Jurisdictions news

02.04.2012 Financial centers and financial capitals of the business world
The non-governmental British analytical organization Z/Yen Group carried out about two years the interrogation of opinion of world financiers and businessmen.

30.03.2012 VAT rates in EU countries only grow
VAT rates (VAT) in Europe are established by each country independently. The legislation of the European Union doesn't regulate uniform rates for all EU countries but only establishes the minimum limit.

29.03.2012 UBS intends to defend from charge in assistance to citizens of France in tax avoiding
The Swiss bank UBS disproved charges in assistance to French citizens in tax avoidance.

28.03.2012 Amendments in Cyprus International Trusts Law
Last week amendments were made to Cyprus International Trusts Law. The new law came into force on March 23, 2012.

27.03.2012 In Hong Kong the payment of annual license fee is abolished
Since April 1, 2012, according to the statement of Securities and Futures Commission (SFC) of Hong Kong, annual license fee is abolished for two-year term.

26.03.2012 The US Securities and Exchange Commission enhance cooperation with EC and Cayman islands
The representative of the Securities and Exchange Commission announced that it has established two Memorandums of understanding with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) as part of long-term strategy to improve the oversight of regulated entities that operate across national borders.         

23.03.2012 Trust law consultation opens in Hong Kong
«22» of March, 2012 the Government launched a two-month public consultation on the draft legislation on trust law reform.

22.03.2012 The Government of Australia works out the new tax system models
On 14 March 2012 the Deputy Prime Minister Julia Gillard announced that the Government would amend the Income Tax Rates Act 1986.

21.03.2012 In Great Britain the income tax payment procedure is being revised
On March 21, 2012 Chancellor George Osborne submitted for approval of Parliament the draft of the Budget 2012.

20.03.2012 In China taxes fall, level of social development grows
China takes a ply for prompt acceleration of rates of development of the country that pushes a management of China to decrease in taxes and increase in expenses at social development.

19.03.2012 Iran has been excluded from the international bank system SWIFT
On Saturday, March, 17th, SWIFT, the largest international interbank payment system which unites more than 10000 financial institutions in 210 countries, has stopped to render a telecommunication service to the Iranian banks which have got under the sanctions of the European Union.

16.03.2012 The definition of profit source in Hong Kong
A definition of a source profit source you can find in the special document under name Departmental Interpretation And Practice Notes No 21 in edition from 1998. Last changes which concern calculation questions, were made in December, 2009.

15.03.2012 Tax treaties between Austria, Canada and the Czech Republic
The Austrian government has announced that the Ministry of Finance of Austria signed the revised agreement with Canada and  Czech Republic  for the avoidance of double taxation. Agreements include provisions for the exchange of tax information in accordance with international standards and mutual assistance in tax matters.

14.03.2012 The Andorran Government approves draft law on foreign investments
On the 13th of February, 2012, the managing partner of «Honest and Bright Ltd» held a meeting with representatives of one of the largest banks in Andorra where they discussed the draft law on foreign investments.

13.03.2012 Financial transactions tax in Europe will already appear this year
The European Commission suggested imposing the tax on all kinds of financial operations, including operations with bonds. This initiative was supported by eight Ministries of Finance of the European Union which have addressed with the letter, containing the requirement to approve the financial transactions tax at the European level already this year.

12.03.2012 Germany approved the amendments of the shvejtsarsko-european agreement
Germany and the European Commission resolved disagreements regarding the bilateral agreement conclusion where there is the information about withholding tax collect and counteraction to practice of evasion from tax payment.

11.03.2012 Cyprus promises are not empty
Even in December, 2011, The Parliament of Cyprus approved rate increase of VAT by 2%: from 15% till 17%. New rate came into operation since March, 1st, 2012.

07.03.2012 Malta is the most European country of the European Union
European Commission research showed that among 27 EU Member States the legislation of Malta in the best way corresponds to the European directives based on the Single market.

06.03.2012 Bulgaria preserves low corporate tax
Only in some hours prior to the opening of the summit of heads of the European states in Bruxelles which has taken place on March, 1st, 2012, the prime minister of Bulgaria, Bojko Boriss, in his performance has declared that in the foreseeable future Bulgaria intends to keep the present rate of corporate tax.

05.03.2012 Tax secret of Singapore and Estonia will not exist any more
On March, 30th, 2012, the Protocol directed on simplification of tax information exchange within the limits of the existing double taxation agreement between Singapore and Estonia will come into force.