Jurisdictions news

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.

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