Jurisdictions news

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”).

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