Jurisdictions news

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.