for tax benefits according to double taxation agreement. 

23.05.2017 China and Georgia sign a free trade agreement
On the 13th day of May, 2017 China and Georgia signed a Free Trade Agreement (FTA).

13.03.2017 Nordea’s and DNB’s bank to be named Luminor
Nordea and DNB banks have concluded an agreement on merger of activities in Estonia, Latvia and Lithuania. 

16.02.2017 Singapore and Estonia signed an agreement on automatic exchange of information

February 14, 2017 the Government of Singapore and the Government of Estonia signed an agreement on the automatic exchange of financial information.

06.02.2017 Four countries joined BEPS
Kazakhstan, Côte d'Ivoire, the British Virgin Islands and Bermuda have confirmed that they will implement the standards BEPS.

23.01.2017 New EU Regulation establishing European Account Preservation Order procedure

The provisions of the EU Regulation establishing the new European Account Preservation Orders (Regulation No. 655/2014) came into force on 18 January 2017.

27.09.2016 Russian citizens will remain Individuals – Russian currency control residents forever

Ministry of Finance of Russia has prepared a new bill on foreign exchange restrictions.

31.08.2016 Evasion of taxes will become the theme of the G20 Summit

4 – 5 September 2016 года in Hangzhou, China, the G20 Summit will be held.

30.08.2016 Illegal tax benefits for Apple in Ireland

The European Commission decided that Ireland has provided to illegal tax benefits the company Apple in the amount of £ 13 million.

24.08.2016 Bahamas will join the exchange of information

By the end of September 2016, the Bahamas intends to sign the law and the Directive on the automatic exchange of information in accordance with OECD Common Recording standard.

19.08.2016 Rules on disclosure of information on the beneficial owners in Russia will be stricter

The rule on the obligation of legal entities of all legal forms to disclosure on beneficial owners and to take measures to obtain this information was introduced by amendments to the Federal Law № 215-FZ "On combating Money laundering and the financing terrorism" of 23 June 2016.

08.08.2016 Canada joins the exchange of information

Department of Finance in Canada released budget proposal for 2016.

29.07.2016 Now Panama signs a tax agreement

26.07.2016 G20 has engaged in drawing up a blacklist

By summer 2017 G20 is planning to draw up a blacklist of states, not participating in the Automatic Exchange of Information.

18.07.2016 Russia introduced to Google tax

The Federal Tax Service of Russia will create a service for foreign companies, who will have to pay VAT at the rate of 18% since January 1, 2017.

11.07.2016 Jersey and Cyprus have signed a tax agreement

Jersey has signed a Double Taxation Agreement (DTA) with the Republic of Cyprus. It is the Island’s twelfth tax agreement to the international standard.

08.07.2016 The Bill of the Cayman Islands on Information Disclosure

The Legislative Assembly of the Cayman Islands received a Bill repealing the law on confidential relations.

07.07.2016 The Cypriots stand for abolishment of sanctions against Russia

In June four Italian regional parliaments, as well as the Senate of France approved resolutions about the abolishment of sanctions against Russia.

05.07.2016 Companies in the Bermudas as in Delaware State

Dr. The Hon. E. Grant Gibbons, Minister of Economic Development in the Bermudas, 1^st June held negotiations for the enactment of Limited Liability Company Act 2016. The Act regulates creation of the first commercial structure in the Bermudas in more than 100 years.

01.07.2016 Slovakia has taken over the baton of the Presidency of the Council of the EU

July 1 Slovakia took over the baton of the Presidency of the Council of the European Union, one of the most important EU institutions.

30.06.2016 Russia’s tax agency will publish publicly available information by July, 2017

June 1 2016 Federal Act № 134-FZ «About the amendments in Article 102, Part 1 of the Tax Code of the Russian Federation» entered into force.

28.06.2016 Since July 1 the banknotes of Belarus will be renewed: «four zeros» will be removed

July 1 revaluation in proportion 10000:1 will be held in Belarus. Thus the currency of Belarus will lose four zeros: 10 000 «old» Belarusian rubles will equal to one «new» ruble.

22.06.2016 Russian citizens without a residence permit will be able to receive medical services at the place of residence

On June 22 representatives of federal ministries and agencies at the working session in the Presidential Council on Civil Society and Human Rights discussed the possibility of providing public services for those citizens who can’t register their place of residence.

07.06.2016 Alterations in the procedure of getting «Blue Card» for highly-qualified migrants
European Commission has taken an Action Plan to support the integration of third countries’ citizens and their economical and social impact on the European Union, as well as to reform the rules of the «Blue Card» for highly-qualified workers coming to the European Union.

06.06.2016 The Republic of Singapore and the French Republic have entered into a tax Convention
The Republic of Singapore has concluded the Convention for the avoidance of double taxation with the French Republic.

03.06.2016 Hong Kong imposes extra deduction of interest payable on money borrowed by a corporation

Hong Kong’s Government has gazetted Inland Revenue (Amendment) (No. 2) Ordinance 2016, which enables the deduction of interest payable on money borrowed by a corporation registered in Hong Kong and carrying an intra-group business. 

02.06.2016 Great Britain switches to plastic notes

Bank of Great Britain Governor has introduced the first plastic note in the state.

01.06.2016 Switzerland will freeze illicitly acquired assets

June 1 the Foreign Illicit Assets Act will come into force. The law will cover the issues of freezing, appropriation and restitution of illicitly acquired assets. 

26.05.2016 Audit of Latvian banks comes to an end

During almost all spring period Latvian banks have been subject to numerous audits both by international organizations and the public authorities.

04.02.2016 Trans-Pacific Partnership Agreement was signed

Trans-Pacific Partnership (TPP) Agreement was sighed at the meeting of TTP Ministers in Auckland, New Zealand.

02.02.2016 The Federal Tax Service of Russia approved the "black list"

The Federal Tax Service of Russia has published a list of jurisdictions that don’t exchange information for tax purposes with the Russian Federation.

27.01.2016 31 countries joined the automatic exchange of information

Today 31 countries signed the Multilateral Competent Authority Agreement (MCAA) to raise the transparence of cross-border cooperation on tax matters.

15.04.2015 Mass media have blown about the taxation of individuals’ currency exchange operations

After the participation of the Prime Minister Dmitry Medvedev in the board meeting of the Russian Finance Ministry on 14 April 2015 with the proposition of further development of questions related to the practical application of norms on the taxation of incomes from the currency trade operations mass media started to spam with various unfounded information.

14.04.2015 International trade volumes are far from perfect

WTO Director-General Roberto Azevêdo has held a speech on the tendencies of the international trade development.

10.04.2015 Italy will not increase taxes for 3 years

Italian Council of Ministers has approved the country’s Economic and Financial Document (DEF), which supplements its 2015 Budget Law.

08.04.2015 Canada cares about taxpayers

On the 8 of April as a part of support of small and medium-sized businesses policy, carried by the Canada Revenue Agency, the Minister of National Revenue – Kerry-Lynne D.

03.04.2015 Everyone can contribute to the rules about CFC

On the 3 of April an OECD project document on the strengthening of rules about controlled foreign corporations was presented for the public discussion within the action plan on BEPS.

02.04.2015 The legislative framework for the reform of corporate taxation is ready in Switzerland

Swiss Federal Council announced that the third package of legislative proposals for the reform of corporate taxation in the country is almost ready.

01.04.2015 ABLV Bank now accepts 5 more currencies

Since the 1 of April ABLV Bank accepts payments in 5 more foreign currencies - the Armenian dram (AMD), Georgian lari (GEL), Hong Kong dollar (HKD), the Turkish lira (TRY), Thai baht (THB).

30.03.2015 The economy of Luxembourg won through the global crisis

According to the OECD estimations the economy of Luxembourg has passed the global economic crisis quite well, although the Government can still make a number of steps towards economic diversification and strengthening of the financial sector.

16.03.2015 OECD surveilles the compliance with the international standards for exchange of tax information

The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes presented 9 new reports on estimation of international progress in implementation of the unified standard for exchange of tax information.

13.03.2015 New Zealand awaits tax modernization

New Zealand Minister of Revenue proposed a governmental program on the tax policy for 2015-2016, whose leading motif is the modernization of tax authorities.

11.03.2015 ECB buys up the assets of Eurozone countries

European Central Bank (ECB) started to directly buy up Eurozone countries’ bonds and other securities.

02.03.2015 Notification about CFC may be postponed

According to the source of the newspaper “Vedomosti” lodgment date of an application of notification about Controlled Foreign Companies may be adjourned for the 1^st of September.

26.02.2015 OECD commended Latvian economy

The Latvian economy is one of the fastest growing ones in Eurozone. This is a conclusion of researchers, who prepared an Economic Report on Latvia for OECD.

25.02.2015 Tax reliefs in the new Hong Kong budget

Within the new Hong Kong 2015-2016 budget were introduced a number of measures, which are designed to reduce the tax burden and maintain economic stability.

19.02.2015 UK simplifies financial statements

Following the decision of the British Government to implement the EU Accounting Directive the United Kingdom Financial Reporting Council (FRC) has issued its proposals on the amendments of accounting standards.

17.02.2015 British Columbia directs all efforts to alleviate the tax burden of the media industry in Canada

The budget of British Columbia, one of the states of Canada, for 2015 contains very attractive provisions about tax credits for small businesses and companies operating in the media and resource extraction spheres.

13.02.2015 The European Parliament will have a hand in examination of national systems of taxation in the European Union

The European Parliament (EU Parliament) on its plenary session has discussed the struggle of the European Commission (EC) against tax evasion realized by multinational corporations.

12.02.2015 The International Monetary Fund will allot money to Ukraine on tax reforms

The International Monetary Fund (IMF) announced about understanding on additional financing of tax reforms, which will take place in Ukraine.

09.02.2015 The countries of EFTA and Georgia are considering the possibility of free trade between the states

The second meeting of the joint committee, where the delegations of EFTA countries and Georgia were present, took place in Tbilisi.

06.02.2015 Switzerland and Liechtenstein renew tax relations

The negotiations between Switzerland and Liechtenstein on the question of the signing of a new double taxation agreement (DTA) are over.

05.02.2015 EurAsEC has ceased to exist

The President has signed the Federal law “On Ratification of the Agreement on Termination of Activities of the Eurasian Economic Community (EurAsEC)”.

04.02.2015 Surprises in the USA 2016 budget

The President of the United States of America proposed a tax on the foreign incomes of American companies. This suggestion became fairly unexpected for the American business. 

03.02.2015 The European Commission has reached tax system of Belgium

The European Commission has started comprehensive examination of Belgium tax legislation, which allowed groups of companies severely reduce their tax burden in Belgium.

02.02.2015 Ireland announced the tax amnesty

The Ireland tax authority has explained that the Finance Act 2014 offers the taxpayers, engaged in so-called tax avoidance schemes, an opportunity of an amnesty. 

30.01.2015 The Central Bank of the Russian Federation has reduced the key rate

On 30^th of January 2015 Board of Directors of the Central Bank of the Russian Federation made a decision to lower the key rate from 17 to 15 %, taking into account changes in the balance between risks of higher consumer prices and cooling of economy.  

29.01.2015 Hong Kong and Singapore take the lead over the whole planet

As it was twenty years ago Hong Kong has taken the first place at rating of The Heritage Foundation's Index of Economic Freedom, which determines the most natural and free economics of the world.  

27.01.2015 It will be impossible to use EU countries for tax schemes?

The Council of the European Union has adopted the amendments to the Directive on parent-subsidiary companies that are aimed at the prevention of the tax avoidance and aggressive corporate tax planning. 

26.01.2015 The reduction of Russia's investment rating

The Standard&Poor’s rating agency has lowered the sovereign rating of Russia from the investment BBB- to speculative BB+, with “negative” forecast. 

23.01.2015 New form of company in Luxembourg

The government of Luxembourg submitted a bill number 6777, which brings changes to the law of the Grand Duchy “On commercial companies” of 1915. 

22.01.2015 Great Britain and Scotland are dividing tax competence

The British government has promulgated the project of legislative provisions, which will provide the Scottish government with competence on matters of income tax, air transport levy and obsolete equipment tax. This legislative leadership clarifies regulation of VAT-revenue distribution between the governments of Great Britain and Scotland. 

15.01.2015 Swiss franc’s free flight

The Swiss National Bank announced the discontinuation of minimum exchange rate of CHF to Euro, which until today used to be fixed at 1:1,2. 

14.01.2015 Switzerland is determining forms and procedure of information interchange

Swiss Federal Council has started two consultations on the issues of international exchange of tax information. 

27.11.2014 Bank of Cyprus published a statement on first nine working months this year

Bank of Cyprus published report about results of financial group activity in first nine months of 2014.

06.11.2014 Slovakian Economy has bright perspectives, says OECD

Secretary General of OECD together with the Prime-Minister of Slovakia presented the report, which the main attention is given to the country’s fast recovery from economic crisis. Slovakia is one of the strongest countries in Europe as to this measurement.

05.11.2014 ECB became the supervision body of EU

Since the 4^th of November, 2014 European Central Bank became the supervision body for European banks.

28.10.2014 Bank of Cyprus showed successful performance in the ECB stress-tests

 Bank of Cyprus successfully completed the Comprehensive Assessment by European Central Bank. The evaluation followed the 1 billion euro increase of the bank’s capital in September, 2014.

23.10.2014 Czech Republic lows VAT rate

 Czech Senate approved the Bill which provide for another VAT rate of 10%.

22.10.2014 The Bill on CFC was passed in Russian State Duma

Group of senators introduces the Bill “On amending of Parts One and Two of Tax Code of Russian Federation (in the part of taxation of the profits of controlled foreign companies)” in State Duma of Russian Federation.

21.10.2014 Income tax on dividends may increase in Russia

 Russian State Duma adopted in the first hearing the Bill of Federal Law No. 605370-6 «On amending Tax Code of Russian Federation and other legislative acts of Russian Federation».  

17.10.2014 Hong Kong and SAR concluded Agreement for avoidance of double taxation

Hong Kong concluded an agreement on avoidance double taxation with SAR. This agreement is the 31st such agreement for Asian jurisdiction.

14.10.2014 The end of bank secrecy in EU?

Council of EU in ECOFIN formation found consensus on the creation of EU Directive on fighting tax avoiding and fraudulent activities in taxation sphere.

06.10.2014 St. Kitts and Nevis economy is growing

The condition of economy is improving in Republic of St. Kitts and Nevis since 2013 allowing country to take a leading position amongst the member-countries of Eastern Caribbean Currency Union (ECCU).

02.10.2014 Latvia stops issuing residence permits to Russian citizens

The Bill on amending the law “On Immigration” was approved at the meeting of the Latvian Seimas.

24.09.2014 BVI celebrates 30-years Anniversary of IBC Act

 Authorities of British Virgin Islands hold celebrations with regards to the 30-year anniversary of International Business Companies Act, which was adopted in 1984.

15.09.2014 ABLV Bank led one of the biggest deals this year in Latvia

ABLV Bank participated in successful carrying out the transaction for the sale of shares of the capital terminal for transshipment of liquid ammonia «Ventamonjaks», located in the Freeport of Ventspils.

10.09.2014 Ukrainian President signs the law “On Sanctions”

President of Ukraine, Petro Poroshenko, signed the law “On Sanctions”. The announcement was published on the website of Verkhovna Rada.

09.09.2014 Global Finance determines the safest banks of the world

Global Finance Magazine organized webinar in connection to the completion of the ranking list “World’s Safest Banks”. The list was concluded based on the ratings from Standard & Poor’s, Moody’s, Fitch, and consists of almost 1000 banks from all over the world.

08.09.2014 EU and Canada are leading towards the partnership agreement

European Union (EU) and Canada completed negotiations preceding the signing of the Strategic Partnership Agreement (SPA). The Agreement will legally regulate economic relations between two countries.

05.09.2014 ECB additionally lows all key rates

The decision to lower all main rates was adopted at the meeting of Governing Council of European Central Bank (ECB). Thus, interest rate on main refinancing operations in Eurosystem was lowered by 10 basic points and will be 0, 05%.

04.09.2014 Denunciation of American citizenship becomes 5 times more expensive

US State Department announced about changed governmental fee, which should be paid for denunciation of American citizenship.

03.09.2014 IMF emphasizes the low VAT rate in Slovakia

 Despite the slowdown in 2013, Slovakia's economy, according to the International Monetary Fund (IMF) is gaining its momentum, thanks to a strong export sector and recovery in domestic demand, as well as the country's participation in Eurozone.  

01.09.2014 Switzerland and Estonia change the treaty on the double tax avoidance
Swiss Federal Council and Estonian Government signed the agreement amending the treaty of double taxation avoidance, which was concluded between states on the 11th 2002.

29.08.2014 Switzerland supports EU sanctions

Swiss Federal Council adopted a decision, which will prevent the circumvention of sanctions, adopted by European Union with regards to Russia.

28.08.2014 New rules for Russian international passports

Russia is now following the international standards of the name and surname transcription in international passports of its citizens.

26.08.2014 New requirements for residence permit in Cyprus

Article 18ΦΕ(7) of the Aliens and Immigration Law (Cap.105) as well as article 4 of the Aliens and Immigration (Amending) (No.2) Law [Ν129(Η)/2014, O.G. Annex.Η(Η) No. 4456] are set into force.

25.08.2014 Hong Kong market rises in July, 2014

The Census & Statistics Department of Hong Kong published a report, in which it summarized the statistical data over the trade in July, 2014.

22.08.2014 Shares of VTB and Rosselhozbank will be acquired with the funds of FNB

Russian Government issued a Decree №839 “On acquiring of privileged shares of credit organization with funds of Fund of national welfare”.

20.08.2014 Russian Government affirms the agreement on taxation information exchange

Government of Russia adopted the model agreement on the exchange of information concerning the taxation matters, which can be concluded with governments of another states.

19.08.2014 OFAC changes the definition of “blocked person”

The Department of the Treasury's Office of Foreign Assets Control (OFAC) revised guidance on companies that owned by the persons whose property rights or/and interest in property were blocked.

18.08.2014 FMS of Russia determined the procedure and forms of notification by citizen on the second citizenship or residence permit from another state

 August 17 came into force an Order of the Federal Migration Service (FMS of Russia) from July 28, 2014 N 450 "On approval of forms and procedures for notification by a citizen of the Russian Federation on other citizenship or a residence permit or other valid document confirming the right to its permanent residence in a foreign country."

15.08.2014 Switzerland improves legislation

 Economic Affairs and Taxation Committee of the National Council (EATC-N) thinks that it is not right that persons, who transfer the client information stolen from financial institutions, are not criminally liable.

14.08.2014 Ministry of Finance of Russian Federation initiated the imposition of the additional sales tax

Russian Ministry of Finance proposed to the Government a project of the law on imposing of additional sales tax. Supposedly this tax shall be imposed since the beginning of the next year.

13.08.2014 Banks will be able to know everything about their clients

Central bank of Russia proposed the Bill, according to which banks will be able to know about the level of income of their potential borrowers.

12.08.2014 Independence will improve Scotland’s economy

Scottish Government published “A Jobs Plan for Independent Scotland”, where it described in details which measures will be taken in the country as soon as it becomes independent from the British crown.

11.08.2014 New Regulation of the Supreme Court of Russia Federation is adopted

 In accordance with the paragraph 13 part 3 article 5 of the FKZ from the 5^th of February, 2014 “On the Supreme Court of Russian Federation” №3-FKZ, Plenum of Supreme Court of Russian Federation adopted a Decree, which affirmed and enabled into forse since the 6^th of August, 2014 new Regulation of the Supreme Court of Russia.

08.08.2014 Cypriot Supreme Court allows the sale of FMBE Bank

 Central Bank of the Republic of Cyprus announced that the Supreme Court dismissed FBME application for suspension of decree on the sale of operations of the Cypriot branch of the bank.  

07.08.2014 Nordea Bank Danmark A/S closes non-residents’ accounts

 According to clients, bank Nordea started sending of informational letter about the chages in its strategy. In a letter bank states that in the future Nordea is planning to focus on the clients that have a connection with Nordea’s principal markets, i.e. Scandinavian countries.

05.08.2014 Opposition asks for the decrease of corporate tax in New Zealand

 New Zealand’s main opposition party, “ACT Party”, introduced its plan on improvement of country’s economy. The main goal is to increase country’s GDP on one third.

04.08.2014 Ireland affirms its corporate tax at the same low level

 Irish Department of Jobs, Enterprise and Innovation published policy statement on Foreign Direct Investments (FDI) in Ireland. Head of the Department, Richard Bruton, stated that Ireland shall improve regulation of FDI for international corporations.  

01.08.2014 New sanctions against Russian Federation

In response to the annexation of Crimea Europe imposed new sanctions, which come into force on August 1, 2014 (Council Regulation of 31 July 2014 No. 833/2014). 

31.07.2014 FTA Agreement comes into force between EFTA, Costa Rica and Panama

 Free Trade Area (FTA) Agreement has been already signed between EFTA countries, Costa Rica and Panama in June, 2013.

30.07.2014 IMF proposes to reform the taxation of UK

The International Monetary Fund (IMF) has recommended a series of tax reforms in the UK, including a complete overhaul of the system of property taxation.

29.07.2014 EU toughens sanctions against Russia

The European Union (EU) has reached an agreement to tighten sanctions against the Russian Federation.

25.07.2014 CBR raises key rate

On the 25^th of July the Board of Directors of the Central Bank of Russia (CBR) has decided to increase the key rate to 8.00% per annum.

24.07.2014 ECB contacts information is stolen

 European Central Bank (ECB) announced that from its web site information containing e-mails and other contact information of the bank contacts was stolen.  

23.07.2014 The activity of Cypriot branch of FBME Bank Ltd is suspended

 A short announcement published on the web-site of the Central Bank of the Republic of Cyprus said that the ability of the Cypriot branch of FBME Bank Ltd to follow its obligations is suspended for 2 days starting with afternoon of 23^rd of July, 2014.

22.07.2014 Personal data of Russians shall be stored only in Russian Federation

 President of Russian Federation signed Federal law from 21.07.2014 №242-FZ “On amendments to the certain legal acts of Russian Federation for the purpose of specifying processing of personal data in in information and telecommunications networks”.

21.07.2014 OECD creates global standard for tax information exchange

 New standard for exchange of tax information was published on the OECD web-site on the 21^st of July, 2014.

17.07.2014 UK Revenue Service publishes the list of tax evasion schemes

Her Majesty Revenue Service (HMRS) published the list of schemes which are used by taxpayers in order not to pay taxes. The list consists of three pages with different numbers, each of which is attributed to the one scheme.

16.07.2014 Transatlantic Trade and Invest Partnership between USA and EU

The sixth round of negotiations on the Transatlantic Trade and Invest Partnership (TTIP) between USA and EU started this week.

14.07.2014 Citigroup fulfills USA treasury

The Attorney General of USA talked about the biggest fraud unveiled lately at the press conference in Washington.

11.07.2014 ECB: the implementation of Single Supervisory Mechanism is going according to the plan.

Press service of European Central Bank (ECB) interviewed Daniele Nouy, the Chairman of supervisory board of Single Supervisory Mechanism, which should start its work this autumn.

10.07.2014 BRICS to create its mini-IMF and its own bank

Prior to the VI summit of BRICS at the presidential level, which will be held on the 15-1-6 of July in the Brazilian resort city Fortalez, Anton Siluanov, Russian Minister of Finance, spoke about expectations from the meeting.

09.07.2014 Italian Presidency of Council of Ministers: A new brush sweeps clean?

Today took place the first meeting of the Council of Ministers in the ECOFIN formation under the Presidency of Italy.

07.07.2014 Bank of Cyprus ends rumors on insight conflict

Bank of Cyprus announced that the Board of Directors decided to consider the possible investors for the increase of capital. Therefore, the rumors about internal conflict between the Board of Directors and management with regards to the restructuring and recapitalization strategy of the Bank of Cyprus ended up.

04.07.2014 FTA Agreement between China and Switzerland.

Free Trade Area (FTA) Agreement between Switzerland and China is entering into force since the 1^st of July, 2014. This agreement is considered as the most important FTA agreement in Swiss international economic policy since the same agreement with European Union in 1972.

03.07.2014 BNP Paribas will pay 9 billion dollars to USA

Management of the French bank BNP Paribas announced about the agreement reached with US Department of Justice and Office of the Attorney for the South District of New York as to the charges arising from the opened investigation against the bank.

02.07.2014 IMF does justice to the Cypriot economy

International Monetary Fund (IMF) published the work group report, in which it rated measures taken by the Cypriot government in order to improve economic situation in country.

01.07.2014 Switzerland is to change its tax system in order to please EU

The agreement on the business taxation was concluded between Switzerland and European Union today. The agreement shall end negotiations and discussions which have continued for almost 10 years.

30.06.2014 British Companies are asked to change Directors and to disclose information about persons in control of the company

British Government published the Bill changing the corporate legislation in the country.

27.06.2014 Georgia, Moldova and Ukraine signed Association Agreement with EU

Agreements between each of three countries and European Union were signed by European Council and by Presidents of Ukraine, Georgia and Moldova today in Brussels. Each agreement was the result of negotiations through out long years.

26.06.2014 Corporate regulation reform in Japan

10 steps for revitalization of Japanese economy were presented by the Prime Minister of the country. These measure are aiming for the reform of corporate relations in the country. There is the reform of corporate tax, which is planned to decrease to the 30%, amongst the steps.

25.06.2014 Canada is the most attractive jurisdiction for business

KPMG published results of the study named «Competitive Alternatives». This report is published biannually and consists of information about jurisdictions for doing business among countries of NAFTA, Europe and Asia.

23.06.2014 The number of companies at BVI is decreasing

Statistical report, published by Finance Service of British Virgin Islands, showed that the number of companies registered in the jurisdiction has decreased.

20.06.2014 Russian Revenue Service and Investigative Committee unite against business?

The meeting between the President of Russian Federation and the Head of Russian Revenue Service, M. Mishustin, was held on the 20^th of June, 2014. Mishustin told President about the work done in order to improve Service’s efficiency and to increase income from taxes into the federal budget.

19.06.2014 Dutch Corporate Tax Law is in contradiction with EU law provisions.

On the 12^th of June, 2014 European Court of Justice (ECJ) decided the SCA Group Holding BV and others, Case in accordance with prejudicial procedure. (Prejudicial procedure means that the request about the meaning of the relevant EU Law provision was made by the domestic Court to the ECJ).

18.06.2014 Course on deoffshorization of Russian economy continues

On the 18^th of July, 2014 the meeting of the Russian Government on the issue of reforming of national payment system was held.

17.06.2014 New Zealand joins FATCA

New Zealand concluded intergovernmental agreement with USA on joining FATCA.

16.06.2014 Taxations trends in Europe.

On the 16^th of June, 2014 European Commission published the report “Taxation trends in the European Union”. This report introduced information on main ways of development and changes in taxation in EU Member States, Norway and Iceland.

11.06.2014 European Commission investigates taxation schemes of Apple, Starbucks and Fiat Finance and Trade.

European Commision opened three investigations concerning the decisions made by tax services of Ireland, Holland and Luxembourg with regards to corporate tax paid accordingly by such corporations as Apple, Sturbucks and Fiat Finance and Trade. EC is going to see whether these decisions are in violation of EU rules on state aid.

10.06.2014 ECB introduced the negative deposit rate.

Unprecedented decisions were made at the meeting of European Central Bank on the 5^th of June, 2014.

09.06.2014 Great Britain is going to limit the use of trusts.

Her Majesty Revenue Service (HMRS) has earlier introduced two documents in order to simplify taxation system for inheritance tax from trust property.  

06.06.2014 Cyprus is to toughen its tax system in order to get the third tranche.

Cypriot government introduced bill that shall open the third tranche in amount of 10 billion euro for the country from international troika of creditors (European Commission, ECB, IMF).

05.06.2014 Decrease of corporate tax in Spain

Prime Minister of Spain, M. Rajoy, said that the last 12 month were turn changing for the Spanish economy. Perspectives of the growth and positive changes in job market can be noticed.

04.06.2014 Lithuania joins Euro zone

On the 4^th of June European Commission published report on Lithuania, in which it gave its opinion on the state’s ability to join Euro zone.

03.06.2014 Joint session of SK and FNS: the fight is still there.

he work results of 2013 and of the first 4 months of 2014 were summed up at joint session of Investigative Committee (SK RF) and Federal Revenue Service (FNS).

02.06.2014 Decrease of PIT in European Union

Commissioner for taxation, A. Šemeta, stressed the need of decrease of PIT rates in European Union.

30.05.2014 List of financial institutions that submit client information to IRS of USA

Revenue Service of USA for the first time published full list of financial institutions, which follow FATCA rules. All financial institutions that must submit account information to U.S. IRS are on the list.

28.05.2014 Double citizenship in the Russian Federation?

Today, the Federation Council approved the Federal Law "On Amendments to Articles 6 and 30 of the Federal Law "On Citizenship of the Russian Federation" relating to double citizenship, which creates criminal liability for Russians in case of concealment of double citizenship.

27.05.2014 Cypriot Companies ask to strike them off the registry.

 Almost 13,000 companies have asked to be removed from the registry, the Registrar of Companies stated. Spyros Kokkinos, the Head of the Registrar of Companies, said companies will be struck off in three months after their intention was published in the Government Gazette.

26.05.2014 Taiwan proposes new single form for income from investments for foreign taxpayers

National Tax Bureau of Taipei (NTBT) concluded that different laws that regulate the process and form of submission of the documents for dividends on securities and for income from securities in Taiwan do not contribute to attraction of the investors to the country. In order to make procedure easier bureau created the new single form, by filling which non-resident may apply for the income.

23.05.2014 IMF overviews Hong Kong economy

IMF Report considers that financial system of Hong Kong is good regulated, and its bank system is stable. Domestic demand remains stable in the markets. The level of expected inflation leaves about 4%.

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.

07.04.2014 The President signed a law of ratification of Convention on Avoidance of Double Taxation and Prevention of Evasion of Taxation between the Russian Federation and Malta
The Federal Law “On ratification of Convention on Avoidance of Double Taxation and Prevention of Evasion of Taxation between the Russian Federation and Malta”, adopted by the State Duma and approved by the Federation Council, was signed on the 2nd April by the President

04.04.2014 The State Duma unanimously passed at the first reading the amendments to the Federal Law “On National Payment System”

The amendments to the Federal Law “On National Payment System” are connected with imposition of sanctions against Russia and a unilateral refusal of international payment systems, such as "Mastercard" and "Visa" from provision of services. The changes are aimed at improving the quality of the provision of money transfer services, taking place on the territory of Russia. 

03.04.2014 MEPs reduce customs duties on imports from Ukraine

On 3th of April, 2014 the European Parliament proposed to eliminate 98% of customs duties on iron, steel, farm produce and machinery exported from Ukraine. This unilateral measure allows stimulating the development of the economy of the country through monetary savings of manufacturers and exporters in the amount of € 487 million annually. 

01.04.2014 In Great Britain tax amendments, entering into force this week, are the most important for generation and entails the most significant reduce of taxes in the sphere of business for last two decades

The actions of Government of Great Britain in the sphere of supporting business and developing of economy are evaluated in £11 milliards in the financial year 2014-2015 

31.03.2014 OECD prepared a set of provisions to annual tax advantages for internet multinationals

Proposals have been introduced by OECD; the final project of the Act will be ready for the September 2014. OECD published proposals how to make international digital business to pay corporate taxes in jurisdictions where the sales take place. 

31.03.2014 Small business is going to be hit
Last Saturday “Rossiyskaya gazeta” published information according to which small business and individual entrepreneurs, operating under the simplified system of taxation, are going to get a financial blow. 

28.03.2014 Cyprus defrosts deposits

The government of Cyprus refused from restrictions about on cash withdrawal from bank accounts, including the permissions to withdraw funds from deposits before the expiration of their term. In spite of considerable derogation for movement of assets within the country, "normal economic activity" can still remove more than €5 thousand abroad. 

28.03.2014 Luxembourg Confirms Higher VAT Rates For 2015

Luxembourg's Prime Minister Xavier Bettel has confirmed the Government's decision to increase three of the value-added tax rates by 2 percent from January 1, 2015.  

27.03.2014 The OECD is satisfied with progressing desire of the countries to exchange of financial account information

More than 40 countries committed to a detailed timetable to step up the fight against tax evasion. 

25.03.2014 Austria and Luxembourg gave up

For six years Austria and Luxembourg have been refusing to recognize the Savings Taxation Directive aimed at the fight against tax evasion. As the Prime Minister of Luxembourg stated, now Luxembourg is ready to adopt it. 

24.03.2014 Increasing of registration fees in Hong Kong

  The Revenue (Reduction of Business Registration Fees) Order 2013 (“2013 Order”) will expire on the 1^st day of April 2014. So, after these changes the fees for registration of the company (any legal organizational form) or its branch will be paid under new rules.

21.03.2014 Russia can refrain from using “Visa” and “Mastercard”

On the website of “SMP-bank” appeared a message according to which operations on cards “Visa” and “Mastercard” were blocked. Sanctions were imposed not on the bank itself but on its shareholders. In this regard, the press-service of the bank said that the actions of these payment systems are regarded by the bank as illegal.

20.03.2014 Great Britain takes down tax threshold of residential property
At 20 of March 2014, the Government of Great Britain make improvements in the Finance Act , which are extending the package of taxes to target UK residential properties held by companies and other non-natural persons

19.03.2014 The Ministry of Finance developed the "anti-offshore" act

Yesterday at 18 of March The Ministry of Finance of the Russian Federation published the first "anti-offshore" act about foreign controlled persons (CFC) which will oblige to pay to the company taxes from the income of foreign sub-companies and physical persons - from the income of the foreign structures. 

13.03.2014 ABLV launched Internet bank in App Store

ABLV Banka launched a free application “Internet bank” in Apple Store for remote account management for iPad.

12.03.2014 The senators drafted bills of Russian economy deoffshorization

At meeting of the Federation Council Budget and Financial Markets Committee which took place on March 3, 2014 the Committee’s Chairman Sergey Ryabukhin stated that “in coming days bills drafted by senators will be introduced to the State Duma”.

07.03.2014 The Central Bank is saving the Russian sub-company of Ukrainian “Privatbank”

At the 6 of March The Central Bank made the decision on implementation of measures for the prevention of bankruptcy of “Moskomprivatbank” — Moscow sub-company of the largest Ukrainian “Privatbank” bank. Moskomprivatbank is included in TOP 100 of banks of the Russian Federation. Functions of temporary administration in bank are transferred to agency on insurance of deposits.   

06.03.2014 Privatization in Cyprus

Russian mass media reported that Cyprus is about to start a new wave of privatization. For example, news portal “Vesti Economika” informs that Cyprus lawmakers voted for privatization. Intention to determine the next stage of privatization before March 5 is tied with commitments to international joint creditors who insist on assets’ sale.

05.03.2014 Cyprus and VAT
While government of some countries has a possibility to reduce tax burden for taxpayers, the last spring in Cyprus made some adjustments.

04.03.2014 Renminbi conquers Europe

The first European conference on renminbi has been hosted in Luxembourg. During the conference participants from China, Hong Kong, London, Paris, Frankfurt and Luxembourg came to the conclusion that value of renminbi as the international currency grows.

03.03.2014 New Companies Ordinance commenced operation in Hong Kong
On March 3, 2013 New Companies Ordinance commenced operation in Hong Kong aimed to enhance corporate governance, facilitate business, ensure better regulation and modernize the law.

28.02.2014 In New Zealand a multilateral convention comes into force
On March 1, 2014 a multilateral convention on mutual administrative assistance in tax matters will come into force. The Convention, which was ratified in New Zealand in November, allows fighting against tax evasion.

10.02.2014 Bitcoins are outlawed in Russia
On the 6^th of February, 2014 a report on the results of meeting on the legitimacy of the use of anonymous payment systems and cryptocurrency was published on the website of the General Prosecutor’s Office. 

07.02.2014 Double agreements between Singapore, Austria and Poland come into force

Revised version of a double taxation agreement between Poland and Singapore came into force on the 6^th of February, 2014. The agreement will allow countries to exercise tax information exchange. The above-mentioned act applies to the following taxes: income tax, corporate profit tax (residents of Poland) and income tax (residents of Singapore). 

06.02.2014 National Bank of Ukraine imposes restrictions on foreign exchange transactions

On the 6^th of February, 2014 information according to which the Management Board of the Bank of Ukraine passed the Resolution №49 "On measures for banks and currency transactions" appeared on the official website. As the press service of the NBU states, this ruling is temporary and only proactive.  

05.02.2014 The scope of the FATCA has expanded to Canada and Hungary

On the 5^th of February, 2014 the U.S. Treasury Department stated that the United States signed an intergovernmental agreement (IGAS) with Canada and Hungary to implement provisions of Foreign Account Tax Compliance Act (FATCA). In the middle of December 2013 the U.S. Treasury Department signed several agreements, including treaties with Italy and Mauritius 

04.02.2014 Hungary and Jersey entered into a tax treaty
On the 3th of February, 2014 MFA State Secretary of Hungary Zsolt Nemeth made a statement that Hungary has an aim to build economic and trade relationships with countries of North America. One of the tools that allow building confidence with future partners is a growing number of tax treaties. 

03.02.2014 China and Liechtenstein signed a tax treaty

January 27, 2014, Martin Frick, the head of the Department of Foreign Affairs of Liechtenstein, and Liang Tsianhan, the General Consul of China in Zurich, signed a double agreement on the exchange of tax information. As Martin Frick stated, provisions of the treaty meet completely the OECD standards. The treaty provides an exchange of tax information upon request of a Contracting State.    

31.01.2014 Bank of Cyprus unfreezes a part of the deposits
On 30 of January, 2014 the Board of Directors of Bank of Cyprus was held. On this meeting a decision to unfreeze accounts that had been frozen in July 2013 was made. Soon these deposits will be available for depositors. 

14.01.2014 The bill “National company” for LLC, ALC, Joint-stock companies is considered in Duma

Russian State Duma reviews a bill related to obtaining legal status of national company by the following businesses: limited liability companies, additional liability company, and joint - stock company.

10.01.2014 The Central Bank of Russia: no one will block banking cards

The Central Bank of Russia published information “Requirements of article 9 of the federal law “The national cash register system” with reference to the publications by mass media that there is a possibility banking cards will be blocked by banks starting from January 1^st, 2014. The Bank of Russia stated that all banking institutions have a required level of information of their clients.

18.12.2013 The International Monetary Fund has conducted the review of Switzerland’s financial policies

From December, 4 till December, 17 of 2013 the delegation of the International Monetary Fund (IMF) headed by Charles Enoch, Deputy Director of the Monetary and Capital Markets department, spoke with representatives of the Swiss Bank, the Swiss Financial Market Supervisory Authority FINMA, the Federal Department of Finance and the private sector.

17.12.2013 Russian minister of finance talks about deoffshorization and Cyprus

Minister of finance of Russia stated that according to passing a raft of legislation related to Russian business deoffshorization, proposed by Vladimir Putin the budget revenue will increase by dozens of billion rubles.

15.12.2013 An interview of the European central bank president Mario Draghi with Le Journal du Dimanche

This Sunday Mario Draghi, the president of the European central bank, gave an interview to the French newspaper Le Journal du Dimanche. Mario Draghi remarked that monetary policy which is held since 2011 is still bearing fruit: the refinancing rate was reduced to 0,25% and thus stimulates banks to loan.

27.11.2013 Switzerland prepares for automatic exchange of tax information with the EU

The Swiss Minister of Finance Eveline Widmer - Shlampf announces that the Confederation negotiates actively with the EU about signing a framework agreement on the automatic exchange of tax information. In her speech at the conference, organized by the Financial Academy, Widmer- Shlampf laid out that Switzerland intended to move towards disclosure of tax information to the authorities of the EU countries to strengthen its credibility as a financial center.

06.11.2013 Double taxation agreement between Hong Kong and Canada

The agreement on the avoidance of double taxation and prevention of fiscal evasion in respect to taxes on income between the Government of Hong Kong and the Government of Canada finally came into force. The agreement was signed on 11 November 2012 and now it was ratified.

01.11.2013 The United Kingdom wants to make a list of beneficiary owners open

The list of beneficiary owners of companies in the United Kingdom became open since November, 1 2013. Forum Open Government Partnership took place on October, 31 2013 and prime-minister of the UK David Cameron made an acknowledgment that the novelty will influence positively on business development.

25.10.2013 The UK signed agreements of automatic exchange of tax information with Jersey and Guernsey

On the 22^nd day of October, 2013 the United Kingdom signed agreements of automatic exchange of tax information with Guernsey and Jersey.

24.10.2013 European Union had decided to introduce a single form for VAT return

The Commission of European Union presented a draft of single form for VAT return, which allows businesses located within EU to reduce costs up to 15 billion euros by year. The aim of the project is easing tax compliance for companies and also reducing red-tape for business.

22.10.2013 Ukraine participated in Global Forum on tax transparency and tax information exchange in the framework of OECD

Ukraine became a full-fledged member of Global Forum on tax transparency and tax information exchange, which was established as a part of the Organization for Economic Co-operation and Development.

08.10.2013 The Cyprus government reduces the size of the state budget

October 28 The government and the Central Bank of Cyprus awaiting official visit of the delegation of representatives of the Troika of international lenders to the Republic. The topic of the forthcoming negotiations will be conducting the second phase of the financial and economic evaluation of Nicosia and the allocation of the second tranche of the package of financial aid.

07.10.2013 Changes in the Civil Code of The Russian Federation – part I

Review of Russian civil legislation touched on rules of private international law. The Federal Law dd 30.09.2013 N 260- ФЗ "On Amendments to the third part of the Civil Code of the Russian Federation" will enter into force on the 1 day of November 2013. It is should be said that the section VI in a less degree will be subjected to changes than the rules of other sections of the Civil Code.

03.10.2013 Credit Suisse is going to close around 50 branches in different countries

In the end of September official representative of the bank Mark Dosch has confirmed the intention of Credit Suisse is fully or partially closes their branches in 50 countries.

18.09.2013 Hungary and Switzerland were signed new taxation agreement

Current taxation agreement between Hungary and Switzerland was signed in 1981. So, it is time to enter into new agreement about exemption of double taxation, which meets trans-border standards, and it was done on September, 12.

17.09.2013 Tax incentives for start-ups in Switzerland are arguing

Federal Council of Switzerland has concluded recently that launching of special taxation start-ups’ measures on Swiss territory can inflict less revenues for national treasury.

13.09.2013 Latvia is going to enter the Eurozone in the near future

On the 12th day of September 2013 in Riga there was a Euro Conference, where was the discussion between the representatives of the Bank of Latvia, the Ministry of Finance of Latvia, the ECB, and the European about the development of the euro zone.

06.09.2013 Instructions for clients of Liechtenstein banks

In an effort to protect the reputation of Liechtenstein as a financial and banking center, both at home and abroad, the Association of Liechtenstein Banks on its website published the instructions for their clients. In view of the growing anti tax evasion control, these instructions explain the requirements of banks in relations with clients.

05.09.2013 Signing of a tax treaty between Ukraine and Malta

The development of the double taxation treaty between Ukraine and Malta started already on the first day of August 2013 (http://hbcomp.ru/about/news_and_mailings/news_jurisdictions/3760/). 

04.09.2013 The new jurisdiction for international business?

According to the British edition “Economist”, there is the new financial center in Africa - the Gambia, which, incidentally, is the smallest country in continental Africa. The fact that there are several hundred companies already registered over there, so Gambia will be able in the near future to compete with other "favorable" business jurisdictions.

30.08.2013 The continuation of the bank story between the United States and Switzerland

As we remember, in the beginning of June 2013, as a part of combating measures against tax evasion, in Switzerland there was a wave of discussions about providing of customer information by local banks to the United States.

23.08.2013 New agreements in the double taxation agreement collection

The appearance of two new tax treaties for the avoidance of double taxation is a reflection of the fact that there is an approximation of September and the beginning of the new work year.

12.08.2013 Warning creators and users of UK tax optimization schemes

The UK government is in the process of discussing a number of legislative developments relating to schemes of tax evasion. Namely, the question is about actions against activities of so-called high-risk promoters.

02.08.2013 ABLV Bank is the best bank in Latvia

As one of the largest private banks in Latvia and the third in terms of assets, ABLV Bank was given a title as the best bank in Latvia, according to Euromoney. It should be noticed that nowadays Euromoney is one of the most influential and respectable publications in the banking and investment sector.

01.08.2013 Signing of a tax treaty between Ukraine and Malta in the very near future

The Ministry of Finance of Ukraine has jumped right into the thick of the double taxation agreement with Malta.

29.07.2013 The latest news from “Cypriot front”

As a result of negotiations in Nicosia between the representatives of the Ministry of Finance, the Central Bank of Cyprus and the three creditors, one of the largest banks in Cyprus, namely, Bank of Cyprus, will debit 47,5% from the uninsured part of the deposits (which is above 100 000 euro). 

26.07.2013 In UK the draft bill about increasing of transparency has been brought up for discussion

The UK government has published a draft law “Transparency and trust: enhancing the transparency of UK company ownership and increasing trust in UK business”, the aim of which is the introduction of measures, which will increase the corporate’s transparency and confidence. The draft bill has been brought up for discussion.

25.07.2013 IMF recommends to Belize to carry out a tax reform

The International Monetary Fund has prepared a report that contains the valuation of Belize’s economic satiation, as well as a number of recommendations to improve the economic performance of the country.

22.07.2013 Turnover tax and reduction of value added tax rates in Ukraine

The Ministry of Taxes and fees of Ukraine has developed a bill according to which there will be some changes in certain tax rates.

19.07.2013 G-20 will discuss methods of controlling with offshore companies

On 19-20 July 2013 in Moscow there will be a meeting of finance ministers and bank governors of the G-20 countries. According to the report of finance ministers at the meeting will be discussed the offshore companies issue.

18.07.2013 Corporate reform in France

In 2013 in France started reform of corporate legislation, aimed for simplifying it for businessmen and corporations. The first step for creating better conditions for businessmen and corporations was the improvement of the tax authorities, tax rates cuts and the adoption of law about the competition.

17.07.2013 "Family Business" in Malta
The Parliament of Malta began public discussion of the legislative proposal "On the family business.

16.07.2013 Enacting of FATCA delayed for six months

The U.S. authorities have delayed enacting of FATCA (Foreign Account Tax Compliance Act) for six months.

15.07.2013 Cyprus still can become a bankrupt

According to the research of the rating agency Moody, the possibility that the Republic of Cyprus will become a bankrupt remains high. This conclusion of agency is based on significant economic risks for the economic indicators of Cyprus.

12.07.2013 BVI has taken a number of measures to enhance transparency

On the official website of the British Virgin Islands government was published a strategic plan aimed at strengthening fiscal transparency and combating law abuses by legal entities.

09.07.2013 The European Union may reduce the rate of tax on financial transactions

Last week mass media got the information about statement of European Commissioner for Taxation Algirdas Schemeta, under which the European Commission is ready to reduce the rate of tax on financial transactions (FTT).

04.07.2013 Verkhovna Rada of Ukraine ratified Convention about avoiding double taxation between Ukraine and Cyprus

On the 4^th of July Verkhona Rada of Ukraine voted for adoption of legislative proposal about ratification of Convention between Ukraine`s and Cyprus governments about avoiding double taxation and prevention of tax evasion and Protocol to Convention.

04.07.2013 Croatia became the 28th member state of the European Union

On July 1 of 2013, at midnight, Croatia officially became the 28th member state of the European Union. Croatia applied for membership in the European Union in 2003. In early 2004, the European Commission recommended Croatia as a candidate for official candidate status. 

03.07.2013 Australia to reform offshore banking units

The Australian Government has launched a consultation on proposed reforms to its offshore banking unit regime, aimed at protecting the integrity of the corporate tax system. 

02.07.2013 Levy of a new tax in Belgium as a way to save money
To achieve budgetary savings Belgian government developed a plan how to save money. One of the main steps in this plan is the levy of the "fairness tax" or "minimum tax" for large corporations.

28.06.2013 UK agrees on the exchange of tax information with the dependent territories.

In 2016 an agreement, that The UK has provided for the islands under its jurisdiction, shall become law. For today, this agreement is just a project, which will be discussed until the 6 September 2013.

26.06.2013 Enacting of financial transactions tax

The European Parliament adopted resolution approving the phased introduction of financial transactions tax. 

25.06.2013 Enforcement of financial transaction tax in EU

European Parliament has adopted the resolution, which approves step by step enforcement of financial transaction tax (FTT).

24.06.2013 Question about providing next loans to Cyprus will be decided in September
Question about next loans to Cyprus will be resolve in September

21.06.2013 European Union notify in advance about….

Since 2005, the European Union introduced a new system of automatic exchange of tax information between the competent authorities of the member countries as a new mechanism to combat tax evasion.

20.06.2013 New York regulators fine Deloitte $10m

New York Department of Financial Services fined company Deloitte for $10m. and banned for year from it`s practices in New York. Such sanctions connected with consult services, which Deloitte presented to Standard Chartered bank.

20.06.2013 What about the residence permit in Malta??

There is the new Global Residence Programme in Malta, which is provide the possibility to obtain a residence permit by non-residents who buy real estate and pay taxes in Malta.

19.06.2013 Project of public list of beneficiaries did not receive the support of "G 8"

At the last summit of the Group of eight at Northern Ireland, British Prime Minister David Cameron made ​​a proposal to establish a public register of beneficial owners of companies. 

18.06.2013 Expanding cooperation on tax matters between the European Union and Liechtenstein
According to the statement, published on the official web-site of the Liechtenstein government, minister of finance and at the same time prime-minister of Liechtenstein, Adrian Hasler, has held a first round of negotiations with the commissioner on taxation of European Union, Algirdas Šemeta. The topic of those negotiations is expanding the jurisdiction of Savings Tax Directive.

14.06.2013 Great Britain has published a plan about tax agreements till March 31, 2014

The official website of the Her Majesty Revenue & Customs published a plan to tax treaties the UK till 31 of March of 2014.

13.06.2013 Simplified tax filing in Singapore

Inland Revenue Authority of Singapore (IRAS) presented simplified tax filing (Form C-S) for small and medium companies. 

11.06.2013 Changes in Belize Registries management.

The decision of Belize Government will become law in 11 June 2013, according to this, the Government of Belize will take control over the International Business Company Register and the International Merchant Marine Registry of Belize.

07.06.2013 The new agreement on avoidance of double taxation in the “coin box” of the Russian Federation

With the help of the Federal Law N 107 about the ratification of the Agreement between the Government of the Russian Federation and the Government of the United Arab Emirates on the taxation of investment income of the Contracting States and their financial and investment institutions, Russia has supplemented the list of agreements which help to avoid double taxation.

04.06.2013 Singapore is a victim of the new bank secrecy rules?

One of the fast growing sectors of the Singaporean economy is banking. In view of rather large size of this sector, losses in case of some negative circumstances will be enormous. We remember the latest events in Switzerland, that’s why there is something to fear of.

23.05.2013 Poland prepared new rules for Controlled Foreign Corporations

The Polish Ministry of Finance has prepared new draft legislation to combat tax avoidance involving the transfer of income by Polish companies to companies founded in countries with more favorable tax treatment than in Poland.

20.05.2013 Cyprus is trying to regain its erstwhile glory.

The Cyprus government continues to issue decrees, which are aimed to rebuild the country and the banking system after the recent events.

14.05.2013 Will the Netherlands become a new tax haven?

By their conclusions, European experts offer businessmen to pay their attention on such a perspective country like Netherlands. Due to recent events on Cyprus and the current unfavorable situation for businessmen, the problem with offshores is not solved.

06.05.2013 The turning point in the fight against tax evasion?

On the web-site of the UK Treasury was published the information about George Osborne`s speech, in which he expressed his satisfaction about the will of the British Overseas Territories authorities to begin fight against tax evasion. The fight will be in the fact that British offshore companies will share information on the holders of accounts in their banks.

22.04.2013 Cyprus raises the tax rates actively.

After recent events, the Cyprus economy was in danger. Cyprus took the emergency measures, accepting the terms of the Euro group, which includes imposing a tax on deposits in exchange for substantial financial assistance from the EU in the amount of $ 10 billion. 

19.04.2013 Germany again crossed Switzerland’s interests.

German tax authorities have bought a new CD containing bank account details of thousands of alleged tax evaders with accounts in Switzerland. They conducted 200 raids on Tuesday and expect to recoup more than half a billion euros in lost tax revenues.

18.04.2013 Switzerland imposes quotes for labor immigrants

Since 1^st of May Switzerland prolonged the duration of limitations for issuance of permissions for work for 5-year term for the citizens of 8 states of East Europe and for the first time since 1^st of June imposed quotas in respect of representatives of 17 states-members of the EU. Up to June, 2014 it is planned to issue not more than 55 thousands of long-term visas. The government explained its actions by highly raised number of labor immigrants from the EU countries which lost money because of financial crises.

17.04.2013 Luxembourg will abandon bank secrecy

Luxembourg`s government announced, that Luxembourg will become one of the countries of European Union, which will enact system of auto exchanging tax information about incomes of it`s citizens. Minister of finance of Luxembourg`s, Luc Frieden also support idea of exchanging tax information, and added, that it’s necessary to review banking system now from the worldwide tendency of finding tax wrongdoers. 

16.04.2013 Worldwide tendency of tax information exchange comes to Hong Kong

Worldwide tendency in sphere of auto exchanging tax information unites more and more countries nowadays. Another jurisdiction, which decides to change it`s legislation and add exchange of tax information is Hong Kong.

05.04.2013 Fashion sentence costs of 343 million euros

Now, the creators of famous Italian brand Golce&Gabbana can both be boast of not only their fashion and expensive collections, but also of one of the loudest trials about tax evasion.

12.03.2013 Double Tax Pact between Hong Kong and Mexico

The Convention for the Avoidance of Double Taxation between Hong Kong and Mexico, signed on June 18, 2012, entered into force on March 7, 2013. 

05.03.2013 Spain imposes new requirements to the declaring of foreign assets.

Spanish citizens as well as people who stayed in Spain more than 283 days of whose wife or children lives here, are obliged to declare their foreign assets before 30^th of April if the value of the assets is more than 50 thousands Euro. The assets are understood as bank accounts, real estate, shares, life insurance and so on.

05.02.2013 European Commission insists on tax reform in Denmark.

A provision of tax law of Denmark according to which if the citizen wants to move to another country for living, he is obliged to pay the corporate rights tax, and not at once but at the moment of getting any kind of investment income (for example, income from selling shares or getting dividends) attracted the attention of the European Commission.

04.02.2013 Austria concluded a number of important agreements

 Austria started the process of “tax harmonization” in last April when the agreement with Switzerland about withholding tax (came into force on 1^st January 2013).

15.01.2013 Russian Agreements 2012

According to the policy of returning capital back to Russia, attracting foreign investments in Russia and relying on the slogan that was put forward by Vladimir Putin “It is enough to feed offshores”, Russia actively concludes DTAs and Agreements of tax information exchange.

21.12.2012 Hong Kong wants to regain the leadership
Hong Kong  wants to regain leadership

20.12.2012 France takes action on the "Depardieu case"

After a sensational movement of famous actor Gerard Depardieu from expensive France to more favorable Belgium French President Francois Hollande declared his intention to change the tax agreement with Belgium.

19.12.2012 Will Vietnam become competitive soon?

In 2014, the Vietnamese government plans to reduce the corporate tax rate. The Ministry of Finance plans to submit a bill to the National Assembly, which will focus on the introduction of amendments to the Tax Code to reduce the corporate tax rate.

18.12.2012 Significant trade agreement between EU and Singapore

The negotiation between European Union and Singapore about the draft of Free Trade Agreement (FTA) have been lasted more than two years. Finally, December 16, 2012 the European Commission and the government of Singapore have agreed upon this question.

17.12.2012 A new proposal law on transfer pricing in Ukraine

Currently under consideration in the Verkhovna Rada a bill on amendments to the Tax Code relating to changes in the legal regulation of transfer pricing. It is necessary to pay attention to the following legislative developments

14.12.2012 Rich Frenchmen escape to Belgium

The application of the Government of France luxury tax, whose rate in 2013 increased to 75%, prompting many rich people in the country to think about moving to more favorable to the rich people Belgium.

13.12.2012 The UK continues levying taxes

The draft budget for 2013 The UK government has provided a new provision - an annual tax for those who own homes worth more than £ 2 million, which are registered to offshore companies.

12.12.2012 U.S. imposes heavy fines on banks

To absolve themselves of charges of violating sanctions against Iran, the British bank Standard Chartered Bank has agreed to pay the U.S. Treasury $ 327 million.

11.12.2012 Hong Kong still at the first position

Up to now Hong Kong has a leading position among the cities of China, but analysts predict that Shanghai may soon catch up with him in many ways.

10.12.2012 Strarbucks and Britain: a new scandal with multinational company

Most recently, a new scandal erupted between the authorities of the United Kingdom and one of the largest multinational companies - American network cafes Starbucks. The scandal was triggered by allegations that the coffee chain does not pay income tax in the UK for 3 years. Authorized UK authorities note that, Starbucks paid only 8.6 million pounds in taxes for 3 years on revenue of 3 billion pounds. In response to this guide Starbucks, so as not to stir up a scandal on and does not get to court, promised to pay into the treasury of the UK 10 million pounds, or 20 million pounds over two years.

07.12.2012 A unified standard for offshore: European Commission takes action on tax evasion

The aim of the European Commission today is to create an effective plan of action to help combat tax evasion. The plan includes the development and introduction of the Code of the taxpayer, the Common EU tax identification number, and the revision and updating of the existing key tax legislation.

06.12.2012 Any percentage is important: Britain lowers taxes

The Government's anti-crisis program is a combination of reducing the budget deficit, increasing the investment attractiveness and many more beautiful things.

05.12.2012 New Zealand will be operating with OECD only

Due to numerous discussions of the issue of taxation of multinational companies (Google, Facebook, Amazon, etc.), the Minister of Finance of New Zealand has decided to clarify the position of his Government.

04.12.2012 Belgium made changes in tax rates

November 21, 2012 the Belgian Government submitted tax changes that had planned in the budget for 2013.

03.12.2012 Austria saw the results of the reduction of corporate tax

Back in 2005, the Austrian government has reduced corporate tax rate from 34% to 25%. However, Australia makes the conclusions just now: Despite the low tax rate, according to Finance Minister Maria Fekter, tax revenues increased from 2005 to 2008. In 2005, this figure was EUR 5 billion, while in 2008 is already 6.3 billion euros.

30.11.2012 The new fiscal policy in the dependent territory of the UK

The United Kingdom is actively negotiating with its dependent territories, including the British Virgin Islands, about the possibility of a more thorough exchange of tax information. According to some reports, the British authorities are developing an act that would be similar to the U.S. law on fiscal compliance requirements for foreign accounts (Foreign Account Tax Compliance Act, or FATCA).

29.11.2012 Germany did not sign the DTA with Switzerland

The upper House of Parliament of Germany did not agree to sign tax agreement with Switzerland. The German government is not sure in the provisions that were offered by the Swiss side of the agreement.

28.11.2012 The research: is the British confidentiality profitable for Russian billionaires?

The British magazine Guardian in conjunction with the International Consortium of Investigative Journalists ICIJ created a project to study the secrets of doing business in offshore jurisdictions.

27.11.2012 Living in the UK will cost £ 2 million

If we do not take into account the education and work for hire, the only way to obtain a visa to stay in the UK is business immigration. For this visa a lot of Russian citizens are living currently in the UK.

26.11.2012 Triplet of creditors does not give money to Cyprus

The European Union (EU), the European Central Bank (ECB) and International Monetary Fund, the three main components of the international lenders, after difficult negotiations have not taken a final decision on the allocation of financial assistance for Cyprus. 

23.11.2012 EU summit did not come to an agreement on the budget 2014-2020

November 23 in Brussels EU summit ended, at which the Chair of the European Union, Herman Van Rompuy, said that before the start of next year will not be able to reach agreement on seven-year financial perspective for the EU 2014-2020. According to him, it is necessary to discuss additionally the long-term budget plan for the EU. 

22.11.2012 The procedure for obtaining a residence permit will be simplified in Spain

While the Spanish authorities have only confirmed its intention to simplify the procedure for obtaining a permit soon. The authorities are planning to make it possible to obtain a residence permit for foreigners by buying real estate worth more than 160,000 euros. 

21.11.2012 Changes in the regulation of transactions in foreign currency in Ukraine

November 19, 2012 Resolution of National Bank of Ukraine (NBU) № 475 of November 16, 2012 has entered into force, which makes two significant changes in the regulation of transactions in foreign currency: 

20.11.2012 The Addition to tax treaty between Russia and Switzerland entered into force

November 9, 2012 the Addition to the DTA between Russia and Switzerland came into force.. However the Addition will be applying from 1 January 2013. 

19.11.2012 New regime of holdings in Latvia

In December 2011, the Latvian Parliament adopted amendments to the law "On Corporate Income Tax", which will come into force from 1 January 2013. Since then Latvia will be able to compete with major holding powers such as Cyprus and Malta. 

15.11.2012 Latvia's credit ratings increase

14.11.2012 Cyprus is not in “black list” of Russia any more

14.11.2012 Cyprus is not in “black list” of Russia any more

13.11.2012 New forms of documents for the simplified system of taxation

12.11.2012 Ukraine has signed a new agreement with Cyprus

08.11.2012 Moscow city Duma adopted a Law on patent taxation

07.11.2012 Germany may refuse Cyprus in financial assistance

06.11.2012 «Business Russia» and the Federal Tax Service have agreed on steps aimed at the abolition of the overlapping and non-fundamental norms of tax accounting

05.11.2012 The HSBC Bank is fined by the US authorities to $ 1.5 billion

02.11.2012 China imposes anti-dumping and countervailing measures against the EU

01.11.2012 Income of the senators and deputies will be protected by the trust company

31.10.2012 The Ministry of Finance of the Russian Federation changed the list of offshore zones.

31.10.2012 British Virgin companies obtained a controlling package of "AVK"

30.10.2012 Cayman Islands increase fees

29.10.2012 Slovenia introduces a tax on financial services

26.10.2012 The German government wants to abolish fiscal equalization

25.10.2012 Singapore has signed another agreement on the avoidance of double taxation.

24.10.2012 1 Euro is enough for the authorized capital

23.10.2012 Tax Justice Network has published a new report

22.10.2012 Hong Kong began to realize the new standards of Basel III

19.10.2012 Cyprus is going to increase the annual tax from the companies

18.10.2012 The Prime Minister of the Czech Republic changed the concept of tax reform

The lower house of the Czech Parliament has rejected on Wednesday the Government's proposal to increase the profit tax, and value added tax.

17.10.2012 Portugal introduces a mode of austerity economy

16.10.2012 11 European countries supported a tax on financial transactions (FTT)

15.10.2012 Two largest Banks of Greece are going to unite
The other day the first-rate bank of Greece National Bank of Greece (NBG) announced its intention to purchase the safety stock of Greek bank Eurobank.

12.10.2012 Taiwan’s government reconsiders to abolish the luxury tax
Taiwan’s luxury tax was established by «The Special Goods and Services Sales Tax Act». The main purpose of his adoption was the reducing speculative property purchases and limitation of the rapidly growing difference in the welfare of people.

11.10.2012 Singapore designates tax crimes as money laundering
October 9, 2012 the Monetary Authority of Singapore (MAS) has prepared a consultation paper on the designation of tax crimes as money laundering.

10.10.2012 The black list of offshore jurisdictions updated in Latvia
In Latvia the black list of offshore jurisdictions was updated that includes 68 countries among which the Netherlands Antilles, Bahamas, Belize, Panama and Seychelles are named

08.10.2012 The Republic of Cyprus introduces procedure of obtaining electronic visa for the Ukraine citizens
From 10th September 2012 the Republic of Cyprus introduced the procedure of
obtaining electronic visa for the Ukraine citizens.

05.10.2012 The Netherlands simplified requirements for company incorporation
From 1st October 2012 the new act presented by the Ministry of security and justice of the Netherlands entered into force. It simplifies the procedure of private limited company incorporation. 

04.10.2012 The first Free Trade Agreement between Europe and Hong Kong entered into force

On 1^st October 2012 the first Free Trade Agreement between Hong Kong and members of EFTA (European Free Trade Association) – Iceland, Liechtenstein, Switzerland and Norway.

03.10.2012 Inland Revenue Department of Hong Kong collects the record sum of taxes

The commissionaire of the Hong Kong Inland Revenue Department Chu Yam-Yuen has introduced the 2011-2012 Annual Report highlighting that the sum of collected taxes is higher by 14% in comparison to the previous year.

02.10.2012 The double tax avoidance agreement between the Russian Federation and Latvia was ratified

As it was mentioned on 28th September 2012 (http://hbcomp.co.uk/about/news_and_mailings/news_jurisdictions/3445/), the Council of Federation of the RF ratified several double taxation avoidance agreements including Latvia. This agreement was signed in Moscow on 20th December 2010. Latvia ratified it on 9th 2011. The most crucial aspects of the agreement are the following:

28.09.2012 The Council of Federation ratified double taxation avoidance agreements with Latvia, Argentina and Switzerland

On 26^th September 2012 the Council of Federation ratified double taxation avoidance agreements with Latvia and Argentina and the Protocol to the analogical agreement with Switzerland.

27.09.2012 Amendments to the double taxation avoidance agreement between the Russian Federation and Switzerland were ratified
On 21st September 2012 the State Duma of the RF ratified amendments to the double taxation avoidance agreement between the Russian Federation and Switzerland signed on 15th November 1995.

26.09.2012 Changes in the tax legislation of Liechtenstein
 The Government of Liechtenstein during the last session adopted the consulting report on changing of the tax laws. This report is directed at increasing of tax inflows into the state treasury.

25.09.2012 eLearning Course on the European value added tax
  Recently it became known that the European Commission developed the eLearning Course on the value added tax.

24.09.2012 Seychelles authorities introduce value added tax

  According to the official announcement of the Ministry of Finance, Trade & Investment (MFTI) of Seychelles from 1st January 2013 the value added tax is introduced on the terrirtory of Seychelles, though its implementation was planned on 1st July 2012. To add, the standard rate of the tax equals 15%.

21.09.2012 The British Registrar discloses information on companies’ directors

  From 1^st October 2012 the British Registrar (Companies House) abolishes payment for information on directors of entities placed in Great Britain. Today this payment comprises 1 pound.

20.09.2012 New fiscal innovations of Cyprus
 In connection with crisis of the Cyprus banking system caused by the tight bond with the Greece financial system, troika of creditors of Cyprus (the International Monetary Fund, the European Commission, the European Central Bank) insists on acceleration of the Cyprus budget drafting for 2013.

19.09.2012 Ukraine proposes Russia cancellation of vehicle recycling tax
The vehicle recycling tax was introduced from 1st September 2012 on the territory of the RF and comprises a mandatory payment for entities and individuals on vehicles imported in Russia and also originated from Russia. The Law obliges private persons to organize utilization of vehicles and then dispose the car waste independently or by concluding a contract with special companies within prices approved by the Government.

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).

13.08.2012 Trade policy review of WTO: Singapore
The sixth review of the trade policies and practices of Singapore takes place on 24 and 26 July 2012. The basis for the review is a report by the WTO Secretariat and a report by the Government of Singapore.

10.08.2012 Controlled Foreign Companies on the horizons of the Russian legislation
First of all, it should be noted that controlled foreign companies are the most transparent forms of business in order to prevent avoidance of offshore’s withholding tax payment.

09.08.2012 Amendments to the BVI Business Companies Act 2012: dissolution of company stuck off the Register
July 2012 was marked the BVI new amendments to The BVI Business Companies Act 2004. In addition to the amendments in respect of bearer shares

07.08.2012 BVI Business Companies Amendment Act 2012: new powers of alternate directors
Continuing the set of news devoted to the BVI Business Companies Amendment Act 2012, such novel as introducing of new powers to alternate directors should be considered.

07.08.2012 Amendments to the business regulation of segregated portfolios companies.
The extensive reform of corporate law on the BVI affected the activities of segregated (separated) portfolios companies.

07.08.2012 Amendments to the BVI Business Companies Act 2012: shares and shareholders
It was already mentioned earlier that in July 2012 the amendments to the BVI Business Companies Act 2004 for example

06.08.2012 Registration of an additional foreign character name for a BVI company
In July this year a Bill to amend the BVI Business Companies 2004 (“the BC Act”) and the BVI Business Companies Regulations 2012 (“Regulations”) have been introduced. The resulting BVI Business Companies (Amendment) Act 2012 (“Amendment Act”), along with the Regulations, is expected to come into force towards the end of this year.

06.08.2012 Amendments to the BVI Business Companies Act 2012: bear shares
Vast amendments to the BVI Business Companies Act 2004 were made and published in July, 2012. According to this Act bear shares must be kept by custodian who is authorized by BVI’s Commission.

06.08.2012 Amendments to the BVI Business Companies Act 2004
Within corporate legislation reform on the British Virgin Islands a number of amendments to the BVI Business Companies Act 2004 was accepted.

06.08.2012 BVI Business Companies Amendment Act 2012: Reuse of company names
In July 2012 crucial amendments were introduced into the Business Companies Act 2004. In particular, it’s important to draw attention to changes concerning the reuse of company names.

03.08.2012 The ECB plays on expectations and emotions
2 August, 2012 European stock markets closed in the minor. Investors were unhappy that the position of the European Central Bank and its president, Mario Draghi on emergency issues remained passive.

02.08.2012 Response of Isle of Man to introducing of new Basil Principles
The Isle of Man Financial Services Commission begins a consultation on amendments to the Financial Services Act 2008 and the Collective Investment Schemes Act 2008.

01.08.2012 New offshore zone in the Baltic
Since 2013 Latvia will become a full offshore zone for holding companies. If now in the state only some received and paid dividends exempt, in accordance with legislative changes in 2013, tax-exempt income will be Latvian companies from sale of capital and shares, and any dividends.

31.07.2012 Law on Foundations in Guernsey
Guernsey is not out of the general trend: on 30th July, Parliament has approved the Foundations law, which is designed to increase the economic attractiveness of the island. Guernsey - «trust» jurisdiction, however, the adoption of this Law demonstrates that the authorities do not want to be limit only to trust and so, following the example of the Republic of Panama, they are trying to raise investment to the island through the creation of the Fund.

30.07.2012 Successful tax system reform in China
China is making large steps toward the International economic community; it was noted by the IMF in its latest report. Profit Tax for the enterprises with foreign investments (which ranges from 15% to 25% in different areas of Chine) was differentiated and now depends on the profitability of the enterprise.

27.07.2012 The Russian Federation ratified the Protocol of accession to the WTO
On the 21th July, 2012 the President of the Russian Federation V.V.Putin approved the Protocol of accession to the Marrakesh Agreement establishing the WTO of 15th April, 1994 thereby finishing the internal stages of ratification. If the state bodies wouldn’t have managed until the 23rd July, it would have led to renewal of negotiations on terms of accession to the WTO that is, according to the chairman of the Russian delegation Maxim Medvedkov, could have inflicted worse conditions of accession for the RF.

26.07.2012 Amendments to the tax legislation in Singapore
The global recession affected one of the most stable Asian economies: on July, 24 in Singapore public hearings regarding the changes in tax legislation were held.

25.07.2012 Philippines and Germany: Revision of Double Taxation Agreement
On 20th July Philippines and Germany finished the revision of Double Taxation Agreement in the last stage of negotiations.

23.07.2012 Barbados and the global recession
The Central Bank of Barbados is trying to refuse the argument made by the rating agency «Standart & Poors» in order to lower the credit rating of Barbados "BBB-/A-3" to "BB + / B".

19.07.2012 Tax Agreement Signed between Hong Kong and Malta

The agreement between Hong Kong and Malta for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force July 18.

18.07.2012 Negotiations between China anв Liechtenstein about new tax information exchange agreement were held
In order to strengthen tax cooperation, negotiations were held between representatives of China and Liechtenstein about signing tax information exchange agreement.

17.07.2012 World Trade Organization (WTO) welcomes the entry of Seychelles to the membership
On 10th of July states-members of WTO considered situation of the Seychelles in the bilateral negotiations on market access, and also investigated the changes in legislation and trade regime

16.07.2012 The New Companies Ordinance in Hong Kong
The corporate law of Hong Kong doesn’t stand still which is evidenced by introducing of the Companies Bill to the Parliament

13.07.2012 Austria ratifies tax deal with Switzerland
In April of this year the resident of Switzerland and Austria's Federal Minister of Finance signed an agreement in the regulation of income tax

12.07.2012 Reduction of the VAT rate in Ukraine
Further deregulation of Ukraine’s Internal Revenue Code will lead to a conflict with the WTO, as reported by the State Taxation Service of Ukraine. However, the State Taxation Service offers to cut the rate of value added tax (VAT) for domestic trade transactions of up to 7%.

11.07.2012 Luxembourg Withstanding Economic Crisis
Luxembourg confirms its status of international financial center and demonstrates resilience in the conditions of economic financial crisis, that International Monetary Fund notes

10.07.2012 The chief executive of Bank of Cyprus stepped down resigned
The head of Bank of Cyprus Andreas Eliades resigned with reference to the combusted European banking crisis and the "lack of coordination in dealing with its solution"

05.07.2012 Amendments to the Taxation of Belize
In a recent budget of Belize provided on the financial 2012/13 years, there are a number of proposals to restructure the tax regime of the country.

04.07.2012 China established new zone for cooperation with Hong Kong
According to the decision of Chinese government the special economic zone for cooperation with Hong Kong was established.

03.07.2012 Updated tax agreement between Japan and New Zealand
Governments of Japan and New Zealand have agreed an updated agreement on avoidance of double taxation from 1963.

02.07.2012 Barclays scandal
On the 2nd of July Chief Executive of Barclays, Bob Diamond has resigned, because of rate fixing scandal

27.06.2012 New accounting rules for multinationals companies in Norway
The Government of Norway intends to introduce new rules for reporting (country-by-country reporting) for multinationals companies, which will take effect starting from January 2014

26.06.2012 Switzerland and Portugal signed revised double taxation agreement
On 25th of June, 2012 the Governments of Portugal and Switzerland have signed an updated double taxation agreement, under which the withholding tax on dividends, interest and royalties will be zero

25.06.2012 Switzerland is ready to collaborate with the USA in terms of FATCA
On the 8th of May 2010, the President of the USA Barack Obama signed a Foreign Account Tax Compliance Act - FATCA, whose idea is to extend the control of the U.S. tax on foreign banks, insurance companies, investment funds, etc. under the pain of "penalty" of taxation of their operations on U.S. financial markets

22.06.2012 “Green economy” is the major issue on the Summit Rio + 20
The Conference focused on two themes: (a) a green economy in the context of sustainable development poverty eradication; and (b) the institutional framework for sustainable development

22.06.2012 The list of holidays in July, 2012, in different countries exept weekly off days
Dear client! We provide you information concerning holidays schedule in banks in July, 2012.

21.06.2012 The ruble has suffered another defeat
External factors, especially landslide of oil prices are the reason of weakening of Russian currency

20.06.2012 New President – new taxes in France!
French President Francois Hollande suggested to establish income tax of 75% rate for those, whose income exceeds EUR 1 million per year

18.06.2012 The tax law on special tax regimes in the Russian Federation has been adopted
On the 15th of June the Federation Council adopted a law about amendments to the Tax Code

15.06.2012 UK refuses the introduction of financial transaction tax
At the end of May European Parliament adopts ambitious approach on financial transaction tax

14.06.2012 Russia and Ukraine in the Rankings of the World Bank Doing Business – 2012
The World Bank and International Finance Corporation in the ninth time ranked Doing Business 2012, which covers economies of 183 countries

08.06.2012 Tax authorities of Canada has won a tax dispute
The Supreme Court of Canada made judgment about the legality of the transfer tax by the Canadian company assets in a trust which was established in Barbados

05.06.2012 The governments of Italy and Russia have already a week to use Tax Treaty Protocol
On 1 June 2012, the amending protocol, signed on 13 June 2009, to the Italy–Russia Income and Capital Tax Treaty (1996) entered into force

04.06.2012 Hong Kong continues to attract investors from all over the world
The date of entry of agreement for the avoidance of double taxation (CDTA) into force was the 3rd of June, 2012

01.06.2012 Italy and Switzerland on the way to the conclusion mutual tax agreement
24 May 2012 was the first round in financial and tax issues between Switzerland and Italy

31.05.2012 The Ukrainian authorities have decided to legalize the tax deductions for IT sector
The Parliament of Ukraine adopted a series of legislative amendments in favor of an economic experiment to create favorable conditions for development the IT industry in Ukraine.

31.05.2012 The Ukrainian authorities have decided to legalize the tax deductions for IT sector
The Parliament of Ukraine adopted a series of legislative amendments in favor of an economic experiment to create favorable conditions for development the IT industry in Ukraine

30.05.2012 Stock market games is continuing
Facebook is considering the opportunity to purchase Opera Software ASA

28.05.2012 IMF offers to the authorities of Ukraine to strengthen tax burden on the rich people!
International Monetary Fund (IMF) recommended to the Ukrainian authorities to take measures to retain the state budget deficit in order to meet the government’s 1.8 percent of GDP

25.05.2012 European Parliament adopts ambitious approach on financial transaction tax
On the 25th May, 2012 deputies of Euro Parliament supported the introduction of financial transaction tax in the EU

24.05.2012 Affiliation in tax dispute was not appeared
On the 15th May 2012 Federal Arbitration Court of Ural District made a final decision in the tax dispute between tax authorities and retail trade system “Monetka”.

24.05.2012 The list of holidays in June, 2012, in different countries exept weekly off days
Dear client! We provide you information concerning holidays schedule in banks in June, 2012.

23.05.2012 The amendments in tax legislation
On Monday 21st May 2012 the Finance Committee of the House of Representatives Cyprus discussed and approved the amendments to the tax legislation

22.05.2012 Latvia confirmed the reduction in tax in 2012-2015
Recently Saeima of Latvia almost unanimously approved amendments to the tax legislation proposed by government reducing the value added tax (VAT) and the personal income tax in the first reading

21.05.2012 Duma refused to revoke bank secrecy for individuals
The Budget and Tax Committee of the State Duma has rejected a bill proposed by Ministry of Finance of the Russian Federation

18.05.2012 Has the USA the “Afghan campaign” in mind again?
On 17th May 2012 the House of Representatives of the Senate approved the continuation of the “Afghan campaign”

17.05.2012 Will early Parliamentary elections save Greece?
On 17th June 2012 Greece will hold new early Parliamentary Elections.

16.05.2012 FACEBOOK – a new record in making a debut at the market.
A well-known Internet-company Facebook Inc., being the owner of the biggest worldwide social networking website, will increase the size of an up-coming IPO by 25 %.

15.05.2012 Leading Hong Kong Banks will raise interest rates and fees for credit cards from July
This comes just a month after the rollout of the third stage of reforms to improve disclosure and other practices undertaken by the Hong Kong Monetary Authority in conjunction with the Hong Kong Association of Banks.

14.05.2012 The first steps to the Reform of the European Tax System. Financial Transaction Tax.
On May 4, 2012 the European Commission published at its official site seven expository documents, clarifying  a  stage by stage system of implementation of a tax imposed on the financial transactions in to the European tax system.

12.05.2012 Vacation in Turkey is doubled.
On April, 2011 a bilateral inter-governmental agreement came into force on reciprocal travels of citizens.

11.05.2012 The Inland Revenue Department of Cyprus began to examine its taxpayers.
“Recently, the new amendments to the Law on personal data were submitted to the Parliament of Cyprus for consideration, allowing  the  Inland Revenue Department ( IRD) to use all available data about a taxpayer without coordination with the Personal Data Commissioner.

10.05.2012 Government tax increase.
On May 8, 2012, Panama’s Legislative Assembly approved and published Law No. 28 which increases the government tax for Panama Companies and Private Interest Foundations.

05.05.2012 Google speaks about losses in Australia, but pay taxes in Ireland
The Australian division of the Google company published the financial report for 2011. According to the report expenses exceeded the income. At a turn 201 million US dollars the losses of the company is 3,9 million.

04.05.2012 The European Commission deprives Belgium of a number of advantages of tax system
The government of Belgium received formal inquiry from the European Commission about modification of the legislation on the taxation of profit of the companies and tax on inheritance.

03.05.2012 New Zealand and Canada rejoice to the new tax agreement
Today, on May 3, the ministers of two countries signed the corrected agreement on double taxation avoidance, urged to replace the existing bilateral agreement dated still by 1980.

02.05.2012 Latvia hopes to lower tax loading
The Minister of Finance of Latvia declared that the rate of the VAT can be lowered from 22 % to 21 % but on condition that it will be possible to agree with businessmen that the reduction in tax will be reflected also on prices in shops.

28.04.2012 Canada and Serbia signed the agreement on double taxation avoidance
Yesterday, on April 27, Canada and Serbia signed the agreement on double taxation avoidance regarding taxes on the income and the capital.

27.04.2012 François Olland dreams to enter the VAT for objects of luxury
The most probable candidate for presidential post of France, François Olland, adhering to left-wing views, suggested to enter in France unprecedented high VAT for objects of luxury at a rate of 33 %.

27.04.2012 The list of holidays in May, 2012, in different countries exept weekly off days
Dear client! We provide you information concerning holidays schedule in banks in May, 2012.

26.04.2012 The OECD prepared the report on income taxes for 2011
The organization published researches according to which social taxes and taxes on a salary in 2011 increased in 26 of 34 OECD countries.

25.04.2012 Hong Kong and Malaysia signed the tax agreement
Today, on April 25, 2012, the Governments of Hong Kong and Malaysia signed the agreement on double taxation avoidance which also provides an exchange of tax information on OECD  standards and by that turned this day into historical date for investors of these states.

24.04.2012 Guernsey as Jersey
The government of the island reported that the EU working group on the business taxation took out a preliminary estimate to the preferential corporate tax Guernsey regime.

23.04.2012 In Europe there will be the general corporate tax base
On April 19, 2012, on vote of the European Parliament there was adopted the resolution that transition to the general corporate tax base should occur without fail, after passing of a transition period.

20.04.2012 Scotland will have its own tax policy
In Scotland there is the bill drafting according to which the country acquires the right independently to define a tax rate on the income, and also to impose new taxes.

19.04.2012 The government of the Czech Republic intends to fill up the budget of 2013-2015.
The government of the Czech Republic laid down the aim to fill up the budget in the next three years and defined a number of measures which can promote it.

18.04.2012 The senate of the USA decided not to raise a tax for rich men
Senators didn't support Barack Obama's initiative on raising a tax rate for the rich Americans, also known as "Buffett's rule".

17.04.2012 Austria and Switzerland signed the tax agreement
The president of the Swiss confederation and the federal Minister of Finance of Austria signed the agreement regarding regulation of income tax.

16.04.2012 The new EU directive on money laundering
The new version of the EU directive on money laundering is already prepared by the European commission.

13.04.2012 The court of Switzerland refused to inform IRS
One of these days in Switzerland the administrative court didn't provide IRS bank data on the American client.

12.04.2012 Russia and Italy won’t have tax secret any more
The president of Russia at the beginning of April 2012 signed the Federal law «About ratification of the Protocol on modification of the Convention between the Government of the Russian Federation and the Government of the Italian Republic.

11.04.2012 The American billionaire filed a suit on UBS
In U.S. District Court in Santa Ana preliminary hearings under the claim of the American billionaire of Russian origin of Igor Olenikova against Swiss UBS have begun.

10.04.2012 Outflow of the Russian capital grew
By a preliminary estimate of Bank of Russia in the 1st quarter 2012 pure outflow of the private capital from the Russian Federation grew in 1,8 times and made 35,1 bln. dollars.

09.04.2012 Switzerland and Germany still intend to ratify the tax agreement
The tax scandal between Switzerland and Germany, about which we wrote earlier, didn't manage to cease as these countries report about new events.

06.04.2012 The OECD will simplify transfer pricing
Under the aegis of OECD there was the International forum concerning transfer pricing where more than 90 representatives of national tax authorities gathered.

05.04.2012 A uniform corporate tax is intended to be imposed in the United Arab Emirates
The United Arab Emirates plan to enter a uniform rate of a corporate tax for all seven emirates.

04.04.2012 Tax scandal between Switzerland and Germany
Tax scandal blazed up between Berlin and Bern. This news appeared in the press on the first of April and it wasn’t a joke. Since that time this scandal only grows.

03.04.2012 Amendments in Russian Civil Code
On April 3, 2012, the president of the Russian Federation Dmitry Medvedev made amendments to the State Duma concerning Russian Civil code.

02.04.2012 Financial centers and financial capitals of the business world
The non-governmental British analytical organization Z/Yen Group carried out about two years the interrogation of opinion of world financiers and businessmen.

30.03.2012 VAT rates in EU countries only grow
VAT rates (VAT) in Europe are established by each country independently. The legislation of the European Union doesn't regulate uniform rates for all EU countries but only establishes the minimum limit.

29.03.2012 UBS intends to defend from charge in assistance to citizens of France in tax avoiding
The Swiss bank UBS disproved charges in assistance to French citizens in tax avoidance.

28.03.2012 Amendments in Cyprus International Trusts Law
Last week amendments were made to Cyprus International Trusts Law. The new law came into force on March 23, 2012.

27.03.2012 In Hong Kong the payment of annual license fee is abolished
Since April 1, 2012, according to the statement of Securities and Futures Commission (SFC) of Hong Kong, annual license fee is abolished for two-year term.

26.03.2012 The US Securities and Exchange Commission enhance cooperation with EC and Cayman islands
The representative of the Securities and Exchange Commission announced that it has established two Memorandums of understanding with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.         

23.03.2012 Trust law consultation opens in Hong Kong
«22» of March, 2012 the Government launched a two-month public consultation on the draft legislation on trust law reform.

22.03.2012 The Government of Australia works out the new tax system models
On 14 March 2012 the Deputy Prime Minister Julia Gillard announced that the Government would amend the Income Tax Rates Act 1986.

21.03.2012 In Great Britain the income tax payment procedure is being revised
On March 21, 2012 Chancellor George Osborne submitted for approval of Parliament the draft of the Budget 2012.

20.03.2012 In China taxes fall, level of social development grows
China takes a ply for prompt acceleration of rates of development of the country that pushes a management of China to decrease in taxes and increase in expenses at social development.

19.03.2012 Iran has been excluded from the international bank system SWIFT
On Saturday, March, 17th, SWIFT, the largest international interbank payment system which unites more than 10000 financial institutions in 210 countries, has stopped to render a telecommunication service to the Iranian banks which have got under the sanctions of the European Union.

16.03.2012 The definition of profit source in Hong Kong
A definition of a source profit source you can find in the special document under name Departmental Interpretation And Practice Notes No 21 in edition from 1998. Last changes which concern calculation questions, were made in December, 2009.

15.03.2012 Tax treaties between Austria, Canada and the Czech Republic
The Austrian government has announced that the Ministry of Finance of Austria signed the revised agreement with Canada and  Czech Republic  for the avoidance of double taxation. Agreements include provisions for the exchange of tax information in accordance with international standards and mutual assistance in tax matters.

14.03.2012 The Andorran Government approves draft law on foreign investments
On the 13th of February, 2012, the managing partner of «Honest and Bright Ltd» held a meeting with representatives of one of the largest banks in Andorra where they discussed the draft law on foreign investments.

13.03.2012 Financial transactions tax in Europe will already appear this year
The European Commission suggested imposing the tax on all kinds of financial operations, including operations with bonds. This initiative was supported by eight Ministries of Finance of the European Union which have addressed with the letter, containing the requirement to approve the financial transactions tax at the European level already this year.

12.03.2012 Germany approved the amendments of the shvejtsarsko-european agreement
Germany and the European Commission resolved disagreements regarding the bilateral agreement conclusion where there is the information about withholding tax collect and counteraction to practice of evasion from tax payment.

11.03.2012 Cyprus promises are not empty
Even in December, 2011, The Parliament of Cyprus approved rate increase of VAT by 2%: from 15% till 17%. New rate came into operation since March, 1st, 2012.

07.03.2012 Malta is the most European country of the European Union
European Commission research showed that among 27 EU Member States the legislation of Malta in the best way corresponds to the European directives based on the Single market.

06.03.2012 Bulgaria preserves low corporate tax
Only in some hours prior to the opening of the summit of heads of the European states in Bruxelles which has taken place on March, 1st, 2012, the prime minister of Bulgaria, Bojko Boriss, in his performance has declared that in the foreseeable future Bulgaria intends to keep the present rate of corporate tax.

05.03.2012 Tax secret of Singapore and Estonia will not exist any more
On March, 30th, 2012, the Protocol directed on simplification of tax information exchange within the limits of the existing double taxation agreement between Singapore and Estonia will come into force.

02.03.2012 Russian tax maneuver
Last winter day, on February, 29th, there was the meeting on economic problems under the direction of the head of the state Dmitry Medvedev. Final decisions at this meeting were not reached. It is necessary to notice that one more discussion of tax reform will take place soon.

01.03.2012 VTB carries on negotiations for the purchase of Marfin Bank
The second-large bank of the Russian Federation, VTB, doesn't confirm the information which has appeared in mass-media on the intention to enter into the capital Cyprian Marfin Popular Bank as the strategic investor.

29.02.2012 Tax revolution is planned in American business
US president Barack Obama suggests to lower corporate tax rate from 35 % to 28 % «to impulse tax reform».

28.02.2012 Hong Kong believes in vivifying force of tax privileges
In the project of Hong Kong state budget for 2012-2013 there are pleasant surprises for tax bearers. According to officials, tax privileges for individuals and business will stimulate economic activity, and also will strengthen the investment appeal of this jurisdiction.

27.02.2012 Luxury tax in the Russian Federation
Stanislav Voskresensky, the Deputy Head of the Ministry of Health of the Russia Federation, declared that next year luxury tax can be imposed on real estate, the area of which is from 1 thousand sq. m., but the physical persons property tax could be already increased.

24.02.2012 Tax service has got Americans abroad
The law "Foreign Account Tax Compliance Act" (FATCA) was signed by US president Barack Obama in spring, 2010. Last year's scandal between US authorities and the Swiss bank UBS became a push to adopt this law.

22.02.2012 Georgia and Hungary signed the agreement on double taxation avoidance.
On February, 15-17, 2012, during the visit of Georgian delegation to Hungary the agreement on double taxation avoidance was signed.

21.02.2012 Finland is discussing the ban on the real estate purchase by the residents of Russia
On the 17th of February 2012 the group of Finnish deputies proposed the initiative to ban the sale of real estate in Finland to the EU non-residents, including the citizens of the Russian Federation.

20.02.2012 FATF has updated its recommendations
15 February 2012 the members of the organization FATF (Financial Action Task Force on Money Laundering) have been revised recommendations on combating money laundering and terrorism financing.

17.02.2012 Accounts Chamber of the Russian Federation will stop the withdrawal of Russian assets to offshores
16 February 2012 The Chairman of Accounts Chamber of the Russian Federation Sergey Stepashin in his “Business lunch” to "Rossiyskaya Gazeta" published 17.02.2012g. № 5708, expressed full determination to fight with the process of withdrawal of assets to offshore jurisdictions.

16.02.2012 A new protocol to the agreement on double taxation avoidance between Russia and Cyprus was ratified
15 February 2012 the State Duma of the Russian Federation completed the procedure of ratification of the protocol to the agreement on double taxation avoidance between Russia and Cyprus.

16.02.2012 Sberbank extremely desires to get the status of an international bank
Perhaps one of the most famous for the Russian citizen banks - Sberbank - yesterday, 15 February 2012 closed the largest deal to purchase 100% shares of Volksbank International AG (VBI).

15.02.2012 The Agency on Deposit Insurance will be able to invest in foreign securities
Yesterday, 14 February 2012, at the meeting of the State Duma of the Russian Federation committee on financial market a report on the draft of the Federal Law № 476130-5 "On Amending Article 14 of the Federal Law "On insurance of physical persons deposits in the banks of the Russian Federation" (in the part of the possibility to open a bank account by the Agency on Deposit Insurance) was submitted.

15.02.2012 Schedule of days-off and holidays in different states besides ordinary days-off
Hello, dear subscribers.

14.02.2012 Lithuania became more attractive for investors
At the current moment Lithuania provides significant benefits to small business as well as persons that take activities in free economic zones of the state.

13.02.2012 China and Canada are ready to update the "old" agreement
Canada and China are reviewing the provisions of double taxation avoidance agreement. This international document was signed between the two powers in 1986.

10.02.2012 The USA “extends its expansion” to the east
Recently the USA government has decided to draft a new agreement on information exchange with several European states.

09.02.2012 The UK has reached a new agreement in the tax sphere with the Principality of Liechtenstein
This week Liechtenstein and the UK reached the agreement on several issues in the tax sphere.

08.02.2012 The Supreme Arbitration Court can change the court practice in the sphere of VAT payments
Until the recent times the Russian legal entities that paid income to foreign counterparts based on transactions refused to calculate and pay VAT to the state budget in spite of the fact that the Russian organizations in this case are the tax agents.

07.02.2012 Russia is looking for sources of the state budget replenishment
Yesterday at the tax conference that took place in Russia the Deputy of the Minister of Finance Sergey Shatalov named several important issues on taxation of the country.

06.02.2012 Switzerland has disclosed confidential information to the United States
Recently the Government of Switzerland has made an official statement that banks of the state are ready to cooperate with tax authorities of the United States of America.

03.02.2012 The Principality of Liechtenstein and Hong Kong strengthen economic ties
The officials of the state of Liechtenstein and the Hong Kong special administrative region have recently discussed the future of fruitful economic cooperation between the jurisdictions. The meeting of representatives held in the capital of the principality - the city of Vaduz.

02.02.2012 France increases tax rates
29 January 2012 in the framework of another television interview the French President Nicolas Sarkozy spoke about the coming state taxation changes.

01.02.2012 Facebook goes for IPO
Today, 1 February 2012 Facebook documents submission for IPO is scheduled. However, according to experts’ opinion, it may be postponed until the middle of the current month.

31.01.2012 The EU adopted a new fiscal pact
On Monday 30 January 2012 within the framework of the latest emergency summit in Brussels the European Union member states signed a new fiscal pact.

30.01.2012 BVI offers a new project concerning trademarks
23 January 2012 the BVI Government provided the state Parliament with a draft of new legislative act of intellectual property for its consideration. It is planned that a new Trademarks Bill 2012 should replace the current Trade Marks Act (Cap. 158).

27.01.2012 Germany may revive the state fund to assist banks
Recently the lower house of German parliament has approved the legislative project to revive the fund SoFFin for the "safety” of banks of the state from losses on sovereign European bonds.

26.01.2012 The effect of wealth tax in France has exceeded all the expectations
According to recent reports of French specialists the effect of introduced in summer 2011 on the state territory wealth tax - l'impôt de solidarité sur la fortune - has brought unexpected result.

25.01.2012 Tax Policy of the Russian Federation is expected to be predictable
Recently the Russian President Dmitry Medvedev in the speech at the commission on modernization outlined the important question of predictability of the tax system in Russia.

24.01.2012 Will offshores disclose their beneficiaries?
24 January 2012 the final meeting of the working group chaired by the Russian Federation Minister of Justice Alexander Konovalov on the Russian Federation Civil Code reform was passed.

23.01.2012 The European Commission is preparing a draft of the directive on intellectual property
At the moment the European Commission is developing a new draft of the directive on intellectual property.

20.01.2012 Greece must achieve interest rate reduction on government bonds
Recently the finance ministers of the eurozone at the official meeting in Brussels during the discussion of the economic situation in Greece have rejected the agreement reached between Greece and representatives of banks and private equity funds with respect to the purchase of government bonds.

19.01.2012 Malta continues to be an attractive financial center
Only 15 years ago Malta in principle could not be named a major financial center since the economics was in its infancy.

18.01.2012 Switzerland has to disclose bank information
Recently the Government of Switzerland has prepared a bill under which the state undertakes to provide foreign intelligence services with financial information about the details of bank accounts, account activity and balances on them.

17.01.2012 The Republic of Seychelles changed its legislation
At the end of 2011 the Government of the Republic of Seychelles adopted several amendments to the corporate law of non-resident entities (companies, trusts, foundations and partnerships).

16.01.2012 The new agreement of double taxation avoidance between Russia and the United Arab Emirates
In the end of last year between Russia and the United Arab Emirates the new agreement of double taxation avoidance has been signed.

13.01.2012 New year – new rates of the VAT in the European countries
In the beginning of the new year a number of the most popular countries among the Russian investors has decided to reconsider Tax laws and to increase the rate of the VAT.

12.01.2012 Hong Kong has the freest economy in the world!
According to the information from Heritage Foundation – the strategic research Institute of the USA - Hong Kong for 2012 takes a leading position among the countries with free economics.

11.01.2012 New tax introduction threatens French banks
In 2011 the plan to introduce a new tax on financial transactions was one of the European Commission projects.

10.01.2012 Capital of Russian banks must increase double in size
From 1 January 2012 the new minimum capital requirements for Russian banks came into effect.

29.12.2011 Parex banka has refused the license of the credit institution
Latvian Parex bank was founded in 1992. Today it is among the banks that used and continue to use governmental support because of 2008 and 2011 economic crises.

28.12.2011 Russia plans to introduce differential tax regimes
Recently the President of the Russian Federation Dmitry Medvedev declared about the practicability of differential tax regimes on the territory of all subjects of Russia.

27.12.2011 France accepts the austerity measures of the budget
In 2012 France plans to cut state budget deficit. The mechanisms of this reduction are based on strengthening the control over public spending and tax breaks cutting.

26.12.2011 Japan and China reached the agreement on the use of national currencies
25 December 2011 during the official meeting in Beijing Japan and China agreed to use national currencies instead of U.S. dollars in transactions between the companies of these jurisdictions. Such an agreement was reached between the countries due to the ongoing economic crisis that have already had global scales.

23.12.2011 Uruguay became the "white" jurisdiction in the OECD lists
The Organization of Economic Cooperation and Development (OECD) is an international economic organization of developed countries, carrying out extensive analytical work, it makes recommendations for member states.

22.12.2011 Lithuania has introduced new taxes
21 December 2011 Lithuanian Sejm introduced a new tax on luxury. The object of taxation is real estate valued at more than 1 mln. lit.

21.12.2011 The EU states will provide 150 bln. euro to the euro zone
19 December 2011 the eurozone member states concluded an agreement on the allocation to the International Monetary Fund (IMF) 150 bln. to assist the countries of the zone affected by the crisis.

20.12.2011 Liechtenstein joined the Schengen zone
From 19 December 2011 the effect of the Schengen Agreement will apply to the Principality of Liechtenstein.

19.12.2011 Ukraine decriminalized the crimes in the sphere of economic activity
17 December 2011 the Law № 4025-VI "On Amendments to Certain Legislative Acts of Ukraine concerning the humanization of responsibility for violations in the sphere of economic activity" ("Voice of Ukraine", No. 239) was published in Ukraine.

16.12.2011 Norway has a shortage of in butter
At the moment Norway that is one of the prosperous Scandinavian countries with high level of economy has a big problem with selling such an ordinary product as butter.

15.12.2011 The EU expects Russia to hold new the State Duma elections
Yesterday at the plenary session of the European Parliament it was said that the recent 4th December 2011 Russian parliamentary elections had a huge number of different disorders.

15.12.2011 A plan to cancel visas for Russia has been drafted
The EU agreed to discuss with Russia the plan to abolish visa regime.

14.12.2011 Facebook ends its work
Recently the founder of Facebook Mark Zuckerberg has announced the decommissioning of the project.

13.12.2011 BVI continues to hold strong positions
Financial Stability Board has recently made a statement that the British Virgin Islands at the moment is a jurisdiction which fully meets international standards for cooperation and exchange of information between countries.

12.12.2011 A new tax can appear in Austria
During the plenary session of the National Council of Austria, issues of taxation were covered.

09.12.2011 The EU will launch a new mechanism of financial stability
In 2011 a lot of meetings of EU member states on the issues of crisis overcoming were held.

08.12.2011 Russia will have a new specialized court
In 2012 – 2013 the court system of Russia will be changed.

07.12.2011 Greek parliament introduces austerity regime
Recently the Greek Parliament has approved the state budget draft for 2012.

06.12.2011 Italy strengthens the internal politics
Recently Italy has strengthened its internal fiscal policies because of the crisis. The EU fully supported such step taken by the Italian Parliament on the 4th of December 2011.

05.12.2011 Guernsey will retain 0% corporate tax rate
Guernsey - one of the Normand Islands that are under the jurisdiction of the United Kingdom has recently confirmed the application of 0% corporate tax rate within its territory.

02.12.2011 The EU has set strict conditions for Ukraine
On the 1st of December 2011 the European Union adopted a resolution on the issues of cooperation possibility with Ukraine and its adoption to the EU.

01.12.2011 Cyprus is ready to increase VAT rate
Cyprus Ministry of Finance declared the necessity to increase VAT tax rate from 15% to 17%. The country's budget can’t cope with the repayment of external debt.

30.11.2011 Switzerland is in the process of four new tax agreements drafting
Soon to the Swiss Parliament four new projects of international agreements in the tax sphere should be submitted for approval.

29.11.2011 The project of a new tax introduction in the Russian Federation
Although there is no certain project of amendments to the Tax Code of the Russian Federation, officials of the country have already shared their opinions on the new kind of luxury tax introduction in Russia.

28.11.2011 Foreign banks can leave Cyprys
During the parliamentary debates Cyprus Minister of Finance declared the necessity of tax burden increase for foreign banks on the island.

25.11.2011 Ukraine is getting ready for reforms
A few days ago the Government of Ukraine declared its firm intention to introduce further effective measures to control the operations involving offshore companies.

25.11.2011 Russia and Luxembourg signed the Protocol to the Agreement on Double Taxation Avoidance
On the 21th of November 2011 the officials of two powers - Russia and Luxembourg - signed the protocol to the existing agreement between countries on double taxation avoidance.

24.11.2011 Cyprus is ready to adopt the new package of anticrisis measures
Cyprus is drafting new measures aimed to overcome the negative consequences of the crisis. Officials of the country declare that these changes will not affect companies that do not lead activities in the state.

23.11.2011 The process of Latvijas Krājbanka nationalization has started
Bank Latvijas Krājbanka has serious difficulties. Due to lack of capital the bank failed to pay its customers money owed to them in accordance with deposits.

22.11.2011 Hungary needs financial assistance
Recently Hungary asked the EU and IMF for help. The country continues to suffer from the negative impact of the crisis.

21.11.2011 The Supreme arbitration court of the Russian Federation made an important decision in the case of the Tax Code non-discriminatory provisions application
On the 15th of November current year the SAC considered the case concerning the possibility of application of thin capitalization rules and, in particular, non-discriminatory provisions to the taxpayer - the Russian company.

18.11.2011 The Government Russian Federation holds active discussions concerning the sales tax return
Recently the Prime minister V. Putin  unequivocally stated that the retirement age in Russia in the foreseeable future will not increase.

17.11.2011 The Bank of Lithuania appointed temporary administration for SNORAS bank management
November 16, 2011 the Board of the Bank of Lithuania has decided to appoint temporary administration of SNORAS bank as well as take temporary preventive measures to protect the bank's assets.

16.11.2011 Austria passes budget for 2012
November 18 2011 Austrian Parliament will vote for passing 2012 national budget. The budget draft provides tax revenues of EUR 64.41bln, as well as expenses in the amount of EUR 73.58bln. Thus the planned budget deficit in 2012 is 2.6% of GDP.

15.11.2011 Russia will suggest new incentives for investors
In spring 2012 FFMS is going to bring to the State Duma the draft of amendments to the legislation in tax sphere.

14.11.2011 The EU has made up autumn forecast of economic development
On the basis of the autumn forecast made by the EU the financial sector has been gradually improved.

11.11.2011 Russia is at the final stage of World Trade Organization accession
On 10 November 2011, at the referendum of WTO member-states the Working Party on the Russian Federation accession to World Trade Organization presented a package of documents (including protocol on accession and its appendixes) and declared the conditions that Russia is obliged to fulfill.

10.11.2011 France is planning to hold reforms
France is discussing the package of measures to overcome the crisis. These steps relate to tax and budget spheres.

09.11.2011 Hong Kong and Malta have signed DTA agreement
On the 8th of November the officials of Malta and Hong Kong signed DTA agreement between the appropriate states.

08.11.2011 Russia will provide Cyprus with credit
The Russian Federation will financially assist Cyprus in the form of a credit that was formalized in agreement between the two states.

07.11.2011 "Big Twenty" discussed the problems of the banking sector
At the beginning of November current year the summit of "big twenty" which discussed the urgent problems of European countries in crisis took place.

03.11.2011 Labuan is drafting programs to stimulate capital flows to the country's oil and gas sector
Low tax jurisdiction Labuan runs incentive programs to attract investment in oil and gas sector. One of the authorities of the state financial bodies pointed out that for many years this raw material sector has been contributing significantly to the economy of the state and is about 20% of GDP throughout Malaysia.

02.11.2011 Luxemburg can become a real alternative to Cyprus
Recently Luxemburg Deputy Prime Minister and Foreign Affairs Minister have come to visit Moscow to discuss the further fruitful cooperation between the two states.

01.11.2011 FATF has excluded Ukraine from its “black list”
On the 27th of October the current year at the meeting of international organization Financial Action Task Force – FATF – Ukraine was excluded from the “black list”; its thorough monitoring and careful watching for Ukraine legislation and its application were stopped.

31.10.2011 Tax agreement between Greece and Switzerland is being discussed now
Recently the officials of Greece and Switzerland have discussed the issue on signing an agreement in tax sphere.

28.10.2011 The united state register of securities is made up in Ukraine
Recently Ukraine has approved the project of state register of securities.

27.10.2011 European banks are drafting recapitalization plans
In the framework of Wednesday summit of states-members of EU the exact figures concerning European banks recapitalization were announced. 106,447 bln. euro are necessary to such credit organizations to cope with negative crisis effect.

26.10.2011 Agreement in tax sphere between Netherlands and Hong Kong has come into force
Signed in March 2010 double taxation avoidance agreement between Hong Kong and Netherlands came into force on the 24th of October current year.

25.10.2011 Netherlands introduces tax breaks in 2012
Dutch State Secretary for Finance declared that companies that did their business in innovative developments sphere would get certain tax breaks in 2012. Such a measure is introduced as the state support and incentive in innovative field.

24.10.2011 Labuan is improving economic indicators
The Chief Executive has declared that Labuan is increasing its attractiveness as a financial business center.

21.10.2011 Greece will receive another tranche
At the beginning of November current year Greece again must be provided with financial assistance in the amount of USD 8bln. The creditor as earlier is the "big three" - the IMF, the EU and the ECB.

20.10.2011 In Russia VAT is not imposed on outsourcing services rendered by foreign companies
Quite often organizations registered in Russia use in doing its business outsourcing services provided by both foreign and Russian companies.

19.10.2011 Netherlands and Russia are moving to a new stage of cooperation
Today the Prime Minister of the Netherlands has come to Moscow with a visit. The purpose of the trip is to strengthen economic and trade relations between the powers.

18.10.2011 Irish economics is improving
In comparison with other countries affected by the crisis (e.g. Spain, Italy) Ireland has significantly improved its economic situation.

17.10.2011 EU needs to hold legislative reforms
Recently the ECB President declared about the necessity of changes in existing legislation of the European Union.

14.10.2011 Andorra changes taxation
Recently the head of the Andorran government has confirmed the plan of taxation change of the state.

13.10.2011 Tax information exchange agreement (TIEA) between Canada and St. Vincent and the Grenadines has entered into force
TIEA between Canada and St. Vincent and the Grenadines that was concluded last year (22 June 2010) cane into force on 4 October 2011.

12.10.2011 Can Russia play the role of a saver?
Today officials confidently declare that if necessary Russia is ready to assist Europe to solve urgent problems connected with the debt crisis way out.

11.10.2011 Rescue Plan for European banks.
At the moment the plan of recapitalization of banks in Europe as a means of crisis overcoming in the euro zone is being developed.

10.10.2011 British banks rate has noticeably declined
Recently the rate of several leading British banks (Lloyds TSB Bank, Royal Bank of Scotland, Santander UK, Co-Operative Bank, Nationwide Building Society and other smaller ones) has significantly declined.

07.10.2011 Switzerland and India signed a cooperation agreement
The officials of India and Switzerland have recently signed a "memorandum of understanding."

06.10.2011 Germany confidently holds its position in the crisis
Germany maintains its position in the crisis period that is throughout Europe.

05.10.2011 Portugal is not going to increase taxes
Portugal is one of European states which most of all felt negative effect of the crisis.

04.10.2011 Tax burden is planned to increase in Brazil
Disappointing news for foreign investors has been brought by the discussion of officials in Brazil concerning taxation in the state.

03.10.2011 Austria and Slovenia: a new stage of relations development
The DTA agreement has been resigned between Austria and Slovenia.

30.09.2011 Europe is increasing the volume of the financial stability fund.
To fight with the prolonged crisis all the European forces are thrown.

29.09.2011 Ireland has strengthened its economy.
Recently economic indicators of Ireland have been noticeably improved.

28.09.2011 Jersey is strengthening its position.
The island of Jersey, as an offshore zone, is a favorable area for investment because of obvious tax advantages offering.

27.09.2011 Greece has introduced a new tax.
As it is known Greece today is in the group of countries most affected by the crisis.

26.09.2011 Recently Swiss deputies have discussed the issue of tax "attractiveness" of the Confederation.
A few days ago the Swiss officials discussed the need to preserve the tax attractiveness of the country.

23.09.2011 The process of assets transfer from European banks continues to take place.
In recent months there has been a tendency of assets withdrawal from European banks.

22.09.2011 There are many alternatives in Russia but all of them come to the one...
Today there are heated debates concerning tax policy of the Russian Federation in state bodies, in the Ministry of Finance in particular.

Denmark has simplified relocation
Since July 1, 2024, the Danish Agency for International Recruitment and Integration has simplified the possibility of relocation for some more specialties.

France will simplify the procedure for extending a residence permit
From July 15, 2024, a new procedure will come into force that will allow foreigners residing in France to apply for an extension of their residence permit online.

The best cities for remote work
The Berlin-based WorkMotion platform conducted a study among 85 cities around the world and ranked the best cities for remote work.

End of the residence permit program in Latvia
The Latvian Seimas in the final reading approved amendments to the immigration law, which suspend the unhindered extension of a temporary residence permit (residence permit) in the republic for citizens of Russia and Belarus.

JPMorgan under suspicion?
In Frankfurt an inspection was being conducted at the offices of the American bank JPMorgan Chase & Co., related to the investigation of a high—profile tax fraud in the history of Germany - the so-called Cum-Ex transactions.

Switzerland raises taxes
The Swiss Federal Council issued the official statement in which it announced that the state continues the procedure for implementing the global minimum tax in accordance with Component 2 of the OECD Decision for the International Tax Reform.

The senate of the USA decided not to raise a tax for rich men
Senators didn't support Barack Obama's initiative on raising a tax rate for the rich Americans, also known as "Buffett's rule".

The US Securities and Exchange Commission enhance cooperation with EC and Cayman islands
The representative of the Securities and Exchange Commission announced that it has established two Memorandums of understanding with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.

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