Jurisdictions news

30.10.2020 In Russia increase Personal Income Tax rate

In the State Duma passed the first reading Draft law on raising taxes on the income of individuals with the current 13% to 15% on the income that exceeds 5 million rubles a year has passed. It is planned that this Draft law if it is accepted will start working from 1 January 2021. 

27.10.2020 The European Commission has launched an investigation into Cyprus and Malta

Last week, the European Commission began the investigation into Cyprus and Malta over citizenship for investment programs in the national economy. 

15.10.2020 New tax regime for CFC holders in Russia

The RF Ministry of Finance proposes to amend the Tax Code and establish a new tax regime for controlled foreign companies. On October 15, the executive body sent the proposed amendments to the Government.

01.10.2020 Expanding the access of the Federal Tax Service of the Russian Federation to banking secrecy

On the website of the Ministry of Finance of the Russian Federation, the project "Main directions of budget, tax and customs tariff policy for 2021 and the planning period 2022-2023" was posted, which was submitted to the State Duma on Wednesday, September 30.

22.09.2020 UK reforms Companies House

On September 18, the UK government announced plans to reform Companies House in an effort to curb fraud and increase the company's credibility in transactions.

15.09.2020 The Dutch government has published a tax plan for 2021

The Dutch Government has published a tax plan for 2021, including additional measures to stimulate the economic growth during the crisis. The previously announced reduction in the corporate tax rate will be canceled and the rate will remain at the same level - 25%. The freed up funds will help to strengthen the economy.

07.09.2020 "Golden Passports" of Cyprus

The Cypriot newspaper Politis has published a list of holders of "golden passports" who received citizenship of the Republic of Cyprus in exchange for investments in the period from 2008 to 2012. The publication included 34 citizens of the Russian Federation, Ukraine, and Syria in the list of persons with suspicious passports.

04.09.2020 Shareholders meetings will be held remotely in the Russian Federation

On September 1, 2020, the Ministry of Economic Development of the Russian Federation introduced a bill to the Federal Law “On Joint Stock Companies”. The amendments were developed according to the account of the continuing threat of the spread of coronavirus. If the Amendments are adopted, then joint stock companies will be able to hold meetings in a remote form.

20.08.2020 Information about integration of EU instruction against tax evasion
On August 19, 2020, the European Commission published the first report on the implementation of EU Directive 2016/1164 of 12 July 2016 (Council Directive (EU) 2016/1164 of 12 July 2016), which includes rules for the fight against tax evasion.

19.08.2020 The first cryptocurrency credit was issued in Russia

For the first time in Russia, a deal with digital assets was conducted – the first credit, secured by blockchain tokens, was issued.

14.08.2020 USA adopted some new measures countering money laundering
On August 14, 2020, the Internal Revenue Service and the US Treasury released amendments to the already published rules to combat tax base erosion and abuse of tax treaties.

13.08.2020 Russian Federation is planning to revise tax agreements

On August, 11, 2020 Deputy Prime-Minister of Russian Government announced a possible reconsider of Agreements for avoidance of double taxation with Switzerland and Hong-Kong. 

12.08.2020 UK Resumes Forced Deregistration of Companies
From October 10, 2020, the UK will resume the procedure for the forced deletion of companies from the public register. The voluntary liquidation process will be available from September 10th. This statement was published on the state portal on August 10, 2020.

11.08.2020 Island of Aphrodite or the new agreement
After another negotiation, that took place between Russian and Cyprus parties concerning agreement for avoidance of double taxation between Russian Federation and Cyprus Republic, Cyprus agreed to increase the withholding tax rate to 15 % regarding to dividends and interest. The new changes will be enshrined in the Agreement on the avoidance of double taxation.

10.08.2020 Malta – Luxembourg – Russia
On August 09, 2020 it became known that Malta and Luxembourg agreed to increase the withholding tax rates on dividends and interest transferred from Russia.

11.03.2020 Decline taxes in Great Britain

According to last changes, published on the website of Tax Service Great Britain main rate of corporate tax on the 2020 is established in amount of 17%.

17.02.2020 European Comission sends legal warnings regarding anti-money laundering laws

The European Commission has sent legal warnings to Cyprus, Portugal, the Netherlands and five other EU states over their delays in applying new anti-money laundering rules

14.02.2020 UK aims to launch freeports

The UK government has launched a consultation on creating up to 10 freeports with special tariff and duty status – an idea ministers argue will fuel growth but critics say could encourage money laundering and other crimes.

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.

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