Jurisdictions news

14.08.2012 The Cayman Islands revise the budget measures for 2012-2013 fiscal year
The government of the Cayman Islands is planning to spread the burden of tax hikes to financial services and tourism sectors due to the new budget measures which were announced to replace the proposals including direct taxes on workers – expatriates (expats).

13.08.2012 Trade policy review of WTO: Singapore
The sixth review of the trade policies and practices of Singapore takes place on 24 and 26 July 2012. The basis for the review is a report by the WTO Secretariat and a report by the Government of Singapore.

10.08.2012 Controlled Foreign Companies on the horizons of the Russian legislation
First of all, it should be noted that controlled foreign companies are the most transparent forms of business in order to prevent avoidance of offshore’s withholding tax payment.

09.08.2012 Amendments to the BVI Business Companies Act 2012: dissolution of company stuck off the Register
July 2012 was marked the BVI new amendments to The BVI Business Companies Act 2004. In addition to the amendments in respect of bearer shares

07.08.2012 BVI Business Companies Amendment Act 2012: new powers of alternate directors
Continuing the set of news devoted to the BVI Business Companies Amendment Act 2012, such novel as introducing of new powers to alternate directors should be considered.

07.08.2012 Amendments to the business regulation of segregated portfolios companies.
The extensive reform of corporate law on the BVI affected the activities of segregated (separated) portfolios companies.

07.08.2012 Amendments to the BVI Business Companies Act 2012: shares and shareholders
It was already mentioned earlier that in July 2012 the amendments to the BVI Business Companies Act 2004 for example

06.08.2012 Registration of an additional foreign character name for a BVI company
In July this year a Bill to amend the BVI Business Companies 2004 (“the BC Act”) and the BVI Business Companies Regulations 2012 (“Regulations”) have been introduced. The resulting BVI Business Companies (Amendment) Act 2012 (“Amendment Act”), along with the Regulations, is expected to come into force towards the end of this year.

06.08.2012 Amendments to the BVI Business Companies Act 2012: bear shares
Vast amendments to the BVI Business Companies Act 2004 were made and published in July, 2012. According to this Act bear shares must be kept by custodian who is authorized by BVI’s Commission.

06.08.2012 Amendments to the BVI Business Companies Act 2004
Within corporate legislation reform on the British Virgin Islands a number of amendments to the BVI Business Companies Act 2004 was accepted.

06.08.2012 BVI Business Companies Amendment Act 2012: Reuse of company names
In July 2012 crucial amendments were introduced into the Business Companies Act 2004. In particular, it’s important to draw attention to changes concerning the reuse of company names.

03.08.2012 The ECB plays on expectations and emotions
2 August, 2012 European stock markets closed in the minor. Investors were unhappy that the position of the European Central Bank and its president, Mario Draghi on emergency issues remained passive.

02.08.2012 Response of Isle of Man to introducing of new Basil Principles
The Isle of Man Financial Services Commission begins a consultation on amendments to the Financial Services Act 2008 and the Collective Investment Schemes Act 2008.

01.08.2012 New offshore zone in the Baltic
Since 2013 Latvia will become a full offshore zone for holding companies. If now in the state only some received and paid dividends exempt, in accordance with legislative changes in 2013, tax-exempt income will be Latvian companies from sale of capital and shares, and any dividends.

31.07.2012 Law on Foundations in Guernsey
Guernsey is not out of the general trend: on 30th July, Parliament has approved the Foundations law, which is designed to increase the economic attractiveness of the island. Guernsey - «trust» jurisdiction, however, the adoption of this Law demonstrates that the authorities do not want to be limit only to trust and so, following the example of the Republic of Panama, they are trying to raise investment to the island through the creation of the Fund.

30.07.2012 Successful tax system reform in China
China is making large steps toward the International economic community; it was noted by the IMF in its latest report. Profit Tax for the enterprises with foreign investments (which ranges from 15% to 25% in different areas of Chine) was differentiated and now depends on the profitability of the enterprise.

27.07.2012 The Russian Federation ratified the Protocol of accession to the WTO
On the 21th July, 2012 the President of the Russian Federation V.V.Putin approved the Protocol of accession to the Marrakesh Agreement establishing the WTO of 15th April, 1994 thereby finishing the internal stages of ratification. If the state bodies wouldn’t have managed until the 23rd July, it would have led to renewal of negotiations on terms of accession to the WTO that is, according to the chairman of the Russian delegation Maxim Medvedkov, could have inflicted worse conditions of accession for the RF.

26.07.2012 Amendments to the tax legislation in Singapore
The global recession affected one of the most stable Asian economies: on July, 24 in Singapore public hearings regarding the changes in tax legislation were held.

25.07.2012 Philippines and Germany: Revision of Double Taxation Agreement
On 20th July Philippines and Germany finished the revision of Double Taxation Agreement in the last stage of negotiations.

23.07.2012 Barbados and the global recession
The Central Bank of Barbados is trying to refuse the argument made by the rating agency «Standart & Poors» in order to lower the credit rating of Barbados "BBB-/A-3" to "BB + / B".