Jurisdictions news

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.