Jurisdictions news

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.