Jurisdictions news

07.06.2013 The new agreement on avoidance of double taxation in the “coin box” of the Russian Federation

With the help of the Federal Law N 107 about the ratification of the Agreement between the Government of the Russian Federation and the Government of the United Arab Emirates on the taxation of investment income of the Contracting States and their financial and investment institutions, Russia has supplemented the list of agreements which help to avoid double taxation.

04.06.2013 Singapore is a victim of the new bank secrecy rules?

One of the fast growing sectors of the Singaporean economy is banking. In view of rather large size of this sector, losses in case of some negative circumstances will be enormous. We remember the latest events in Switzerland, that’s why there is something to fear of.

23.05.2013 Poland prepared new rules for Controlled Foreign Corporations

The Polish Ministry of Finance has prepared new draft legislation to combat tax avoidance involving the transfer of income by Polish companies to companies founded in countries with more favorable tax treatment than in Poland.

20.05.2013 Cyprus is trying to regain its erstwhile glory.

The Cyprus government continues to issue decrees, which are aimed to rebuild the country and the banking system after the recent events.

14.05.2013 Will the Netherlands become a new tax haven?

By their conclusions, European experts offer businessmen to pay their attention on such a perspective country like Netherlands. Due to recent events on Cyprus and the current unfavorable situation for businessmen, the problem with offshores is not solved.

06.05.2013 The turning point in the fight against tax evasion?

On the web-site of the UK Treasury was published the information about George Osborne`s speech, in which he expressed his satisfaction about the will of the British Overseas Territories authorities to begin fight against tax evasion. The fight will be in the fact that British offshore companies will share information on the holders of accounts in their banks.

22.04.2013 Cyprus raises the tax rates actively.

After recent events, the Cyprus economy was in danger. Cyprus took the emergency measures, accepting the terms of the Euro group, which includes imposing a tax on deposits in exchange for substantial financial assistance from the EU in the amount of $ 10 billion. 

19.04.2013 Germany again crossed Switzerland’s interests.

German tax authorities have bought a new CD containing bank account details of thousands of alleged tax evaders with accounts in Switzerland. They conducted 200 raids on Tuesday and expect to recoup more than half a billion euros in lost tax revenues.

18.04.2013 Switzerland imposes quotes for labor immigrants

Since 1^st of May Switzerland prolonged the duration of limitations for issuance of permissions for work for 5-year term for the citizens of 8 states of East Europe and for the first time since 1^st of June imposed quotas in respect of representatives of 17 states-members of the EU. Up to June, 2014 it is planned to issue not more than 55 thousands of long-term visas. The government explained its actions by highly raised number of labor immigrants from the EU countries which lost money because of financial crises.

17.04.2013 Luxembourg will abandon bank secrecy

Luxembourg`s government announced, that Luxembourg will become one of the countries of European Union, which will enact system of auto exchanging tax information about incomes of it`s citizens. Minister of finance of Luxembourg`s, Luc Frieden also support idea of exchanging tax information, and added, that it’s necessary to review banking system now from the worldwide tendency of finding tax wrongdoers. 

16.04.2013 Worldwide tendency of tax information exchange comes to Hong Kong

Worldwide tendency in sphere of auto exchanging tax information unites more and more countries nowadays. Another jurisdiction, which decides to change it`s legislation and add exchange of tax information is Hong Kong.

05.04.2013 Fashion sentence costs of 343 million euros

Now, the creators of famous Italian brand Golce&Gabbana can both be boast of not only their fashion and expensive collections, but also of one of the loudest trials about tax evasion.

12.03.2013 Double Tax Pact between Hong Kong and Mexico

The Convention for the Avoidance of Double Taxation between Hong Kong and Mexico, signed on June 18, 2012, entered into force on March 7, 2013. 

05.03.2013 Spain imposes new requirements to the declaring of foreign assets.

Spanish citizens as well as people who stayed in Spain more than 283 days of whose wife or children lives here, are obliged to declare their foreign assets before 30^th of April if the value of the assets is more than 50 thousands Euro. The assets are understood as bank accounts, real estate, shares, life insurance and so on.

05.02.2013 European Commission insists on tax reform in Denmark.

A provision of tax law of Denmark according to which if the citizen wants to move to another country for living, he is obliged to pay the corporate rights tax, and not at once but at the moment of getting any kind of investment income (for example, income from selling shares or getting dividends) attracted the attention of the European Commission.

04.02.2013 Austria concluded a number of important agreements

 Austria started the process of “tax harmonization” in last April when the agreement with Switzerland about withholding tax (came into force on 1^st January 2013).

15.01.2013 Russian Agreements 2012

According to the policy of returning capital back to Russia, attracting foreign investments in Russia and relying on the slogan that was put forward by Vladimir Putin “It is enough to feed offshores”, Russia actively concludes DTAs and Agreements of tax information exchange.

21.12.2012 Hong Kong wants to regain the leadership
Hong Kong  wants to regain leadership

20.12.2012 France takes action on the "Depardieu case"

After a sensational movement of famous actor Gerard Depardieu from expensive France to more favorable Belgium French President Francois Hollande declared his intention to change the tax agreement with Belgium.

19.12.2012 Will Vietnam become competitive soon?

In 2014, the Vietnamese government plans to reduce the corporate tax rate. The Ministry of Finance plans to submit a bill to the National Assembly, which will focus on the introduction of amendments to the Tax Code to reduce the corporate tax rate.

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